InfoMaroc's Guest: Karim El Baroudi, CEO of BARNES Marrakech Real Estate Expert Firm

BARNES Marrakech was recently highlighted in the press through an exclusive interview with our leader. On this occasion, he shares his vision of the luxury real estate market in Marrakech, the values that drive BARNES on a daily basis, as well as the development prospects of a sector in full momentum. This statement reflects BARNES Marrakech's commitment to providing expert excellence, tailored support, and a resolutely forward-looking approach.

We invite you to discover this interview and delve into the heart of our vision of luxury real estate in Marrakech.

• Foreign investors attracted by high-end properties.
• After a sharp increase observed at the beginning of the year, prices are gradually beginning to stabilize.
• In a context marked by growing supply, BARNES Marrakech experts advise targeting properties with strong heritage value.

InfoMaroc: What characterizes the clientele of the luxury real estate market in Marrakech?

Karim El Baroudi: The luxury market clientele in Marrakech is characterized above all by its international nature. Indeed, we primarily find people from French-speaking countries, notably the French, Swiss, and Belgians, who today constitute the core of demand within the ochre city. Italians, and to a lesser extent Spaniards, are also present, but in more modest proportions.

We also find other types of profiles, though rarer, such as investors of Pakistani nationality, or others from the United Kingdom, but this remains very minimal. We also note that Americans are beginning to take an interest in the high-end real estate market in Marrakech, particularly with the new air connections and the strengthening of existing ones between the United States and Morocco.

InfoMaroc: What types of luxury properties are most popular?

Karim El Baroudi: First of all, I draw attention to the fact that the choice of a property depends on buyers' personal preferences as well as the lifestyle to which they aspire. In Marrakech, riads with their traditional and authentic charm greatly attract foreign buyers seeking local authenticity, and are at the heart of demand, whether renovated or to be renovated. Moreover, riads offer very significant rental capacity if they are intended to be offered as vacation rentals. Golf villas also appeal to buyers seeking a luxurious lifestyle, and are highly sought after, especially those located on the front line, which are very rare to purchase. Other properties that also attract investors are villas located in the Palmeraie, especially those with Boccara-style aesthetics and architecture. There are also contemporary villas in outlying areas, toward Tamaslhot, the Ourika road, or Amazmiz, with open spaces and high-end finishes, which particularly interest young buyers.

How does Marrakech stand out among major luxury destinations internationally?

Karim El Baroudi: There is no doubt that Marrakech is an essential luxury destination, competing with other major cities on a global scale such as Dubai or Miami. This is attributable to its unique authenticity. Because precisely, wealthy individuals seeking to acquire luxury residences come to Marrakech to build properties with local authenticity, as they already have properties with modern architectural standards in their countries of residence or in other cities around the world. These clients often invest significant amounts to also build high-end homes. We're talking about budgets reaching up to 15-18 million dirhams for land acquisition and 10-15 million for construction. There are also other categories of investors who buy modern properties, while others opt for riads because of the special and unique authenticity they have to offer, whether classic or revisited with a refined and ethnic style.

InfoMaroc: According to your observations, what is the trend in Marrakech's luxury real estate market?

Karim El Baroudi: The year 2025 experienced an exceptional start marked by strong demand and an exponential price increase. However, since the summer period, a slowdown has set in due to prices deemed too high by buyers and market saturation. Rare properties, particularly those in golf courses and the Palmeraie, continue to attract buyers and maintain their values, while standardized properties sometimes see their prices stabilize or decrease slightly.

It should be noted that currently, supply tends to exceed demand, so we can imagine that the future trend might be a price adjustment.

Riads, which also experienced a sharp price increase, are gradually beginning to stabilize, as several investors have paused their investment projects in the face of the price increases observed between June and August 2025. This situation has pushed some riad owners to revise the price of their properties downward. However, riad values remain "solid," currently reaching 30,000 dirhams per square meter. A renovated 100 m² riad can even sell for around 4 million dirhams, or 40,000 dirhams per square meter, which is equivalent to the price of an apartment in a luxury neighborhood in Marrakech.

InfoMaroc: As a professional, what advice would you give to an investor wishing to acquire a high-end property in the ochre city?

Karim El Baroudi: For real estate investment in Marrakech, the main advice I have given and that we formulate at BARNES Marrakech is to focus on rare properties, well-located, and therefore with strong heritage value. These include properties in the Palmeraie, villas in golf courses and especially those on the front line, as well as emblematic riads. These segments are of reliable value and offer high rental potential, unlike standardized projects that saturate the market and are more sensitive to price fluctuations.