Marrakech has always fascinated. Between its centuries-old ramparts, lush gardens and hidden riads, the city attracts passing tourists as much as investors from all over the world. But behind the mudbrick walls and lively alleyways, one question remains: who really owns Marrakech?

Marrakech, a Moroccan city… and an international one

Since the 2000s, Marrakech has become one of the top destinations for foreign buyers. French, Spanish, British, Italians — and increasingly Gulf investors and major hotel groups — have invested massively here.

Key figures:

• A large share of the medina’s riads now belong to Europeans, often converted into guesthouses.

• Areas such as the Palmeraie, Targa, or the Ourika road are flourishing with luxury residences and villas acquired by wealthy, often non-resident buyers.

Moroccans remain the majority… but at what cost?

While ownership remains mostly Moroccan, the rise of the luxury real estate market has deeply transformed the local market.

• In certain districts, the price per square meter rivals that of some European cities.

• Many Marrakchi families prefer to sell their riad or family land to benefit from rising prices and move to the outskirts.

Developers, investment funds, and major groups

Behind the large tourist complexes or mixed-use (residential + hotel) projects stand powerful players:

• Moroccan groups (Addoha, Alliances, Palmeraie Développement…)

• Foreign investment funds

• International hotel chains (Four Seasons, Mandarin Oriental, Fairmont, Hyatt…)

These players buy entire hectares to build resorts, golf courses, hotels and gated residences.

Who owns Marrakech? It’s both an economic, social and heritage question.
Today, Marrakech belongs to its residents, its investors, its visitors… and to the history it continues to write.