Buying a riad in Marrakech: the investor’s comprehensive guide

In brief: Buy a riad with 1 bedroom and 1 bathroom remains open to foreign investors, in a highly segmented medina property market, ranging from 10,000 to 40,000 DH per square metre depending on the condition of the property (2026 figures), and funds contributed in foreign currency benefit from a convertibility regime guaranteeing their future transfer.

The riad market in the medina of Marrakech: prices and disparities

A riad is a traditional Moroccan house organised around an inner courtyard, often planted with orange trees or featuring a water feature, and laid out over several levels that are enclosed from the outside. In the the medina of Marrakesh, this architectural style predominates amongst older buildings and accounts for the bulk of properties on the market.

Out of a sample of 19 riad advertisements recorded in the medina in August 2026, the average asking price stood at 38,198 DH/m². This average needs to be put into context: these are the prices advertised, not the actual sale prices recorded before a notary. The same riad may be sold for significantly less than its asking price, depending on the condition of the property, the level of supply in the relevant derb and the margin allowed by the seller.

Price per square metre: riad in need of renovation vs renovated riad

The market clearly distinguishes between two categories of property. For a riad in need of renovation, the indicative 2026 price range is between 10,000 and 25,000 DH per square metre. For a riad that has already been renovated, this range rises to between 15,000 and 40,000 DH per square metre.

Market benchmarks recorded in August 2026, to be compared with actual sales (data accessed on 4 September 2026). These ranges are indicative only and do not constitute official price lists.

Why two similar riads can have very different prices

The variation observed in the market far exceeds what can be explained by floor area alone. In the property listings examined in August 2026, a 200 m² riad was advertised at 4,500,000 DH, whilst a 600 m² riad was priced at 37,800,000 DH. The relationship between the two properties does not follow any simple rule of proportion.

There are several factors that account for these differences:

• The exact derb – that specific alleyway in the medina where the riad is situated – with some streets being far more sought-after than others;
• Access – on foot, by motorised delivery vehicle or, more rarely, by car – right up to the property’s doorstep;
• Its immediate proximity to the tourist and shopping centres of the medina;
• The quality of the renovation work already carried out, or the lack thereof;
• The presence of an unobstructed view, a terrace or facilities such as a swimming pool or a steam room;
• The property’s commercial potential, which broadens the pool of potential buyers.

These price benchmarks, which are updated as transactions are recorded, never replace the need for a direct comparison with actual comparable sales recorded prior to any negotiations.

Riad: private residence or guest house – defining your business plan

A riad used as a private residence and a riad operated commercially as tourist accommodation are subject to two distinct legal regimes. The latter constitutes a regulated category, classified from 3 stars to Luxury, under legislation in force since 4 December 2025.

The classification of riads operating as guesthouses

This classification applies to the commercial provision of accommodation, not to ownership of the property itself. A riad occupied by its owner as a residence is not automatically subject to this classification. It is the operation of the business – the provision of paid accommodation to guests – that triggers the obligation to be classified, not the act of purchase itself.

The applicable standards for facilities, operations and service vary depending on the type of establishment and the category in question: a riad classified as ‘Luxury’ does not meet the same specifications as a 3-star establishment.

The authorisation procedure with the CRI

Applications for provisional classification and operating authorisation must be submitted electronically to the Regional Investment Centre (CRI) with territorial jurisdiction, namely that of Marrakech for a riad located in the medina. The application pack includes, in particular, a certificate of compliance and a standards form corresponding to the type and category applied for.

An investor planning to operate a guest house It is advisable to undertake this classification process in parallel with securing the land title, rather than after the contract has been signed: certain adjustments required by the standards for the relevant category may result in changes to the works programme.

Building works and heritage: what UNESCO listing means for a property owner

The medina of Marrakech has been a World Heritage Site since 1985. This status, awarded by UNESCO (the United Nations Educational, Scientific and Cultural Organisation), is accompanied by a system for the protection and scrutiny of construction and development projects.

What World Heritage listing means in practice

Any construction or development project in the medina is examined by the Regional Inspectorate of Historic Monuments and Sites, the competent authority which also monitors ongoing building works. This procedure does not constitute either an automatic grant of permission or a systematic refusal: it provides a framework for assessing applications according to the nature of the property and the proposed works.

Recommended structural inspections following the 2023 earthquake

Following the earthquake in September 2023, the report on the state of conservation of the medina, compiled in 2024, notes the collapse of seven sections of the ramparts. This finding relates to the state of conservation of the heritage site as a whole, not to each riad taken individually.

This does not mean that every riad in the medina has structural damage. Nevertheless, this observation justifies an independent survey before any commitment is made: the condition of the load-bearing structure, visible cracks, the roof, party walls and the quality of the work already carried out by previous owners.

Before drawing up a quotation or commencing a project, it is essential to systematically check, for the specific riad in question, its exact location, the nature of the work required and the specific requirements laid down by the relevant authority.

Choosing a riad: things to look for, neighbourhoods and pitfalls to avoid

The choice of a riad in the medina depends on a range of practical criteria, rather than simply on the size or the advertised price.

A checklist of specific criteria for assessing a riad

• Access to the property: on foot only, by motorised delivery, or, in exceptional cases, by car right up to the doorstep;
• The amount of light and the orientation of the patio, which are crucial in architecture that is closed off from the outside;
• The actual structural condition, verified independently of the seller’s statements;
• The status of the title deed and its consistency with the physical condition of the property;
• The potential for exploitation, should a commercial project be envisaged;
• Its close proximity to tourist hotspots and the busy thoroughfares of the medina.

These criteria align with the factors that drive property values in the market: the exact location, accessibility, proximity to tourist attractions, the quality of the refurbishment, the view, the facilities and the property’s current use all have a direct impact on where the property is positioned within its price range.

The most common pitfalls when buying

There are three mistakes that crop up time and again in riad purchase files:

• Confusing the price quoted in an advert with the actual transaction price: as mentioned above, the difference between adverts can still be considerable for properties of a comparable size;
• Failing to carry out an independent structural assessment, particularly in the post-earthquake context described above;
• To believe that simply purchasing the riad is sufficient to run it as tourist accommodation, without going through the process of classification and obtaining authorisation from the CRI.

Each of these pitfalls has one thing in common: they can be rectified before the contract is signed, but rarely afterwards.

Ensuring a secure purchase: title deeds, legal due diligence and formalities

The role of the ANCFCC certificate of ownership

The certificate of ownership, issued by the ANCFCC (National Agency for Land Registration, Cadastral Surveying and Cartography), certifies the legal and physical status of the property at the precise moment the application is submitted. It does not constitute a guarantee that remains fixed over time: its informative value diminishes as the time elapsed since it was signed increases.

For this reason, it is best to raise this point shortly before the contract is signed, rather than early on in the negotiations.

The documents required for a transfer of ownership

For the full transfer of a registered property, the ANCFCC requires, in particular, an application for registration, the deed of transfer in accordance with the regulations, any administrative authorisations or certificates that may be required, and a duplicate of the title deed where applicable.

The ANCFCC states that it typically takes two days to issue the certificate of ownership once the transaction has been completed. This timeframe does not include the preliminary negotiations or the preparation of the documentation by professionals, which may take considerably longer depending on the complexity of the case.

The certificate, deed and authorisations should always be reviewed by a solicitor before any commitment is made, particularly in unusual cases such as joint ownership, subdivision of title or missing administrative authorisations.

Budget, taxation and financing for foreign investors

Registration duty and costs associated with the purchase

The purchase of an existing property, including residential property, is subject to a registration charge of 4%, which has been in force since 1 January 2026. Unbuilt land or a building intended for demolition is subject to a separate rate of 5%.

An existing riad generally falls into the first category, subject to the exact classification specified in the deed. This rate does not cover notary fees, land registry registration fees, or any costs relating to surveys or administrative regularisation.

Finance in foreign currency or via a dirham loan

A non-resident foreigner may obtain a loan in dirhams to purchase a property in Morocco, provided they contribute a minimum deposit of 30% in foreign currency. According to the IGOC 2026 (General Instructions on Foreign Exchange Transactions), the loan may then cover up to 80% of the property’s value.

This maximum loan-to-value ratio remains a regulatory option, not a guaranteed offer from the bank: each institution conducts its own assessment of the application. The bank also requires a first-rank mortgage, or an equivalent guarantee issued by a foreign bank.

These rules apply in particular to foreign individuals, whether resident or non-resident, as well as to Moroccans living abroad (MREs), in accordance with the applicable foreign exchange regulations.

Ensuring the future transfer of income and capital

Foreign investments financed in foreign currency benefit from a convertibility regime guaranteeing the transfer of investment income, as well as the proceeds from the sale or liquidation of the investment. However, this regime only applies provided that the original funding chain is accurately documented.

The documents to be retained include purchase contracts, a statement of expenditure supported by invoices, and bank documents evidencing financing in foreign currency or a debit from a dirham-convertible account. The Foreign Exchange Office requires a report on the investment to be submitted within six months of its completion, either directly or via the bank, notary or solicitor.

A riad should never be assessed in isolation from its derb, its structural condition and the intended use – whether residential or commercial – that the buyer has in mind for it. It is this combined assessment – of the market, the property itself, the title and the financing – that distinguishes a well-informed purchase from a gamble based on the appearance of a façade.

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