Buying an apartment in Morocco: Everything you need to know
Often when our customers decide to buy an apartment in Morocco, they don't know exactly where to start. With all the cities, financing options, and price differences, it often takes time to understand everything.
Luckily I can help you! I found some tips that you might find useful if you are considering doing buying an apartment in Morocco. Here's everything I've learned to help you on your real estate journey.
The best cities to buy an apartment in Morocco
In Morocco, each city has its charm, but not all are equal for a real estate purchase. Depending on your needs — primary residence, rental investment or vacation home — your choice could vary. Here are the three cities that I recommend for buying an apartment in Morocco and what I discovered about each one.
- Casablanca: The economic center of the country
Casablanca, the economic capital, immediately caught my attention. It is a dynamic city, with modern neighborhoods and a rich cultural life. If you are looking to buying an apartment in Morocco for a rental investment, Casablanca is an excellent option thanks to its high demand for housing, especially in neighborhoods like Anfa or Maarif.
If you are targeting Casablanca, do not hesitate to visit the apartments on the edge of the Corniche. I discovered that some old, well-maintained buildings offer attractive prices and attractive rental potential.
- Marrakech: The red city and its real estate opportunities
I have always had a soft spot for Marrakech, with its unique atmosphere and sunny climate. What seduced me here was the diversity of goods available. Whether you are looking for a modern apartment or a property with a traditional touch near the medina, Marrakech offers a wide choice.
During my research, I found that neighborhoods like Targa or Hivernage are perfect if you want buy an apartment in Marrakech with tranquility and proximity to tourist attractions.
- Agadir: The Moroccan haven of peace
Agadir was a real crush. I was looking for buy an apartment in Morocco in Agadir to enjoy its pleasant climate and relaxed atmosphere. Unlike Casablanca or Marrakech, Agadir is less frenetic, making it an ideal city for a second home or a long-term investment. Its proximity to beaches and famous surf spots makes it a city where I think it is good to live. In addition, prices remain more competitive than in Casablanca or Marrakech.
In Agadir, my advice would be to prefer recent residences near the marina. I visited several apartments there, and the sea views are breathtaking!
Market prices for apartments in Morocco
Prices in Morocco can vary enormously depending on the city, the neighborhood and the type of property. I was surprised to see how interesting opportunities can be found if you are well informed.
- Price comparison in the main cities
According to my research, prices in Casablanca are the highest, often around 15,000 MAD/m² in popular areas like Anfa.
In Marrakech, the rates are slightly lower, with an average of 10,000 to 12,000 MAD/m².
Finally, Agadir remains more affordable, with prices ranging from 7,000 to 9,000 MAD/m².
In my opinion, good advice is to create competition between real estate agents. By asking for price comparisons for the same neighborhood, you can sometimes negotiate up to 10% off the displayed price.
- Factors that influence apartment prices in Morocco
A key factor I've learned to consider is the age of the property. New apartments or in secure complexes cost more, but they are often easier to maintain and resell.
If you are looking for a property to renovate, opt for emerging neighborhoods. With apartments to renovate you can often find good financial plans. All you have to do is invest in some work to bring the property up to date and the added value will be even more interesting.
- Real estate investment opportunities in Morocco
Morocco is a paradise for real estate investors, especially thanks to its booming tourism. I met owners in Marrakech who generate excellent income by renting their apartments on platforms like Airbnb.
In recent years we can see that cities like Agadir and Essaouira are becoming the new trends for investors. Prices are still affordable, but rental yields are rising rapidly.
How to finance the purchase of an apartment in Morocco?
When it comes to thinking about financing, there are several options, and depending on your profile (foreigners, MRE, resident), financing changes slightly. Here is what I think is the most important thing to share with you regarding the financing of your buying an apartment in Morocco.
- Mortgages for foreigners
Moroccan banks offer mortgages to foreigners, but they often require a significant personal contribution (30 to 40% of the price). I find it useful to work with a bank that has experience with international customers (ex: Attijariwafa Bank, BMCE Bank (Bank of Africa), CIH Bank, Banque Popoule)
It is important that you check the rates at several banks before signing. A difference of 0.5% can represent a significant saving over the life of the loan.
- Government assistance for the purchase of real estate
As a foreigner, I was not eligible for all the grants, but I discovered that some tax exemptions apply if you buy in a priority development area.
There are many tax advantages when investing in real estate in Morocco. My advice is to consult a local notary to make sure you maximize your tax benefits.
- Best financing options for buying an apartment
If you have savings, you may want to consider paying cash because it gives you bargaining power. In my case, I opted for a mix between my savings and a mortgage, which allowed me to maintain some financial flexibility.
In my opinion, in terms of rates, the best is to ask your bank to set your interest rate to avoid any unexpected increase.
Buying an apartment in Morocco is for many an enriching and sometimes surprising experience. Whether you are looking for an investment or a residence, take the time to visit several properties, compare prices and ask questions. Each city has its advantages, and by being well prepared, you can make a purchase that fits your needs perfectly. Good luck with your project!