Marrakech Airbnb Revenue Decline: Easy Money Era Ends

Marrakech remains Morocco’s leading short-term rental market, with 12,311 active properties. The city alone accounts for nearly half of the national supply studied.

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However, this growth no longer benefits each property owner equally. The average annual income per property stands at 206,000 dirhams, down 0.9% year-over-year, despite continued growth in tourism to Morocco.

According to TelQuel, the increase in the number of apartments offered on platforms is beginning to exceed the market’s capacity to fill them. There are more travelers, but they also have a much wider choice.

Too Many Properties for the Same Market

Studios have largely fueled this boom. Many investors bought small apartments solely to rent them nightly, with no intention of living in them. Airbnb has thus facilitated the sale of a significant portion of studios built in recent years.

However, the situation varies considerably by neighborhood. In the outskirts of Marrakech, particularly around the Palmeraie, the number of properties is limited to 3,013, while average annual income reaches 350,000 dirhams, up 3.1%.

Villas and upscale properties located outside the city center are therefore faring better than apartments facing increasing competition in town.

For property owners, high tourist traffic no longer automatically guarantees good returns. Purchase price, location, concierge fees, cleaning, maintenance, and taxes become determining factors.

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In Marrakech, Airbnb continues to grow. But with ever more property owners competing for the same travelers, easy revenues now seem to belong to the past.