Published on and written by Cyril Jarnias
The Moroccan real estate market enters 2026 in what several experts call a zone of “positive turbulence”: no bubble, no crash in sight, but a more selective, more regulated market driven by mega-infrastructure projects (2030 World Cup, 2025 Africa Cup of Nations, new high-speed train stations, stadiums, airports) and sharply rising rental demand. For a French investor, this is a rare combination: still affordable prices, higher yields than in France, very attractive tax rules, and a stabilized legal framework.
This guide summarizes the essential 2025‑2026 data for a French investor looking to buy an apartment, riad, or villa in Morocco.
A Net Return Differential Favoring Morocco
One of the first arguments in favor of Moroccan real estate is profitability. For the same invested capital, a project in Morocco can generate significantly more income than a project in France.
Comparative analyses show, for example, that a “standard” project in France, through a traditional company, comes to a total cost of around €164,600, while an equivalent investment in Marrakech can be structured around €86,225. The average differential is about €78,000 per project. In other words, for a property using the same rental logic, the Moroccan entry ticket is nearly halved.
In Morocco, gross rental yield can reach 15% on certain projects in Marrakech.
To give an order of magnitude, 2026 comparisons for a French investor show the following levels:
| Investment / City | Type of Return | Net / Indicative Net Return |
|---|---|---|
| Livret A (France) | Net, tax-free | ≈ 1.7% |
| Life insurance euro funds (France) | Net, after tax | ≈ 2.2 – 2.8% |
| SCPI (France) | Gross, before IR + PS | ≈ 4.2 – 5.4% |
| Rental real estate Marrakech | Net-net (France + Morocco) | ≈ 4.9 – 7.2% |
Even after taxes in Morocco and France, a well-structured investment in Marrakech or Tangier far exceeds savings products or “standard” French real estate, especially for low-tax profiles (retirees, tax bracket 0–11%).
Rental Yields Among the Most Attractive in the Region
2025‑2026 figures show that Morocco offers, on average, better rent-to-price ratios than France or Switzerland. Where French gross yields tend to be between 3% and 4%, and 2% to 3% in Switzerland, major Moroccan cities achieve higher levels.
Yield Overview by Major City
Aggregated data for 2026 gives the following orders of magnitude:
| City | Average Price (MAD/m²) | Estimated Annual Rent (MAD, 80 m²) | Average Gross Yield |
|---|---|---|---|
| Casablanca | 13,000 – 18,000 | 60,000 – 75,000 | ≈ 7% |
| Rabat | 13,000 – 17,000 | 55,000 – 70,000 | ≈ 6.7% |
| Marrakech | 10,000 – 13,000 | 56,000 – 72,000 | ≈ 7.1% |
| Tangier | 9,000 – 12,000 | 60,000 – 76,000 | ≈ 8% |
| Agadir | 8,000 – 10,000 | 45,000 – 60,000 | ≈ 4.8 – 5% |
If we broaden to other major cities and different rental types, the 2026 picture is even more telling:
| City | Gross Yield LLD (long-term) | Gross Yield Airbnb / Seasonal |
|---|---|---|
| Marrakech | 5 – 7% (LLD) | 7 – 18%, up to ≈ 25% on riads |
| Tangier | 6 – 7% | 6 – 9% |
| Agadir | ≈ 6% | 7 – 10% |
| Fez | ≈ 6.8% | 5 – 8% |
| Casablanca | 5 – 6% | 6 – 9% |
| Essaouira | 5 – 6% | 7 – 12% |
| Rabat | 5 – 6% | 5 – 7% |
| Kenitra | 6 – 7% | 4 – 5% |
Several city profiles immediately emerge:
Analysis of rental performance by city: profitability, liquidity, and accessibility
Profitability leaders, especially for seasonal rentals
More stable markets but very liquid, with constant demand
Affordable markets, with a solid tourist or student clientele
Net Yield After Expenses and Taxes
Obviously, a gross yield of 7% or 8% does not translate fully into the investor’s bank account. Condominium fees, management, insurance, maintenance, vacancies, and taxes eat into the margin. 2026 simulations show, however, that the net remains compelling.
The observed orders of magnitude are as follows:
– for a gross yield of 7%, the net after all fees and taxes (Morocco + France) is around 5–5.5%;
– for a gross yield of 8%, the net is around 6–6.5% in the most dynamic areas;
– for a gross yield around 4.8–5%, the net drops to between 3% and 3.5%.
Detailed studies on Marrakech, for example, show that: Marrakech is a city rich in history and culture, attracting millions of visitors every year.
A mid-range apartment in the Guéliz district purchased for around 1.485 million dirhams generates a net-net yield of 4.5% to 5.8% depending on the French tax bracket, with a realistic occupancy rate of 60–65% in tourist rental managed by a professional concierge service. In more premium neighborhoods like Hivernage or Menara, these yields rise to 5.5–6.8% net-net for a low-tax French investor.
In summary, French investor profiles achieve, according to their tax bracket (TMI), the following levels in Marrakech:
| French Tax Profile (TMI) | Observed Net-Net Yield |
|---|---|
| Retiree TMI 0–11% (optimized structure) | ≈ 6.4 – 6.9% |
| Retiree TMI 11–14% (standard) | ≈ 6.3 – 6.6% |
| Executive TMI 30% | ≈ 5.3 – 5.9% |
| High-income executive TMI 41% | ≈ 4.8 – 5.5% |
Even for the higher brackets, a net yield above 5% remains common, placing Moroccan real estate in a category of its own for a French investor accustomed to more modest returns on domestic property.
A Moroccan Tax System Designed to Attract Non-Residents
The other pillar of Morocco’s attractiveness is its tax system. The Kingdom has clearly opted for a favorable regime for foreign investments, with real estate at the heart of this strategy.
Rental Income: 40% Flat Deduction and Targeted Exemptions
For rental income received, the basic rule is simple: gross income first undergoes a 40% flat deduction, then is taxed according to a progressive income tax (IR) scale, from 0% to 38%. In other words, only 60% of the gross rent is actually included in the taxable base.
This mechanism is generally more advantageous than the French property regime. On top of this, there are several specific benefits:
– rents below 3,000 dirhams per month: total exemption from income tax on these rents under certain regimes;
– for new constructions: exemption from income tax on rents for the first three years following completion of work, then application of the 40% deduction;
– the rental income tax scale remains favorable for small investors.
On the local level, recent legislation also provides:
Exemption from the occupancy tax for 5 years for new constructions. For foreign residents and Moroccans Living Abroad (MRE), a 75% deduction from the taxable base of the urban tax and the amenity tax after these 5 years, reducing the rate to 0.75% in urban areas or 1.6% on the outskirts, subject to conditions.
Capital Gains on Real Estate: Very Favorable Regimes
On capital gains, Morocco stands out doubly compared to France.
On one hand, for a non-professional property, the “general” rule is a tax of 20% on the capital gain, with a minimum of 3% of the sale price. But several exemption cases exist:
– principal residence occupied for at least 8 years: total exemption from capital gains tax upon resale;
– under certain schemes, possible exemption after 5 years of continuous ownership, subject to conditions;
– for properties held more than 10 years, deduction mechanisms (e.g., 60% between 6 and 10 years in some regimes).
Morocco does not apply any wealth tax on real estate nor inheritance tax on properties held in the country, meaning foreign heirs, including French ones, are subject to no local taxation upon death on these real estate assets.
Local Taxes: Moderate Levels and Real Exemptions
Regarding property taxes and occupancy taxes, Moroccan levels remain very competitive compared to European standards.
Some orders of magnitude:
– occupancy tax calculated on rental value, with a rate of 10% to 30% depending on the municipality, far lower than levels seen in many European countries;
– exemption from occupancy tax for 5 years for a principal residence;
– for Moroccans Living Abroad (MRE), tax treatment equivalent to a principal residence if the home is occupied by parents or dependents, granting eligibility for enhanced exemptions and deductions;
– tax on built properties generally set at 10% of rental value, with exemption for 5 years for new constructions.
For French non-residents buying a property for rental or secondary use, the cumulative effect of deductions, temporary exemptions, and the absence of IFI (French wealth tax on real estate) or inheritance tax creates a rare tax environment on a Mediterranean scale.
A Highly Protective France–Morocco Tax Treaty
For a French investor, the core issue is not just Moroccan taxation, but the combination of Morocco + France. On this point, the bilateral tax treaty signed in 1970 and amended in 1989 plays a key role.
No Double Taxation on Rents
The principle is clear: real estate income is taxable in the state where the property is located. An apartment or villa located in Morocco therefore generates taxable income in Morocco, according to local scales and deductions.
In practice:
– the owner pays Moroccan income tax after the 40% deduction and application of the scale;
– they then declare these rents in France on their overall income tax return, but France grants a tax credit equal to the tax paid in Morocco.
This credit neutralizes any risk of double taxation. In most cases, there is therefore no additional French tax cost, especially when the effective Moroccan rate is already significant relative to the French rate.
French Social Contributions: A Parameter to Include
Then there is the matter of social contributions. On foreign real estate income, the social contribution rate remains 17.2% in 2026. For income received through a structure such as a Moroccan real estate company and distributed as dividends, the overall French social contribution rate can reach 18.6%, bringing the Flat Tax to 31.4%.
This percentage represents the identical gross profitability of an investment in two different contexts, highlighting the preservation of the Moroccan comparative advantage despite a partial erosion of return.
– TMI 0% profile: final net-net yield around 6.6–7.2%;
– TMI 30% profile: final net-net yield around 5.3–5.9%.
Stable and Predictable Rules
The fundamental value of this treaty also lies in legal security. It clearly specifies where and how income must be declared, how the taxable base is calculated, and how France takes into account the tax paid in Morocco.
For an individual French investor, it is a true tool for optimization, but above all a safeguard against unpleasant tax surprises. In a context where rules change regularly in Europe, Morocco’s stability in this area is an asset.
A Foreign Exchange Framework That Secures Entry… and Exit
A French investor does not just look at yield: they want to be sure they can bring their money in and, above all, repatriate it upon exit. In this regard, Morocco has put in place a very clear mechanism centered around the convertible dirham account.
The Convertible Dirham Account: The Key to the System
To buy in Morocco, a non-resident opens a specific bank account, in convertible dirhams, with a local bank (Attijariwafa, BMCE/Bank of Africa, BCP, CIH, etc.). The funds come from a transfer from France, in euros or another currency, officially converted by the bank.
Each transfer generates a foreign exchange certificate, a document proving the origin of the funds. This process is essential because it legally establishes the right to take the money out of the country later.
Concretely, a non-resident foreigner then benefits:
– from the guarantee of transfer abroad, without time or amount limit, of the net proceeds from the sale of the real estate property financed in foreign currency or convertible dirhams;
– from the same guarantee for rents collected on that property, once locally taxed;
– from the freedom to convert into euros or any other currency sums credited to the convertible account.
In other words, provided the rules are followed at the time of purchase, the French investor locks in from the start their right to repatriate capital and capital gains.
French investor
IGOC 2026: Targeted Relaxations for Non-Residents
The new General Instruction on Foreign Exchange Transactions (IGOC 2026) has precisely strengthened this aspect regarding real estate financing for MREs and non-resident foreigners. Moroccan banks are now clearly authorized to finance:
– acquisitions of homes (principal residence, secondary residence, or rental investment);
– constructions or major works on existing properties.
The maximum financing rate has been revised upward: the minimum personal contribution can be lowered to about 30% of the price (vs. 40% previously) in some cases, making access to credit more flexible for non-residents.
Still Affordable Prices, Before the 2030 Wave
The big question is, of course: “Am I arriving too late?”. Combined data from Bank Al‑Maghrib, ANCFCC, and major real estate portals show a more nuanced reality.
A Controlled Price Increase
Between 2024 and 2025, the national real estate asset price index (IPAI) only increased by 0.6%, while the volume of transactions rose by 3.1%. Residential prices rose by an average of 0.8%, with wide disparities by city and segment. Far from a speculative surge, the market is normalizing according to actual construction costs.
Projections for 2026 are similar: the National Federation of Developers (FNPI) anticipates a contained increase between +2% and +5% nationally, without a general frenzy.
Indicative ranges for new upscale apartments, in downtown or upscale neighborhoods, are:
| City | New High-End Apartments (DH/m², 2026) |
|---|---|
| Casablanca | 18,500 – 26,000 |
| Rabat | 20,000 – 29,000 |
| Marrakech | 14,500 – 21,000 |
| Tangier | 13,500 – 19,000 |
| Agadir | 11,500 – 17,000 |
For mid-range properties, levels remain much softer, often in the 10,000–11,000 DH/m² range depending on the city.
Internal Gaps to Leverage
Within each city, gaps are significant, both between center and periphery and between old and new. Casablanca, for example, averages about 13,900 DH/m² for apartments, but:
The price per square meter in Casablanca’s premium neighborhoods like Anfa, California, or Ain Diab can exceed 30,000 DH.
Same logic in Marrakech, where: urban development dynamics and heritage preservation intertwine, reflecting contemporary challenges linked to the city’s growth.
– sought-after neighborhoods (Guéliz, Hivernage, immediate proximity to the center, and certain subdivisions in the Palmeraie) are well above 15,000–18,000 DH/m² for recent properties;
– peripheral or emerging sectors still offer new apartments around 7,000–12,000 DH/m².
To maximize their investment, a French investor should target areas that have not yet reached their full potential: Tangier (rapid development), Kenitra-Salé, coastal cities like Agadir or Essaouira, as well as future host areas for the 2030 World Cup.
2026: A Window of Opportunity Before 2030
With a program of public and private investments of around 1,300 billion dirhams by 2030 (infrastructure, stadiums, transport, hotels, tourist residences), pressure on well-located properties should logically increase gradually.
Analysts speak of an “opportunity year”: buying in 2026 allows locking in still reasonable prices, before the ramp-up of projects linked to the World Cup. The absence of a current bubble, combined with an expected but controlled rise, offers a relatively secure entry point.
Strongly Growing Rental Demand, Driven by New Audiences
Rental yield depends not only on purchase prices but also on the depth of demand. In this regard, Morocco has experienced a surge in rental demand since 2025, particularly for long-term rentals.
Figures from the Mubawab portal for 2025 show:
– an overall increase in rental demand of 9.24%;
– an increase of 9.23% for apartments, 11.9% for villas;
– more than 40% of demand concentrated on long-term rentals.
Demand is highly concentrated in major cities:
Marrakech captures over 30% of rental demand for villas, placing it at the top of the market.
A New Mix of Tenants
Beyond the raw numbers, it is the structure of demand that has changed:
Three promising segments with distinct expectations: digital nomads, Gulf clientele, and ascending domestic tourism.
Europeans and North Americans looking for comfortable apartments with good internet in lively, safe neighborhoods for stays of several months. Furnished, long-term rentals, low turnover, and simplified management.
Saudi Arabia, UAE, Qatar – strong growth in premium destinations (Marrakech, Tangier). Preference for entire villas and riads, budgets per stay well above average.
Moroccan middle-class families moving away from hotels toward apartments or villas for seasonal rentals, on the coasts (Agadir, Tangier, Essaouira) and in the mountains.
For the investor, this means there are several complementary strategies:
– “classic” long-term to secure a recurring rental income stream, with yields 5–7%;
– seasonal targeting high-value segments (charming riads in Marrakech, sea-view villas in Tangier or Agadir), with gross yields that can reach 15–20% and more depending on occupancy;
– a mix of LLD + medium-term (digital nomads) to smooth out tourist seasons.
Financing Options Dedicated to Non-Residents
Another factor for a French investor is the ability to finance locally, without tying up all their savings. In this area, Moroccan banks have clearly adapted to MRE and non-resident foreign profiles.
General Credit Conditions in 2026
In 2026, mortgage credit conditions in Morocco remain attractive:
– fixed rates generally between 4.5% and 5.2% excluding insurance, with relative stabilization after past increases;
– usual terms of 5 to 25 years, sometimes up to 30 years for MREs;
– minimum down payment around 20% for residents, typically 25–30% for non-residents.
Banks examine several criteria:
The loan requires a maximum debt-to-income ratio of 40-45% of net income (up to 50% by exception), stable income (permanent contract, seniority, financial statements), a healthy banking history (no defaults or repeated overdrafts), and guarantees such as a first-rank mortgage and death-disability insurance.
For investors who already have assets in France, another option is to obtain a mortgage loan in France (up to 70% of the value of a French property), and use that cash for the purchase in Morocco. Some strategies even combine a Moroccan loan with a French refinancing, in order to optimize debt leverage and overall taxation.
Specific Schemes for MREs
Moroccan banks particularly target Moroccans residing abroad with tailored products:
Conditions adapted for Moroccans Living Abroad to purchase a property in Morocco
Up to 70–80% of the property price
Down payment of 15% to 30% depending on the borrower’s profile
Online procedures for remote processing
Possibility to borrow in euros or dollars, aligned with income currency
Even if a non-Moroccan French person does not benefit from exactly the same offers, this competition in the non-resident segment generally pushes costs down and eases lending conditions.
A Structured Legal Framework and Secure Titles
Investing in a foreign country always raises the question of property rights and title quality. Over the years, Morocco has built a robust land publicity system, centered on the “land title” managed by the National Agency for Land Conservation, Cadastre, and Cartography (ANCFCC).
The “Land Title,” Cornerstone of Security
For a foreigner, the recommendation is unanimous: only buy properties with a land title registered with the Conservation. This document guarantees:
– the identity of the owner;
– the exact boundaries of the plot or lot;
– the existence of any encumbrances (mortgages, seizures, easements, co-ownership).
The Moroccan notary, mandatory for every transaction, is responsible for verifying the title with the ANCFCC, requesting an up-to-date property certificate, checking for the absence of disputes and regulatory compliance (building permit, certificate of conformity, condominium regulations, syndic attestation regarding fees).
The acquisition process – from offer to transfer of ownership – generally takes between 3 and 6 months, with a preliminary sale agreement (deposit of around 10% placed in the notary’s escrow account), thorough legal checks, then a final deed signed and registered.
Targeted but Clear Restrictions
Two main restrictions apply to foreigners:
In principle, it is impossible to directly acquire agricultural land, unless it is reclassified as non-agricultural land through a specific, lengthy, and sometimes uncertain procedure. Additionally, certain strategic or military zones are excluded from any acquisition.
For everything else, access to built property (apartments, villas, offices, shops) or urban building plots is open, without quota or prior authorization. Many foreigners also own 100% of their property, with no obligation to partner with a local.
Which City Profiles for Which French Investor?
Morocco is not a uniform market. Depending on whether one seeks maximum gross return, wealth security, long-term capital appreciation, or personal use, the “ideal” cities differ.
We can outline some major profiles based on 2025‑2026 data.
Marrakech: Tourist Locomotive and Cash Flow
Marrakech combines several advantages for a French investor:
– the country’s top tourist destination, with millions of visitors per year;
– a very liquid Airbnb market, with yields that can reach 7–18% gross on good products, even around 25% on certain highly optimized riads;
– strong demand for furnished rentals, both short-term and medium-term.
Long-term rents illustrate this dynamism well:
– in Guéliz, a furnished one-bedroom typically rents for between 6,500 and 9,000 MAD per month, a two-bedroom between 9,000 and 13,000 MAD;
– in Hivernage, rents go higher: 8,000–12,000 MAD for a one-bedroom, 12,000–18,000 MAD for a two-bedroom;
– in the Palmeraie, a villa can easily fetch between 15,000 and 30,000 MAD monthly.
For a French person aiming for a good balance of return and personal enjoyment (regular personal stays), Marrakech remains a compromise hard to beat, provided you select quality locations and entrust management to seasoned professionals.
Tangier: Growth, Infrastructure, and “Hub” Effect
Tangier is often described as the most dynamic market in the Kingdom, driven by:
– the meteoric development of the Tanger Med port, Africa’s largest port;
– the Tangier Tech free zone, attracting industries and services;
– heavy investments in stadiums, roads, and the waterfront.
Rents remain attractive and demand is boosted by a rapidly growing working population. Gross yields range from 6% to 8%, with higher opportunities in certain emerging neighborhoods. For a French investor prioritizing medium-term capital appreciation potential, Tangier ranks high, especially with the approach of the 2030 World Cup, for which the city will be a major venue.
Casablanca and Rabat: Security, Liquidity, and a “Blue Chip” Profile
Casablanca, the economic capital, concentrates nearly two-thirds of the national rental supply. Its strength lies in:
– a diversified economy (services, industry, finance);
– a massive active population;
– high market liquidity: reselling a property is easier than in most other cities.
Gross yields in Casablanca range from 5% to 7%, not the highest in the country, but the stability of rents and strong demand reduce vacancy risk. For a French investor looking to secure capital in a premium urban environment, Casablanca is a logical choice.
Rabat, more institutional, benefits from a clientele of civil servants and executives from public and international organizations. Price volatility is lower, with a steady increase in recent years and rather resilient demand.
Agadir, Essaouira, Fez: Affordability and Specific Niches
Agadir, a major beach city, remains undervalued relative to its potential. With average prices around 11,000 DH/m² and rental demand increasing by over 30% in certain periods, the city attracts:
– a family-oriented Moroccan and foreign tourist clientele;
– investment projects along the coastline (Taghazout, Aourir, etc.).
Essaouira, a “surf” and bohemian destination, offers a rare combination of charm, tourist appeal, and still reasonable prices (average around 13,000 DH/m²).
Fez, finally, is one of the champions of long-term gross profitability (around 6.8%), with very low average prices (≈ 7,500 DH/m²). The market is driven by students and the local middle class. For a French investor willing to go off the beaten tourist path, it is an interesting playground.
How Can a French Investor Actually Invest in 2026?
For a French investor, the roadmap for a real estate project in Morocco in 2026 can be summarized in several major steps.
First, clarify your objectives: secondary residence with significant personal use, pure rental investment, retirement planning, or long-term wealth diversification. The choice of city, property type, and rental mode directly depends on this initial reflection.
Next, immerse yourself in market data: yields by neighborhood, price trends, observed occupancy rates, level of competition in seasonal rentals, etc. Morocco’s major cities do not all evolve at the same pace, and qualitative rarity (well-located, well-managed, well-furnished) becomes more important than quantitative rarity.
Build a tax and financial strategy tailored to your French taxpayer profile: choose between direct purchase or through a company, calibrate local or French debt, anticipate the effects of the Franco-Moroccan tax credit, and include French social contributions.
Finally, lock down the legal and foreign exchange aspects from the start: work with a notary experienced in non-resident cases, ensure an indisputable land title, systematically use a convertible dirham account, and carefully keep foreign exchange certificates.
In 2026, all the pieces of the puzzle – profitability, advantageous taxation, convertibility, macroeconomic stability, and the prospect of capital gains with the 2030 World Cup – converge to make real estate in Morocco a very serious option for a French investor ready to look beyond their usual borders.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
