From a studio in Guéliz to a riad in the Medina, from a villa in the Palmeraie to a new-build development in Targa, here is the real state of the Marrakech market in 2026, neighbourhood by neighbourhood, backed by the figures (By Madame Hayatte Loukili, Marrakech property expert)
Marrakech has never stopped captivating buyers. But behind the postcard, the Koutoubia, the gardens, the ochre light, lies a property market that has become one of the most dynamic in Morocco. In 2026, the question everyone is asking is no longer “should I buy in Marrakech?” but “at what price, and in which neighbourhood?”.
There is never a single answer. Between a new-build apartment in Agdal, a riad to renovate in the Medina and a villa with a pool on the Ourika road, price gaps run into the millions of dirhams. To bring some clarity, Morgan & James Real Estate, the leader in Marrakech property, has put the market under the microscope. Here is all the 2026 data.
The essentials in one sentence: in 2026, Marrakech property prices broadly range from 6,000 to 28,000 dirhams per square metre depending on the neighbourhood, the standing and whether the property is new or older, with foreign and tourist demand remaining the city’s main driver.
The Marrakech property market in 2026: where things stand
Marrakech is a two-speed market. On one side, a local residential segment, driven by a Moroccan middle class looking to get onto the property ladder in the outer neighbourhoods. On the other, a high-end, international segment, riads, villas, prestige residences, fuelled by European buyers, MREs (Moroccans living abroad) and, increasingly, by buyers from the Gulf and North America.
Three major trends shape 2026:
Foreign demand remains the engine. The red city is still the favourite destination for international buyers in Morocco, ahead of Tangier and Agadir. Second home, short-term rental investment, retirement in the sun, the motivations stack up.
New-builds push prices higher. Recent developments, secure residences, improved construction standards, turnkey finishes, sell at a clear premium over older stock.
Older properties and riads still offer margins. The Medina and certain historic neighbourhoods retain capital-gain potential for those who know how to buy and renovate.
“Marrakech is not a uniform market. The right price depends as much on the street as on the neighbourhood. That is precisely the role of a ground-level agency: to know the real value, not the advertised one.”
– Hayatte Loukili
Price per m² in Marrakech in 2026: the neighbourhood map
Price per square metre is the most telling indicator. Here are the ranges observed in 2026 for apartments (new and older combined, to be refined according to the standing and condition of the property).
Neighbourhood | Price per m² (apartment) | Profile |
Hivernage | 16,000 – 28,000 MAD | Ultra-prime, hospitality, prestige |
Guéliz | 14,000 – 22,000 MAD | Modern centre, shops, highly sought after |
Victor Hugo / Annakhil | 13,000 – 20,000 MAD | High-end residential |
Agdal | 10,000 – 15,000 MAD | Family-oriented, new developments |
Targa | 9,000 – 14,000 MAD | Rising fast, residential |
Medina (excluding riads) | 8,000 – 15,000 MAD | Character, mixed, renovation potential |
Massira / M’hamid | 6,000 – 9,000 MAD | Affordable, local demand |
Sidi Youssef Ben Ali | 5,500 – 8,500 MAD | Popular, first-time buyers |
2026 orders of magnitude, to be confirmed against the agency’s internal records. Exceptional properties can far exceed these ranges.
Worth remembering: between the most expensive neighbourhood (Hivernage) and the most affordable (Sidi Youssef Ben Ali), the price-per-m² ratio can exceed a factor of four. This is what makes professional guidance decisive: in Marrakech, you are not buying a square metre, you are buying a location.
Apartments, villas, riads: what do they really cost in 2026?
Apartments
This is the most liquid segment. In 2026, expect:
Studio / one-bedroom in a new-build (Agdal, Targa): from 600,000 – 1,200,000 MAD.
High-standing apartment (Guéliz, Hivernage): generally 1.5 to 4 million MAD, and well beyond for penthouses.
Villas
The flagship segment in Marrakech, especially for international buyers.
Villa in a secure residence (Targa, Ourika road, Amizmiz road): from 2.5 to 6 million MAD.
Prestige villa in the Palmeraie: from 6 to 50 million MAD and more, depending on the plot, the pool, the finishes, and the architectural signature.
Riads in the Medina
The most iconic product, and the most technical.
Riad to renovate: often 2 to 5 million MAD depending on the surface area and location.
Renovated riad / guesthouse in operation: generally 5 to 15 million MAD, more for the most sought-after addresses.
Expert tip: a riad is also bought for its location within the Medina (proximity to the main squares, accessibility, views) and for its operating potential (guesthouse). The purchase price is only half the equation: the renovation budget can represent 30 to 60% of the acquisition price.
The neighbourhoods on the rise in 2026
Beyond the safe bets (Guéliz, Hivernage, Palmeraie), some areas are concentrating investor interest:
Targa: A residential neighbourhood undergoing major transformation, popular with families and new developments. Good value-for-money-to-potential ratio.
Ourika road: The villa corridor par excellence, between nature, calm and accessibility. Ideal for a second home.
Agdal: A family safe haven, schools, shops, strong rental demand.
The fringes of the Medina: For those seeking the character of a riad without the saturated heart of the old city.
What moves prices in Marrakech in 2026
Several forces drive, or hold back, the market:
Tourism. Marrakech remains Morocco’s tourism powerhouse. More visitors means more short-term rental demand, and therefore more investors.
Infrastructure. Airport, road networks, amenities: every improvement adds value to the neighbourhoods concerned.
Foreign and MRE demand. A strong euro, the search for a second home in the sun, attractive taxation, all reasons that support the high end.
Construction costs. The rise in materials and labour feeds through to new-builds, which keeps prices high.
The scarcity of well-located land. In the Medina and the premium neighbourhoods, supply is, by definition, limited.
Buying to let: rental yields in Marrakech in 2026
Marrakech is one of the few Moroccan cities where buy-to-let works on two models:
Long-term lets: gross yield generally in the order of 4 to 6% per year.
Short-term lets (guesthouse / seasonal type): potentially 6 to 10% gross in tourist locations, but with more demanding management and pronounced seasonality.
The point to watch: the advertised yield is not the net yield. Service charges, tourist tax, management, off-peak periods and maintenance work must all be factored into the calculation. A good location, well bought, remains the best guarantee of return.
How to buy at the right price in Marrakech in 2026: 5 tips
Compare per m², not on the headline price. A property’s advertised price means nothing until you bring it back to its surface area and its neighbourhood.
Distinguish new from old. The finishes, the standards and the charges are not equivalent, and neither is the price.
Check the property’s legal status (land title, compliance, permits), particularly for riads and villas.
Anticipate the renovation budget, especially in the Medina.
Get the support of a ground-level agency. A fine-grained knowledge of real value, street by street, is what makes the difference between a good deal and a bad one.
FAQ: Marrakech property prices 2026
What is the average price per m² in Marrakech in 2026?
The price per m² in Marrakech broadly ranges from 6,000 to 28,000 MAD in 2026 depending on the neighbourhood and the standing. Premium areas such as Hivernage and Guéliz sit at the top of the range, while popular neighbourhoods such as Massira or Sidi Youssef Ben Ali remain the most affordable.
What is the most expensive neighbourhood in Marrakech?
Hivernage is generally the most expensive neighbourhood in Marrakech, followed by Guéliz and the Palmeraie for prestige villas.
How much does a villa cost in Marrakech in 2026?
A villa in Marrakech starts at around 2.5 million MAD in a secure residence and can exceed 50 million MAD for exceptional properties in the Palmeraie.
How much does a riad in the Marrakech Medina cost?
A riad to renovate often sells for between 2 and 5 million MAD, and a renovated riad or one operated as a guesthouse for between 5 and 15 million MAD, or more for the most sought-after addresses.
Is it worth investing in Marrakech property in 2026?
Yes. Long-term lets offer a gross yield of around 4 to 6%, and short-term lets can reach 6 to 10% in tourist locations, provided you choose the location well and master the management.
Will property prices rise in Marrakech in 2026?
Pressure from foreign demand, the scarcity of well-located land and rising construction costs all support prices, particularly for new-builds and the high end.
Marrakech 2026: a market for specialists
If there is one thing to take away: in Marrakech, the right price only exists street by street. The same price-per-m² range can hide excellent deals as well as poor investments. That is the whole challenge of 2026: a more mature, more segmented market, where professional guidance makes the difference.
As the leader in Marrakech property, Morgan & James Real Estate puts its ground-level knowledge at the service of buyers and investors alike: the most accurate valuation, rigorous property selection, legal support and rental strategy.
Do you have a purchase or investment project in Marrakech?
This article was written by Hayatte Loukili, a real estate expert in Morocco.
