Published on and written by Cyril Jarnias
Marrakech has become, in just a few years, the open-air laboratory of Morocco’s rental market. Driven by an explosion of international tourism, the rise of short-term rentals like Airbnb, and sustained local demand for apartments, the ochre city is posting rental yields in 2026 that few European markets can match. But how much does an apartment in Marrakech actually earn in 2026, once expenses, taxes, and vacancy are taken into account?
To evaluate a real estate investment, you need to cross-reference several data points: price per square meter by neighborhood, long-term and seasonal rental rates, occupancy rate, tax framework, and price and tourism trends. The goal is not just the gross yield, but the net yield, taking into account risks and day-to-day management.
A Market Driven by Tourism and Seasonal Rentals
The starting point is demand. Marrakech is now Morocco’s tourism capital and one of Africa’s top-performing destinations for short-term rentals. In 2025, the city welcomed 8.5 million international visitors, an 18% increase from 2024, and accounts for nearly 40% of the country’s overnight stays. Nationally, Morocco set a record with 19.8 million tourists in 2025, up 14% year-on-year, generating tourism revenues of around 112 to 124 billion dirhams.
Morocco plans to attract 17.5 million tourists by 2026, driven by infrastructure linked to the 2025 Africa Cup of Nations and the 2030 World Cup.
In this context, tourist rentals have exploded. Marrakech alone accounts for about 27% of the country’s Airbnb supply, with over 21,000 active listings. The platforms list more than 8,000 properties strictly dedicated to short stays, with an average monthly revenue of around $1,400 and a daily rate close to $150. Depending on the source, occupancy rates range from 40–50% to 60–70%, with even higher peaks in high season (November–March).
This “Airbnbification” of the residential stock has a dual effect: a significant portion of housing is shifted to seasonal use, which reduces the long-term supply and pushes rents upward; at the same time, gross yields for landlords rise, making Marrakech the most profitable rental market in Morocco.
How Much Does an Apartment Cost in Marrakech in 2026?
To measure yield, you first need to know the entry ticket. In 2026, the median price for a residential property in Marrakech is around 900,000 dirhams, with a higher average price close to 1.6 million dirhams. In practice, about 80% of transactions in the city fall between 600,000 and 3.5 million dirhams, roughly between 55,000 and 320,000 euros.
The heart of the market remains apartments, which account for about 70% of purchases. Across all segments, the average price per square meter is around 9,600 to 12,000 MAD/m², but variations by neighborhood are considerable.
Here is a summary of price levels by major residential areas in Marrakech (mainly for apartments):
| Neighborhood / Type | Price Range per m² (MAD) | Summary Comment |
|---|---|---|
| Gueliz (apartment) | 14,000 – 20,000 | Modern center, very liquid, strong local & expat demand |
| Hivernage (apartment) | 18,000 – 28,000 (can exceed 40,000 for very high-end) | Luxury hotel district, premium offerings |
| Agdal (apartment) | 12,000 – 18,000 | Residences with pool, parking, family clientele |
| Palmeraie (apartment) | 10,000 – 15,000 | Resort environment, higher-end segment |
| Medina (riad to renovate) | 8,000 – 15,000 | Strong value-add potential after renovation |
| Medina (renovated riad) | 28,000 – 45,000 | Already optimized for tourist rentals |
| Targa (apartment) | 9,000 – 14,000 | Developing periphery, good accessibility |
| Route de l’Ourika (apartment) | 8,000 – 12,000 | Rising area, fueled by tourism projects |
In the most sought-after neighborhoods, prices can soar. In Hivernage, prices reach the equivalent of 3,000 to 5,000 euros per square meter and can exceed 40,000 MAD/m² for exceptional properties (penthouses, unobstructed views, concierge services, pool). Palmeraie villas, meanwhile, trade around 4,000 euros/m² and up, with entry tickets rarely below 5 million dirhams for a quality property, and up to 20–50 million for the most prestigious homes.
Prices per square meter in neighborhoods like Targa, Route de Fès, and some sections of Route de l’Ourika, with annual growth prospects of 6 to 8%.
Strongly Rising Rents and a Favorable Rent-to-Price Ratio
Against these purchase prices, how much can an apartment rent for? In 2026, the average rent-to-price ratio in Marrakech is around 0.6–0.7% per month, or roughly 7–8% per year gross. This ratio is significantly higher than in Casablanca or Rabat, where higher prices compress yield.
In concrete terms, the average rents observed in early 2026 are as follows:
| Type of Property (long-term rental) | Average Monthly Rent (MAD) | Comment |
|---|---|---|
| Studio | ≈ 4,500 (3,500–5,500) | Center or sought-after neighborhoods, furnished |
| 1 bedroom | ≈ 6,200 | Very liquid segment for young professionals and expats |
| 2 bedrooms | ≈ 8,800 (7,000–11,000, up to 14,500 for premium) | Core family & roommate target |
| Average rent per m² | ≈ 90 MAD/m² (110–140 MAD/m² for premium) | High tension in the best neighborhoods |
An 80 m² apartment in good condition in Gueliz can thus rent for around 7,000 MAD per month as a furnished long-term rental. A typical case cited in the data mentions an 80 m² purchased for 1.2 million dirhams rented for 7,000 MAD, yielding about 7% gross.
In the most expensive neighborhoods like Hivernage, rents skyrocket in absolute value, but not as much as prices. A large high-end apartment can rent for 15,000 to 35,000 MAD per month in a furnished residential lease. Despite these amounts, the percentage yield is often lower than that of a well-located small two-bedroom, which explains why studios and one-bedrooms are generally the best performers in yield per square meter.
Gross Rental Yield: Where Does Marrakech Stand Compared to the Rest of Morocco?
Nationally, the average gross rental yield is around 5.3–6.7% in 2025–early 2026, with most properties between 4.5 and 6.5%. Marrakech clearly outperforms this average. Multiple sources converge on a range of 7 to 7.5% average gross yield in the city, with an overall range from 5% for large prestige villas to 10% or more for small, well-located apartments.
Compared to other major Moroccan cities, the ochre city ranks at or near the top:
| City | Average Price per m² (MAD) | Average Annual Rent (MAD) | Average Gross Yield |
|---|---|---|---|
| Casablanca | 13,000 – 18,000 | 60,000 – 75,000 | ≈ 7.0% |
| Rabat | 13,000 – 17,000 | 55,000 – 70,000 | ≈ 6.7% |
| Marrakech | 10,000 – 13,000 | 56,000 – 72,000 | ≈ 7.1% – 7.5% |
| Tangier | 9,000 – 12,000 | 60,000 – 76,000 | ≈ 8.0% |
| Agadir | 8,000 – 10,000 | 45,000 – 60,000 | ≈ 4.8% |
Tangier certainly posts a slightly higher average yield (close to 8%), driven by the economic dynamism of Tanger Med, but Marrakech combines a high rental yield with unique market depth and tourism momentum. On a European scale, where average yields range more between 2–3% in Switzerland and 3–4% in France, the ochre city positions itself as a very competitive market.
Gross Yield by Apartment Size: Advantage to Smaller Units
Another insight from the data is the hierarchy of yields by size. In Marrakech, as elsewhere, smaller units typically offer better returns relative to the capital invested. Across the entire city, the following yields are indicative for apartments of different sizes (all locations combined):
| Apartment Type | Average Purchase Price (USD) | Average Monthly Rent (USD) | Estimated Annual Gross Yield |
|---|---|---|---|
| 1 bedroom | ≈ 129,090 | ≈ 645 | ≈ 6.0% |
| 2 bedrooms | ≈ 150,605 | ≈ 860 | ≈ 6.85% |
| 3 bedrooms | ≈ 169,431 | ≈ 1,183 | ≈ 8.38% |
These overall figures show that a three-bedroom can offer a higher percentage yield, but this should be nuanced by neighborhood. In prestige areas (Hivernage, Palmeraie, Amelkis), yields tend to fall below 6.5% gross, while in more “value” neighborhoods like Semlalia, Daoudiat, Amerchich, Izdihar, or Sidi Youssef Ben Ali, studios and small apartments regularly achieve 8 to 10% gross.
Net Yield: How Much Actually Ends Up in the Owner’s Pocket?
Gross yield only tells part of the story. In Marrakech, as elsewhere, a significant portion of rents is absorbed by vacancy, expenses, local taxes, maintenance, management, and even insurance. Analyses converge on an average gap of 2 to 3 percentage points between gross and net yield in the ochre city.
Available studies indicate that:
Most owners achieve a net yield of around 5%, while standard properties fall between 4.2 and 6%, with a net yield of 6% considered a high-end performance.
Another way to put it: local taxes, rental vacancy, and maintenance typically consume 25 to 35% of gross rents. To this, real estate income tax may be added, depending on the annual rent level and the chosen tax regime.
To give a clearer picture, here is a typical yield structure in Marrakech in 2026:
| Indicator | Value / Typical Range in Marrakech |
|---|---|
| Average « gross yield » (city) | 7.0 – 7.5% |
| Common range (apartments) | 6.5 – 8.5% |
| “Good” gross yield (local standard) | ≥ 7% |
| “High-end” gross yield | ≥ 8% |
| Average net yield | ≈ 5.0% |
| Net yield range | 4.2 – 6.0% |
| Gross / net gap | 2 – 3 percentage points |
Long-Term vs. Seasonal Rentals: Two Profitability Models
To answer the question “how much does an apartment in Marrakech earn in 2026?”, it’s essential to clearly distinguish between long-term rentals and seasonal rentals.
Long-Term Rentals: 4–7% Gross, 3–5% Net, but Great Stability
Under a standard lease (over 30 days, governed by Law 67-12), the gross profitability of an apartment in Marrakech generally ranges between 4 and 7%, depending on the neighborhood and property quality. In central areas like Gueliz, Agdal, or Semlalia, yields of 5 to 7% gross on furnished apartments are common.
This rental model stands out for its stability: the best neighborhoods have vacancy rates below 5%, a property re-rents in 2 to 4 weeks, outsourced management costs 6 to 10% of the rent, and recurring expenses (local taxes, minor repairs) are predictable.
Seasonal Rentals (Airbnb & Co.): 8–12% Gross on Average, Up to 15–22% on Exceptional Properties
It is in short-term rentals that Marrakech crushes the competition. In 2026, tourist rentals commonly post gross yields of 8 to 12%, and some offerings – charming riads in the Medina, villas with pools in the Palmeraie or on the Route de l’Ourika – can go much higher, up to 15–20% gross in the best performing cases, especially during peak high season.
Consolidated data shows, for example:
Gross yields range from 8 to 10% for a seasonal apartment in Gueliz or Hivernage, 8 to 12% for a renovated riad in the Medina (Mouassine, Dar El Bacha, Kasbah, Riad Zitoun, Bab Doukkala), 8 to 11% for a luxury villa on the Route d’Amezmiz, and can reach up to 25% gross for Medina riads operating at full capacity.
The flip side is much higher operating costs. Platform commissions (Airbnb, Booking) around 15–18%, management fees if outsourced (15–25% of revenue), cleaning and laundry per stay (often 150–300 MAD per turnover), water, electricity, internet charges, tourist tax (about 25 MAD per night per person), enhanced maintenance… In total, operating expenses can represent 40 to 55% of gross revenue for a professionally managed property.
In practice, a well-run seasonal apartment in Marrakech often generates a net yield of 5 to 7%. For the best operators, highly optimized and often self-managed, the 8–9% net bar can be reached, but at the cost of significant personal investment and higher regulatory risk.
Detailed Example: A Two-Bedroom in Gueliz in 2026
Let’s take a concrete case, close to observed situations in the data.
Imagine an 80 m² apartment in Gueliz, purchased for 1.2 million dirhams (i.e., 15,000 MAD/m²). Two scenarios: furnished long-term rental and seasonal rental.
Scenario 1: Furnished Long-Term Rental
– Average monthly rent observed for a furnished 1/2-bedroom in Gueliz: around 7,000 MAD.
– Annual gross rent: 84,000 MAD.
– Gross yield: 84,000 / 1,200,000 ≈ 7%.
Then, we incorporate realistic expense assumptions:
– Rental vacancy: 1 month per year (≈ 8%), i.e., –7,000 MAD.
– HOA fees + local taxes: about 8,000–12,000 MAD/year for this type of property.
– Routine maintenance (painting, minor repairs, AC, appliances): 8,000 to 12,000 MAD/year.
– Optional delegated management: 8–10% of collected rents.
The net yield is about 5% on a 1.2 million MAD investment, after deducting 25 to 30% in expenses from the gross rent.
Scenario 2: Airbnb Operation
For a well-decorated and well-rated property in Gueliz, the typical figures are as follows:
– Average nightly rate: about 1,400 MAD.
– “Realistic” occupancy rate: around 50–60% over the year (i.e., 15–18 nights per month).
Using 1,400 MAD and 55% occupancy (16.5 nights/month):
– Average monthly gross revenue ≈ 1,400 × 16.5 ≈ 23,100 MAD.
– Annual gross revenue ≈ 277,000 MAD.
The theoretical annual gross yield reaches nearly 23% based on a purchase price of 1.2 million dirhams, which is well above real averages. In practice, the seasonal gross profitability for a standard apartment is more typically between 8 and 12%, because not all months experience the high occupancy of peak season.
Readjusting the example to a realistic target of 10% gross (i.e., 120,000 MAD in annual revenue) yields:
– Gross revenue: 120,000 MAD.
– Operating expenses (platforms, concierge, cleaning, utilities, tourist tax, enhanced maintenance): 40–50% of gross, i.e., 48,000–60,000 MAD.
– Net income before tax: 60,000–72,000 MAD.
– Net yield: 5–6%, very close to what a well-managed long-term rental provides, but with more work and volatility.
This simple exercise illustrates why, despite spectacular gross yields on paper for seasonal rentals, net yields often converge around the same 5–7% range.
Yields by Neighborhood: Where to Invest in 2026?
Not all Marrakech neighborhoods are equal in terms of yield or risk profile. Gross yield data by area allows us to map the best opportunities.
High-Yield Neighborhoods
The best gross yields are found in neighborhoods where prices per square meter remain reasonable while benefiting from strong rental demand, whether residential or tourist. Among them:
– Semlalia, Daoudiat, Amerchich, Izdihar, Sidi Youssef Ben Ali: gross yields often between 8 and 10% on long-term rentals, at price levels below those of showcase neighborhoods.
– “Intermediate” Gueliz: 5 to 7% on standard leases, higher in seasonal for well-run properties.
– Camp Al Ghoul: about 5 to 6.5%, thanks to a central location but without the prestige premium of the priciest areas.
– Agdal (excluding very “resort” residences): 6 to 8% possible on apartments targeting families and students.
In developing peripheries, areas like Route de l’Ourika or Route d’Amezmiz combine still-affordable prices with interesting yields, especially for villas or small tourist complexes. Some figures suggest 10–14% gross on products suited to seasonal clientele, fueled by expected price growth of 6 to 8% per year.
Prestige Neighborhoods with Compressed Yields
At the other end of the spectrum, the “postcard” neighborhoods show lower yields in proportion, as prices have risen faster than rents:
– Hivernage, Palmeraie, Amelkis, certain Majorelle streets: gross yields of 5 to 6.5% on average, sometimes below 5% for large ultra-high-end villas.
– In these areas, rental yield is often sacrificed in favor of capital appreciation and enjoyment value (second home, prestige).
These neighborhoods remain very attractive, however, for strategies combining capitalization (price growth) and tourist rent. Hivernage, for example, has historically seen annual increases of 6 to 8% in high-end residential, and projections for 2026 still show 5 to 7% growth in central scenarios.
The Medina: High Potential Profitability, Complex Management
The Marrakech Medina is a special case. Riads to renovate trade between 500,000 and 2 million dirhams, but quality renovations often require an additional 500,000 to 1.5 million dirhams. Already renovated and furnished riads, ready for tourist rentals, sell for between 1.5 and 8 million dirhams, with prices per square meter climbing to 28,000–45,000 MAD/m² in the most sought-after micro-areas (Dar El Bacha, Mouassine, Kasbah, Riad Zitoun, Bab Doukkala).
A well-managed 3- to 5-bedroom riad can generate up to 350,000 MAD in annual revenue.
But the counterpart is a need for very active management: presence on platforms, managing a team (housekeeper, cook, guard), heavier technical maintenance (roofs, zellige tiles, woodwork), compliance with tourist establishment regulations for properties exceeding 120 rental days per year. The investor profile must be that of a hotel operator rather than a simple landlord.
Taxation and Legal Framework: Impact on Net Yield
The attractiveness of gross yields in Marrakech should not obscure the impact of taxation. In Morocco, rental income is subject to income tax, with a specific regime for rents.
In 2026, the basic mechanism is as follows:
– Collected rents constitute gross real estate income.
– A flat-rate deduction of 40% is applied to cover expenses (maintenance, management fees, etc.); net taxable income is therefore 60% of the gross amount.
– The income tax (IR) scale then applies to this net income, with an exempt bracket up to 40,000 MAD of annual net income, then progressive brackets up to 37%.
An owner receiving 60,000 MAD in gross annual rent (i.e., 5,000 MAD/month) sees their taxable base reduced to 36,000 MAD after the deduction, placing them in the exempt bracket. Thus, many small Moroccan landlords pay no income tax on their rents, but they must still declare.
For higher incomes, the tax becomes significant but should be weighed against the fact that the flat-rate 40% deduction already covers some of the costs incurred (maintenance, management, etc.).
2026 New Rules: 5% Withholding Tax and Strengthened Controls
The 2026 Finance Act introduces a 5% withholding tax mechanism on rents paid by certain entities (State, public establishments, banks, large companies above a certain revenue threshold). This withholding, applied to rents excluding VAT, is not an additional tax but a deductible advance payment against the final income or corporate tax due at year-end. It will be implemented gradually from July 1, 2026, first for public bodies and large structures, then for a broader range of companies.
The Moroccan tax administration is improving traceability of seasonal rental income by cross-referencing data from booking platforms, banks, ANCFCC (land registry), and online declarations. Control campaigns target tourist destinations like Marrakech, with fines exceeding 50,000 dirhams for non-declaration and possible reassessments covering four years.
For an investor, this means the real net yield must incorporate not only operating costs but also income tax and potentially a withholding tax, even if the latter is deductible from the final tax.
Acquisition Costs: A Significant “Friction”
Investment profitability should be measured on the total capital deployed, not just the face price of the property. In Morocco, acquisition costs for an apartment in 2026 typically range from 8 to 11% of the price, for both foreign and local buyers.
This package includes:
When buying real estate in Morocco, budget for a registration duty of 4%, land conservation fees of 1.5%, notary fees between 0.5 and 1.5% (excluding VAT), and possibly agent commissions, legal fees, or certified translations.
In total, about 5.5–6% of the price goes directly to the state (registration + conservation), with the remainder covering professional and ancillary fees. In other words, an apartment bought for 1.2 million dirhams actually costs around 1.3 million once all fees are included. It’s important to recalculate the yield (gross and net) on this expanded basis.
Capital Appreciation Prospects: Marrakech, a Still-Promising Market
The question “how much does an apartment in Marrakech earn in 2026?” should not be limited to rental income alone. Real estate price trends play a key role in overall return.
Data shows that between end of 2021 and 2026, average prices in Marrakech went from about 9,800 MAD/m² to 12,200 MAD/m², an increase of roughly 24% over five years. Over the last 12 months, the rise is around 2.5–3%, with more dynamic segments (renovated Medina riads, premium apartments in Gueliz/Majorelle, villas on certain axes) exceeding 5–7% per year.
Over five years (2026-2031), the expected cumulative increase in residential prices in Marrakech is between 25 and 35% in central scenarios.
The best neighborhoods – Gueliz/Majorelle, Agdal, premium sectors of the Medina – are likely to do even better, with five-year performances between 30 and 45%. Certain pockets like Dar El Bacha, Mouassine, Riad Zitoun, or Kasbah concentrate “collector riads,” whose value can increase by 5 to 9% per year, with seasonal yields exceeding 10% gross.
The annualized total return of a well-located apartment in Marrakech ranges between 8 and 12% per year over the long term, combining capital appreciation and net rental yield.
Conclusion: In 2026, How Much Does an Apartment in Marrakech Really Earn?
In 2026, Marrakech stands out as the most profitable rental market in Morocco, driven by exceptional tourist demand and prices still below those of Casablanca or Rabat for comparable quality. The numbers paint a nuanced but attractive picture.
For a standard well-located apartment (Gueliz, Agdal, Semlalia, secondary Medina) operated as a long-term rental:
– realistic gross yield: 6.5–8%,
– net yield after local expenses and vacancy: 4.5–6%,
– taxation to be factored in depending on rent level and investor status, but with a flat-rate 40% deduction on rental income.
For an apartment operated as a seasonal rental in the most sought-after areas (Gueliz, Hivernage, Medina, Majorelle):
– possible gross yield: 8–12%, with higher extreme cases,
– typical net yield: 5–7%, even 8–9% for the best operators,
– significantly heavier management and increased exposure to regulatory risks (120-day cap, licenses, safety obligations, tourist tax collection, etc.).
In secondary neighborhoods with strong relative rental value (Semlalia, Daoudiat, Amerchich, Targa, certain sections of Route de Safi or Ourika), an attentive investor can target gross yields close to 8–10% on long-term rentals, while benefiting from significant revaluation potential as urbanization and infrastructure projects progress.
In 2026, the rental yield of a typical apartment in Marrakech is estimated at a reasonable level.
– around 7–8% gross yield,
– about 5% net yield after current expenses,
– and offering annual capital appreciation of around 4–6% in the best neighborhoods over a five- to ten-year horizon.
For an investor, Moroccan or foreign, who is willing to work carefully on location, property quality and management, Marrakech thus remains one of the most interesting markets in the region, provided they are not hypnotized by promises of double-digit gross yields without closely examining expenses, taxation, and long-term demand sustainability.
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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.
