Marrakech, Morocco's tourist city par excellence, has long been a favorite destination for tourists from all over the world, captivating with its unique blend of tradition and modernity. As we head towards 2024 and 2025, real estate in Marrakech is set to evolve significantly, offering exciting opportunities for tourism professionals. This article explores the trends and prospects for real estate in Marrakech and their potential impact on the tourism sector.
1. Marrakech's economic and real estate
1.1 Current economic situation
As one of Morocco's major economic hubs, Marrakech enjoys stable growth. The city continues to play a central role in the country's economic development, with significant investment in various sectors, notably tourism and real estate. In 2024, the Moroccan economy continues to recover from the global turmoil, supported by favorable government policies and development initiatives.
1.2 Real estate market: Overview
Marrakech's real estate market is diverse, ranging from traditional riads to modern residential complexes. In recent years, demand has risen, fueled by a growth in tourism and increased attractiveness as an investment destination. The luxury, residential and hotel sectors are particularly dynamic.
2. Trends and outlook for 2024/2025
2.1. Rise of Luxury Residential Properties
Luxury residential properties in Marrakech continue to attract international buyers. Trends show a growing interest in villas with modern features, high-standard amenities and prime locations. Neighborhoods such as Hivernage, a lively nightlife district, and the Palmeraie, with its beautiful properties, are particularly sought-after for their proximity to luxury amenities and their ambience.
Sectors close to the golf courses or the American school remain highly promising, as they are both still preserved from intense urbanization and close to the city center.
2.2. Tourist real estate development
The tourist real estate sector, including hotels, resorts and short-term rental properties, is booming. Investors are looking for opportunities to develop establishments that offer an immersive experience, combining modern comforts with traditional Moroccan elements. Short-term rental platforms, such as Airbnb in particular, continue to drive demand for unique, well-located accommodations.
2.3. Progress in infrastructure
Marrakech's infrastructure is undergoing significant improvement, with projects underway to modernize road networks, improve public transport and develop business parks such as the new Marrakech mall, due to open in 2025, or MAvenue.
These major projects are likely to increase the city's attractiveness for real estate investment, facilitating access to the main tourist and residential centers. The High-Speed Line will clearly be a major development factor once the Marrakech-Palmeraie station is connected to the rail network. Commissioning is scheduled for the end of 2029.
2.4. Green projects
Sustainability is becoming a priority in real estate development in Marrakech. Construction projects are increasingly incorporating environmentally-friendly practices, such as the use of renewable energies, eco-friendly materials and resource management systems. This trend responds to growing demand from investors and tourists concerned about the environmental impact of their stays.
3. Impact on the Tourism Sector
3.1. Attracting tourism investors
The expansion of residential and tourist real estate is attracting international and domestic investors in the tourism sector. New constructions offer opportunities to create unique experiences for visitors, such as luxury resorts, traditional guest houses and contemporary apartments. These diversified options enrich Marrakech's tourism offering, attracting a wider and more varied clientele.
3.2. Increasing housing supply
With the development of new real estate projects, the city is well positioned to meet the growing demand for tourist accommodation. Tourism professionals will be able to offer more diversified choices to their customers, ranging from high-end accommodation to more affordable options. This increase in supply will help satisfy visitors' needs and enhance their overall experience. The fact remains that well-maintained properties with swimming pools and beautiful grounds are highly prized for their living environment.
It's against this backdrop and strong growth prospects that, to take one example, the singer Gim's is investing in a large-scale real estate project of around a hundred villas for delivery in 2029.
3.3. Enhancing the Tourist Experience
New properties and infrastructure help to enrich the visitor experience. Modern, well-appointed resorts, combined with improvements in services and amenities, enable tourists to experience Marrakech in a more immersive and comfortable way. This enhanced experience helps build visitor loyalty and encourages positive word-of-mouth.
3.4. Market prices
Since the end of the Covid health crisis, there has been a sharp increase in real estate transactions, but price trends have remained subdued, particularly in the wake of the September 2023 earthquake.
Since the announcement of government decisions on major works, sporting events and the forthcoming opening of infrastructures to the public, prices have been catching up, combined with inflation. In the luxury real estate market, the 30,000 dhs mark for a square meter of built-up area is now becoming a reality.
4. Opportunities for tourism professionals
4.1. Partnerships with real estate developers
Tourism professionals can capitalize on the growth of the real estate sector by establishing partnerships with property developers. By collaborating to create attractive packages that combine accommodation and tourist activities, travel agents can offer unique experiences to their customers and differentiate themselves in the market. It's both a win-win for the owner, who benefits from an income to maintain his villa, and a win-win for tourism professionals, who offer an attractive and original accommodation alternative.
4.2. Development of new tourism products
The emergence of new types of accommodation and infrastructure is enabling tourism professionals to develop innovative products. For example, stays in eco-lodges or private villas can be offered to attract specific market segments, such as eco-travelers or families in search of luxury.
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4.3. Training and expertise
As the real estate market evolves, it is essential for tourism professionals to keep abreast of new trends and opportunities. Understanding the specifics of new real estate developments and customer expectations means they can better advise and serve tourists, and seize the opportunities offered by the market. In other words, entrusting your property to a professional manager who will accompany you throughout your stay is a guarantee of reliability and peace of mind.
5. Conclusion
Real estate in Marrakech is undergoing a major transformation, with promising prospects for the next 5 years. Continued growth in the residential and tourism real estate markets, infrastructure improvements and sustainability trends offer considerable opportunities for tourism professionals. By keeping a close eye on market developments and adapting to new trends, industry players can maximize their potential and contribute to Marrakech's growth as a destination of choice.
Tourism professionals need to prepare for these changes and exploit new opportunities to offer visitors enriching experiences. By anticipating these changes, they will not only be able to meet growing demand, but also play a key role in developing and promoting Marrakech on the international stage.
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