Published on and written by Cyril Jarnias
Casablanca concentrates Morocco’s economic heartbeat, a growing population, strong urbanization, and a real estate market as contrasting as it is dynamic. Investing in real estate in Casablanca means positioning yourself in the country’s most liquid and most watched market, with gross yields commonly ranging between 4% and 8% and prospects boosted by major infrastructure projects and the 2030 World Cup.
The Moroccan real estate market offers a wide range of options, from studios to villas, but its profitability depends heavily on location choice and strategy. A mistake in location or plan can be costly. It is crucial to understand the specific mechanisms of each property type and neighborhood (such as Roches Noires, Anfa Supérieur, Bouskoura, or Aïn Diab) to succeed in your investment.
Understanding the economic and real estate context of Casablanca
Casablanca is not just the largest city in the country; it is the true economic engine. The Casablanca-Settat region accounts for about one-third of national GDP, with regional growth around 5%, higher than the Moroccan average. The greater metropolitan area gathers over 4 million inhabitants, in a country that is itself very young (median age around 29.5 years) and largely urbanized.
On the macroeconomic front, the framework is rather favorable for real estate investment. Bank Al‑Maghrib maintains a moderate policy rate of 2.25%, inflation has slowed significantly from the peak of 6.1% in 2023, and growth is expected to remain around 3.9% in 2025 and 3.7% in 2026 according to the IMF. The dirham remains relatively stable.
Decline in real estate transactions nationwide in the first quarter of 2025 compared to the same period last year.
Casablanca partly escapes this slowdown, but not completely. In the city, residential prices only rose by 0.24% year-on-year in the first quarter of 2025, meaning a slight real decline of about 1.34% after inflation. Over a decade, inflation-adjusted prices have fallen by about 19%, while nominal values have remained broadly stable. In other words: the city remains expensive to buy, but overheating is not present, limiting the risk of a bubble in the short term.
Real estate prices in Casablanca: levels, trends, and disparities
The entry ticket into Casablanca real estate depends heavily on the neighborhood, standard, and type of property. Overall, the median price per square meter is around 11,300 MAD in 2026, with an average close to 12,500 MAD/m². Apartments frequently trade between 13,000 and 15,000 MAD/m², with significant disparities between central and peripheral areas.
Available data allows for a fairly precise reading grid of the main neighborhoods:
| Neighborhood / Area | Apartment price range (MAD/m²) | Typical price range (MAD) |
|---|---|---|
| Ain Diab | 27,000 – 36,000 | 3,000,000 – 7,000,000 |
| CFC (Casablanca Finance City) | 22,000 – 30,000 | 2,200,000 – 4,500,000 |
| Anfa Supérieur / Anfa | 22,000 – 31,000 (often > 25,000) | ~ 2,000,000 – 5,000,000+ |
| Casablanca Marina | 25,000 – 31,000 | high-end |
| Gauthier | 19,000 – 25,000 | 1,800,000 – 4,000,000 |
| Racine | close to 19,000 – 25,000 | high-end |
| Maarif | 14,000 – 18,000 | 1,000,000 – 2,500,000 |
| Bouskoura | ~14,000 | variable, villas more expensive |
| Ain Sebaâ / Hay Mohammadi | 9,500 – 12,000 | 500,000 – 1,500,000 |
| Very affordable neighborhoods | 6,500 – 9,200 (Sidi Moumen, Sbata…) | < 1,000,000 often |
The most expensive areas (Anfa Supérieur, Casablanca Marina, Ain Diab) are above 25,000 MAD/m², even exceeding 30,000 MAD/m² for some new developments. Conversely, popular sectors like Sidi Moumen, Sbata, Sidi Bernoussi, or Hay Mohammadi offer prices from 6,500 to 9,200 MAD/m², but at the cost of compromises on building quality, distance to job centers, and resale liquidity.
The median price of a home in Casablanca is estimated at around 960,000 MAD for the year 2026.
Entry-level budgets are quite telling: with 450,000 to 650,000 MAD, you can aim for an older apartment of about 55 m² in a popular neighborhood like Hay Mohammadi. The average price of a studio is estimated at around 700,000 MAD, but it varies greatly depending on location, from 650,000 MAD in Hay Tarik to over 1.3 million dirhams for a furnished studio in Bourgogne.
Houses, villas, and luxury: another market
For villas, the bar is much higher. The average price of a villa in Casablanca is around 4 million dirhams, with living areas ranging from 150 to 500 m² in high-end residences. In California, for example, the square meter for a villa costs about 25,000 MAD, while in Dar Bouazza, on the southern outskirts, you will find around 18,000 MAD/m².
The starting price of luxury apartments in Casablanca, in euros.
Rental yields: where are the real bargains?
Investing in real estate in Casablanca is largely justified by rental income. According to several sources (Global Property Guide, local platforms, specialized studies), average gross yields for apartments are around 7%, with fairly wide ranges depending on the type of property and neighborhood.
Overall yields and by product type
On average, the city falls within a range of 4% to 8% gross yield. Small units (studios, one-bedroom) show the best performance, while larger units and villas settle for more modest levels.
This can be summarized as follows:
| Type of property / Situation | Typical gross yield |
|---|---|
| Apartments (Casablanca average) | ~7.0% |
| General apartment range | ~4% – 8% |
| 1-bedroom (city) | up to ~8.2% |
| 2-bedroom (city) | ~7.5% |
| 3-bedroom | ~6.7% |
| 4+ bedrooms | ~5.6% |
| Luxury apartments (Anfa, Ain Diab) | 3.5% – 5% |
| High-end villas (California, Bouskoura…) | 4% – 6% (0.5 pts lower than apartments) |
In practice, well-located mid-range neighborhoods (Maarif, intermediate Gauthier, Roches Noires, Belvédère, Derb Ghallef, Maarif Extension) often produce the best price/rent ratios. Premium neighborhoods like Casablanca Marina, Ain Diab, or parts of Anfa are highly sought after for purchases but disappointing in yield, because the premium for prestige and views exceeds what the rental market is willing to pay.
Concrete examples of rents and yields
Rents in Casablanca are among the highest in the country, 20% to 40% above Rabat or Marrakech for equivalent quality. Some monthly rent benchmarks, excluding utilities, help better read the opportunities:
Overview of average monthly rents for different types of housing in Casablanca, with observed price ranges.
Average rent around 6,000 MAD. Wide range: from 3,000 to 10,000 MAD depending on location.
Average rent around 8,500 MAD. Typical range: from 4,500 to 14,000 MAD.
Average rent close to 11,500 MAD. Observed range: from 6,000 to 22,000 MAD.
Examples in the city center: a one-bedroom rents for around 5,500 MAD on average, and a three-bedroom around 10,600 MAD.
Nationally, the average gross yield has slightly declined, from 7.75% in Q3 2024 to 6.72% in Q2 2025. Casablanca remains, however, in the upper echelon of Morocco, even if cities like Tangier or Marrakech can show slightly higher average yields.
Center/periphery and city/countryside differences
Data also refine the distinction between the city center and the periphery:
| Apartment location | Estimated average gross yield |
|---|---|
| Casablanca city center | ~6.27% |
| Outside center | ~6.60% |
| All Casablanca (apartments) | ~7.00% |
Very central neighborhoods, expensive to buy, naturally compress the rent/price ratio. Conversely, some more affordable but well-connected sectors (Roches Noires, Belvédère, Derb Ghallef, Maarif Extension) offer a very good balance between reasonable purchase price and strong rental demand.
Neighborhood focus: where to invest in Casablanca based on your strategy?
Investing in real estate in Casablanca without a fine-grained reading of neighborhoods is like playing the lottery. The city truly operates as a “two-speed market”: on one side, premium coastal sectors and rehabilitated central areas with very high face value; on the other, a middle and peripheral crown that concentrates the best yields and future appreciation potential.
Premium areas: image, capital preservation… but compressed yields
Anfa (and Anfa Supérieur), Ain Diab, Casablanca Marina, Racine, Gauthier, CFC constitute the high-end heart of the metropolis. Here you find:
– prices per square meter from 22,000 to over 30,000 MAD;
– high rents (a two-bedroom can exceed 15,000 MAD in Anfa or Ain Diab, a 2-bedroom 15,000–22,000 MAD in Ain Diab/Anfa, 12,000–18,000 MAD in Racine);
– a clientele of senior executives, expatriates, business owners, and affluent tourists on the short-term rental segment.
Prestigious neighborhoods like Anfa Supérieur offer capital preservation with price increases of 25% to 35% over the last decade, often exceeding 25,000 MAD/m². Areas around Casablanca Finance City have seen rapid growth of 10% to 20% in recent years. However, their rental yields are often lower (3.5% to 6% gross) compared to central or semi-central apartments that can exceed 6.5%.
For an investor focused on “image, security, and long-term appreciation”, these premium neighborhoods remain logical. For those seeking high cash-flow right now, they are not the first option.
Yield neighborhoods: Roches Noires, Belvédère, Derb Ghallef, Maarif Extension
At the other end of the symbolic hierarchy, but at the center of yield strategies, some neighborhoods combine sustained rents and still reasonable prices. Roches Noires is cited as one of the most profitable sectors, with gross yields estimated between 6.5% and 8%. The average rent for a studio there is around 3,800 MAD, making it the most affordable sector for this type of product, while the purchase price is around 10,500 MAD/m².
Belvédère and Derb Ghallef also show very good levels, with yields in the range of 6% to 7.5% and 6% to 7% respectively. Maarif Extension, an extension of Maarif, offers yields between 5.5% and 6.5%, while remaining close to a very dense tertiary and commercial employment hub.
These neighborhoods benefit from three key advantages: attractive entry-level rents for young professionals, proximity to many offices and services, and decent access to transportation (tram, main roads). They form the backbone of Casablanca’s “mass” rental market and represent, for many investors, the best compromise between yield, liquidity, and risk.
Emerging and transforming hubs: Sidi Maarouf, Casa Anfa, Bouskoura, Ville Verte, CFC
Part of Casablanca’s future value is currently being built in neighborhoods still in transformation. Investing in real estate in Casablanca also means arbitrating between immediate yield and appreciation potential over 5 to 10 years.
Sidi Maarouf, east of Casablanca, is a neighborhood regularly compared to a Moroccan “Silicon Valley.” This technology and services hub hosts the Casa Nearshore park and many international companies. It attracts a young, educated population with high purchasing power, looking for modern apartments close to work. The neighborhood was among the most searched for in 2023 and 2024 on real estate portals, benefiting from solid rental demand and rapidly improving infrastructure, such as the tramway and roads.
Casa Anfa, a massive development operation on the former airport, is another epicenter of the city of tomorrow. Ultimately, this 350-hectare project is expected to house 100,000 residents and create as many jobs, with 4.3 million m² of buildable area, including 2.3 million for housing and 1.3 million for offices. The first completed blocks already benefit from exemplary infrastructure and vast green spaces, resulting in rising prices and significant potential for those entering the project or adjacent blocks early.
Bouskoura, 20 km from the city center, attracts families with its space, greenery, and secure residences, with prices around 14,000 MAD/m². The Ville Verte neighborhood, emblematic of this trend, is highly sought after for its sustainable and high-end approach, meeting the aspiration to combine ecology and modern comfort.
Casablanca Finance City also plays a structuring role. This financial district, which already houses over 200 international companies, generates strong demand for grade A offices and nearby housing, whether high-end apartments for expatriate executives or modern residences for an upper-middle class.
Areas to handle with caution: Sidi Moumen, Sbata, Sidi Othmane, certain pockets of Aïn Sebaâ
Not all “good deals” on screen are so in reality. Several neighborhoods are considered risky, especially for foreign investors unfamiliar with the terrain. Sidi Moumen, Sbata, parts of Sidi Othmane or Lahraouine, and areas near factories in Aïn Sebaâ combine several drawbacks: distance from skilled employment centers, uneven construction quality, lack of services, higher risk of unpaid rent, difficulty in tenant management, and industrial nuisances (noise, pollution).
In these sectors, prices have sometimes stagnated or declined by 1% to 3% in recent years, and resale liquidity is limited. These are segments where the profitability shown on paper can be eroded by higher vacancy rates, more frequent repairs, or collection risks.
Long-term rental: the foundation of the Casablanca rental market
The core of rental investment in Casablanca remains long-term rental. In prime neighborhoods, the occupancy rate exceeds 95% for good products, with an average vacancy time of just two to four weeks for a well-positioned and correctly priced apartment.
Who are the tenants in Casablanca?
Demand is driven by several complementary profiles:
– young professionals, often single or couples, representing about 40% of the rental market;
– families, about 35%, looking for three- or four-bedroom apartments, preferably in quiet neighborhoods with good schools (Oasis, California, certain sectors of Anfa or Bouskoura);
– companies, about 25%, renting apartments to house their executives or villas for directors.
The average monthly budget of students for housing, ranging between 2,500 and 3,500 MAD.
Professional expatriates, for their part, have significantly higher budgets, between 6,000 and 30,000 MAD per month, while local families frequently spend 7,500 to 30,000 MAD on rent. Companies are, finally, willing to pay 8,000 to 25,000 MAD for well-located company housing.
How to optimize a property for long-term rental?
Rents in Casablanca are very sensitive to certain attributes. Several elements stand out from local studies:
Equipment and comfort features that can increase the monthly rent of an apartment.
Can increase rent by 500 to 1,500 MAD per month.
Rents 15% to 25% more than an equivalent unfurnished unit.
Can add 300 to 800 MAD to the monthly rent.
A secure building with a concierge increases rental value by 400 to 1,000 MAD.
Translates to an additional 500 to 1,200 MAD per month.
A significant portion of tenants (about 35%) look for furnished properties, especially expatriates, executives on assignment, and students. The remaining 65% prefer unfurnished to settle in more permanently.
In terms of management, agencies generally charge 2% to 3% of the annual rent, plus 20% VAT. Condominium fees (co-ownership charges) range from 500 to 1,500 MAD per month, paid by the owner, while electricity, water, and internet are paid by the tenant. For a mid-range apartment, an annual maintenance budget of 0.8% to 1.2% of the property’s value is a realistic estimate, which represents for example 12,000 to 18,000 MAD per year for a property worth 1.5 million dirhams, excluding condominium fees.
Short-term rental and Airbnb: real potential, but a selective market
Casablanca holds a somewhat unique position in the seasonal rental market. The city is an economic hub and an important tourist transit point, but it does not have the purely leisure character of Marrakech or Agadir. As a result, the Airbnb market is promising, but more volatile and heterogeneous than in some tourist cities.
Key figures for short-term rentals
Specialized platforms list approximately 3,456 active listings in Casablanca, of which nearly 98% are apartments or condos, mostly entire one-bedroom homes. The average annual revenue per listing is around 115,000 MAD, or about 9,600 MAD per month, with an average nightly rate of around 627 MAD. The median occupancy rate is close to 50%, representing about 182 booked nights per year.
The clientele is mostly international (nearly 85% of travelers are foreigners), leading to strong seasonality with a peak in summer, especially in August. Furthermore, although local regulations are currently perceived as relatively flexible, it is important to note that furnished tourist rental activity is governed by specific decrees.
Certain areas clearly stand out:
| Neighborhood (Airbnb) | Number of listings | Average annual revenue (MAD) | Median occupancy rate | Average price / night (MAD) |
|---|---|---|---|---|
| Maarif | 1,348 | ~116,300 | ~50% | ~627 |
| Racine | 289 | ~140,300 | ~52% | ~728 |
| Bourgogne | 224 | ~129,800 | ~55% | ~637 |
Other sectors, such as Casablanca Marina or Aïn Diab, also show very good short-term performance, with nightly rates between 500 and 900 MAD and maximum monthly revenues of 6,000 to 12,000 MAD depending on the case. Overall, however, the city average remains more modest, around 4,000 MAD per month when considering all properties, including those poorly optimized or poorly located.
Opportunities and risks of short-term rentals in Casablanca
The appeal of short-term rentals in Casablanca is clear: gross yields often higher than traditional rentals, especially for well-managed properties in key neighborhoods, access to an international and corporate clientele, and the flexibility to use the property occasionally.
But several pitfalls emerge:
The market faces increasing competition in some neighborhoods, leading to price wars. The average occupancy rate remains low (38% to 50%), requiring a solid marketing strategy to avoid vacant nights. You also have to contend with an evolving regulatory framework, strict legal obligations, and high operating costs that eat into margins.
For an investor who does not live locally, the solution often lies with a professional manager. Several operators are already active in Casablanca, each with a few dozen properties. They typically take between 15% and 25% of gross revenue in exchange for full management, which brings net yields from short-term rentals back to the same level – or slightly above – a well-negotiated long-term rental.
Costs, taxes, and financing: what the gross yield doesn’t tell you
A 7% gross yield in Casablanca does not mean 7% net in your account. Between acquisition costs, rental taxes, charges, and maintenance, a significant portion of the revenue disappears. Investing in real estate in Casablanca therefore requires a good grasp of this financial side.
Purchase costs: expect an additional 7% to 10% in fees
Ancillary acquisition costs for an individual are around 7% to 10% of the purchase price. They include:
– registration fees, about 4% (but can rise to 6% in some cases);
– notary fees, between 0.5% and 2.5%;
– land registry fees (cadastral registration), about 1% to 1.5%;
– agency commission, typically 2% to 3%;
– possible legal fees (1% to 5% depending on the level of support) and miscellaneous costs (translations, diagnostics, plans).
For foreigners, it is recommended to channel funds through a convertible dirham account and the notary’s escrow account, to guarantee the ability to repatriate capital and capital gains upon resale.
Taxation on rents: deduction, brackets, and flat-rate option
Rental income falls under the category of real estate income subject to income tax. For individuals, the taxable base benefits from a flat-rate deduction of 40% intended to cover all charges (maintenance, management, etc.), even if these are sometimes actually lower.
For rental income, two main tax rates apply: 10% on the gross annual rent for amounts below 120,000 MAD, and 15% above. Since 2025, a withholding tax option at 20% on gross income is possible in certain cases, particularly when the rent is paid by a company that performs the withholding at source.
Additionally, there are local taxes:
– property tax (taxe d’habitation), calculated on the rental value of the property, with a progressive scale from 0% to 30% depending on value brackets;
– municipal services tax, applied on the same basis, at a rate of 10.5% in urban areas (6.5% in the periphery).
The median annual burden of local taxes for a typical rental apartment in Morocco is around 5,000 MAD.
Capital gains taxation: 20% with important possible exemptions
Upon resale, real estate capital gains are taxed at a rate of 20% for individuals, with a minimum of 3% of the sale price. The calculation takes into account the acquisition price adjusted by a monetary erosion coefficient, as well as acquisition costs and certain works.
Several exemptions exist, however, the main one concerning the primary residence occupied for at least six years. A specific exemption is also provided for modest homes not exceeding 100 m² and a capital gain of 250,000 MAD, subject to conditions.
Financing and mortgage loans: conditions and rates
Mortgage credit remains a central lever for investing in real estate in Casablanca. The total volume of real estate loans in Morocco reaches approximately 315 to 320 billion MAD, representing just over 20% of GDP. Interest rates for housing loans average around 5% to 5.2%, with a range of 4% to 6% for fixed-rate loans, and 3.75% to 5% for variable-rate loans.
For Moroccan residents, banks generally finance up to 80% of the property value, with loan terms of 20 to 25 years or more. For foreigners, a loan is possible from major local banks (Attijariwafa Bank, BMCE/Bank of Africa, CIH, Crédit du Maroc, Banque Populaire, Société Générale Maroc), but under stricter conditions: minimum down payment of 20% to 35%, term often limited to 20 years, financing cap sometimes around 1 million dirhams, and potentially higher interest rates.
The cost of credit has seen a slight increase in recent years, in line with global monetary tightening, but remains contained in a relatively low policy rate environment. For an investor who borrows, this means the margin between gross rental yield (6% to 8%) and cost of debt (4.5% to 6%) remains positive, provided you buy at the right price and control expenses well.
Outlook: why invest in Casablanca real estate now?
Investing in real estate in Casablanca is not a bet on a short-term speculative “flip”, but on a structural dynamic. Several underlying trends support the market in the medium and long term.
Urbanization, demographics, and housing deficit
Morocco has succeeded in reducing its housing deficit from 1.2 million to about 400,000 units, but demand remains high, driven by an urban population that accounts for nearly two-thirds of the country and continues to grow. Casablanca concentrates a significant share of this pressure, with a chronic shortage of affordable housing and strong tension in the mid-range and intermediate apartment segment.
Despite the implementation of homeownership assistance programs (social housing at 250,000 MAD, middle-class housing capped at 6,000 MAD/m², and direct aid 2024-2028), the real estate market has not completely rebalanced. This situation keeps rental demand at a high and sustained level.
Major infrastructure projects and international events
The other major driver is infrastructure. Casablanca benefits from the modernization of its tramway network (T3 and T4 lines launched in 2024), work on the Kenitra-Marrakech high-speed rail line and redevelopments around major stations, as well as the gigantic urban projects Casa Anfa and Casablanca Finance City.
Historically, neighborhoods gaining new transport links or undergoing major redevelopments have seen their prices increase by 10% to 20% within three to five years of commissioning. Projections anticipate annual increases of 4% to 7% around new tram stations, 5% to 8% in neighborhoods overflowing from Casa Anfa, and 3% to 5% in areas connected to the future high-speed rail line.
Morocco will host the 2025 Africa Cup of Nations and co-host the 2030 World Cup with Spain and Portugal. These major events stimulate investments in infrastructure, tourism, and hotel facilities, and significantly increase Casablanca’s international visibility.
A market still reasonable in real terms
Despite observed increases in some segments (over 10% per year for a few well-located new developments, up to 30% gains on specific residences), Casablanca remains, compared to many European metropolises, at price levels still affordable for a foreign investor, around 1,500 to 2,000 euros/m² in many residential sectors.
Furthermore, over the long term, inflation-adjusted prices have rather declined, meaning the market has not reached the valuation excesses seen elsewhere. Coupled with gross rental yields of 6% to 8% in good neighborhoods, the risk/return ratio remains attractive.
How to concretely approach an investment in Casablanca?
To turn this potential into a successful operation, it is essential to structure your approach.
First, clarify the main objective: immediate rental yield, building wealth for future use, or a bet on appreciation over an 8-to-10-year horizon. An investor seeking positive cash flow will focus on small or medium-sized apartments in yield neighborhoods (Roches Noires, Belvédère, Derb Ghallef, Maarif Extension, certain sectors of Sidi Maarouf), possibly well-calibrated furnished units for expatriates or young executives.
For a wealth-building approach, it is advisable to target Casablanca’s premium areas (Anfa, Anfa Supérieur, Ain Diab, Gauthier, Racine, CFC, Casa Anfa). This strategy accepts potentially lower rental yield in exchange for greater resilience of the property’s value and high-end rental demand, which may include the short-term rental market.
Next, it is crucial to integrate all financial parameters into the calculations: acquisition costs (7% to 10%), cost of credit, condominium fees, maintenance budget (1% to 2% of value for an apartment, more for a villa), taxes on rents, and local taxes. Moving from a gross yield of 7% to a real net yield of 4.5% to 5% is common once these elements are included.
For a successful real estate investment, do not neglect the operational dimension. Conduct a rigorous selection of the neighborhood and visit it at different times to assess the atmosphere. Check the land title with the Land Registry and inspect the quality of construction. Systematically use a notary and, if possible, a lawyer. For non-resident investors, professional property management is often essential, especially for short-term rentals.
Investing in real estate in Casablanca, in this context, is neither a guaranteed goldmine nor a reckless gamble. It is a mature, complex market, but one that is readable for those who take the time to immerse themselves in its figures, neighborhoods, and underlying dynamics. With a methodical approach, it offers a rare mix of above-regional-average yields, appreciation prospects, and anchoring in the economic capital of a country undergoing transformation.
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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.
