Record Surge in Property Prices in Marrakech

Marrakech has witnessed a record surge in property prices in recent months, driven by increasing local and international demand for residential and tourist properties. According to real estate market reports, prices have risen by more than 20% compared to last year, raising concerns about affordability for local residents.

Reasons Behind the Price Surge

Key factors contributing to this sharp increase include:

• Growing demand from foreign investors attracted to Marrakech’s tourist appeal.
• Tourism sector recovery post-COVID-19, boosting demand for vacation homes and luxury villas.
• Limited availability of land for construction in prime areas like the old medina and upscale tourist zones.
• Rising construction costs due to global inflation and supply chain disruptions.

Impact on Local Residents

• Reduced purchasing power, making it difficult for locals to afford homes in central areas.
• Higher demand for rentals, leading to increased rental prices.
• Migration to suburban areas in search of more affordable housing options.

Future Outlook and Proposed Solutions

• Promoting investment in affordable housing projects to meet local demand.
• Easing access to mortgage loans for young professionals and middle-income families.
• Implementing policies to control speculative practices and prevent unjustified price hikes.

The surge in property prices in Marrakech poses a challenge for local residents while reflecting the city’s appeal to global investors. With balanced policies, the market can stabilize, ensuring the interests of both investors and locals.

Source : ipst.education/news