Marrakech Airbnb Market Report 2026: Analysis of 4,800+ Active Listings

Marrakech's short-term rental market has entered a new phase. Supply has grown at pace, demand has continued to diversify, and the gap between well-managed and poorly managed properties has widened further. For investors, property owners, and analysts seeking a clear picture of where the market stands in 2026, this report consolidates fifteen months of data drawn from our analysis of 4,800+ active Marrakech listings, cross-referenced with external market intelligence sources.

This is not a promotional document. It is a working reference for anyone making capital decisions in the Marrakech short-term rental market.

Executive Summary

Five headline figures define the Marrakech Airbnb market in 2026:

Indicator	Figure
Active listings (Airbnb, Marrakech)	9,818
Median annual occupancy rate	49%
Median average daily rate (ADR)	1,260 MAD (≈€113)
Year-on-year listing growth	+12%
Listings rated above 4.5 stars	67%

The median figure conceals a deeply skewed distribution. The top 10% of listings by annual revenue capture 35% of total market gross revenue. The bottom quartile — properties with occupancy consistently below 35% — generates less revenue than the annual cost of their Airbnb service fees and cleaning.

Median occupancy of 49% means the average listing sits empty one night in every two. Yet properties in the top quartile routinely achieve 73% or higher. That gap is not driven by location or property type alone: it is primarily a management gap.

Market Composition

Property Type Breakdown

Our analysis of 4,800+ active Marrakech listings yields the following market composition by property type:

Property type	Share of listings	Median ADR
Apartments	58%	950 MAD (≈€85)
Riads	28%	2,100 MAD (≈€189)
Villas	9%	4,200 MAD (≈€378)
Guesthouses	5%	750 MAD (≈€68)

Apartments are the dominant category by volume, driven by significant residential development in Guéliz and Agdal over the past decade. Riads represent a smaller but financially significant share: despite making up 28% of listings, they account for approximately 38% of total gross market revenue due to their premium ADR.

Villas remain a niche segment — high unit revenue, but high variance. A single week of occupancy at peak-season villa rates can rival a full month of apartment revenue. The risk, however, is proportionally greater.

Geographic Distribution

Neighbourhood	Share of active listings	Character
Medina	38%	Heritage, riads, international tourists
Guéliz	29%	Modern, apartments, mixed clientele
Hivernage	14%	Premium, proximity to luxury hotels
Palmeraie	11%	Villas, private pools, luxury segment
Agdal / other	8%	Residential, emerging, lower entry cost

The Medina remains the largest cluster by listing count, though its share has declined from approximately 44% in 2023 as Guéliz and Hivernage supply has grown. The Palmeraie remains volume-constrained: the neighbourhood's villa stock is finite and acquisition prices have risen sharply since 2022.

Pricing Landscape

Average Daily Rate by Neighbourhood

Neighbourhood	Median ADR	75th percentile ADR	90th percentile ADR
Medina	1,850 MAD (≈€167)	3,100 MAD (≈€279)	5,200 MAD (≈€468)
Palmeraie	3,200 MAD (≈€288)	5,800 MAD (≈€522)	9,500 MAD (≈€855)
Hivernage	1,650 MAD (≈€149)	2,400 MAD (≈€216)	3,800 MAD (≈€342)
Guéliz	1,050 MAD (≈€95)	1,480 MAD (≈€133)	2,100 MAD (≈€189)
Agdal	920 MAD (≈€83)	1,250 MAD (≈€113)	1,700 MAD (≈€153)

Property Type Premiums

Comparing within the same neighbourhood, property type generates a clear price premium. In the Medina, a riad commands an average 68% ADR premium over an apartment of equivalent bedroom count. In Hivernage, a private-pool villa achieves a 2.3× multiplier on equivalent apartment rates.

The premium is not automatic — it requires the listing presentation, photography, and guest experience to match what the premium implies. Riads photographed on smartphones and lacking English-language descriptions regularly underperform adjacent apartments in Guéliz.

Market Tiers: Top 10% vs Median vs Bottom 25%

Tier	ADR	Annual occupancy	Annual gross revenue (2BR equivalent)
Top 10%	2,400+ MAD (≈€216+)	88%+	770,000+ MAD (≈€69,000+)
Median	1,260 MAD (≈€113)	49%	225,000 MAD (≈€20,250)
Bottom 25%	620 MAD (≈€56)	31%	70,000 MAD (≈€6,300)

The distance between the bottom quartile and the top decile is not measured in the quality of the property — it is measured in the quality of its management.

2024–2026 Price Trend

Market ADR has risen +8.4% in real terms between January 2024 and April 2026, driven primarily by premium segment growth. Guéliz and Hivernage saw the strongest ADR growth (+11% and +9% respectively). Agdal remained flat as new supply absorbed demand. The Medina premium has held, supported by continued international demand for authentic riad experiences.

Budget-segment listings (ADR below 700 MAD / ≈€63) face notable compression: supply in this bracket has grown faster than demand, and median occupancy has declined from 38% to 34% over the same period.

Occupancy Patterns

Occupancy by Neighbourhood

Neighbourhood	Market median occupancy	Top quartile	Professional management average
Medina	55%	72%	74%
Guéliz	70%	82%	78%*
Hivernage	62%	77%	75%
Palmeraie	48%	65%	70%
Agdal	52%	68%	74%

Guéliz top-quartile ceiling reflects near-saturation at peak: even the best-managed properties encounter calendar limits in January–February high season.

Guéliz's 70% median occupancy is the highest of any neighbourhood — an unusual situation where the mid-market neighbourhood outperforms the prestige segment on occupancy. This is explained by clientele diversity: Guéliz draws tourists, business travellers, Moroccan families, and transiting expats year-round, smoothing the seasonal curve.

Month-by-Month Seasonality

Month	Occupancy index	Notes
January	115	High season, school holidays, New Year tail
February	125	Peak month — Marrakech Marathon, half-term
March	118	Strong, FIFM preparations, spring travel
April	110	Ramadan effect variable by year — can suppress occupancy or shift profile
May	90	Shoulder season, transitional
June	75	Low season onset
July	55	Low season, temperatures exceed 40°C in Medina
August	58	Slight recovery — Moroccan diaspora visits
September	80	Recovery begins, Oasis Festival drives bookings
October	100	Shoulder-to-high transition
November	108	Strong, Marrakech International Film Festival (FIFM) drives demand sharply
December	122	Peak — Christmas, year-end, New Year bookings

Index 100 = annual median occupancy. Source: Maison Labyad portfolio data, January 2025–April 2026.

FIFM (the Marrakech International Film Festival, typically held in late November or early December) produces the sharpest short-term demand spike in the Marrakech calendar. Over our managed portfolio, nightly rates during FIFM week run +55 to +80% above the November baseline. Listings with no dynamic pricing strategy routinely leave 12,000 to 25,000 MAD (≈€1,080–€2,250) on the table during this window.

The Professional Management Lift

The most consequential finding in our occupancy data is the consistent performance gap between self-managed listings and professionally managed ones. Across all neighbourhoods, professionally managed properties in our portfolio average 20 to 25 percentage points above the market median. For a 2-bedroom property at a base rate of 1,000 MAD (≈€90) per night, a 20-point occupancy lift translates to approximately 73,000 MAD (≈€6,570) in additional annual gross revenue before any consideration of pricing strategy improvement.

Guest Profiles

Nationality Breakdown

Origin	Share of bookings
France	34%
Germany	18%
United Kingdom	14%
Spain	9%
Italy	7%
Other (US, Netherlands, Scandinavia, Gulf)	18%

French visitors are a structural majority and have been for the past decade, reflecting both geographic proximity and Morocco's historical ties to France. The German market is the most rapidly growing: +14% year-on-year booking growth from German-speaking markets (Germany, Austria, Switzerland). British visitors continue to be concentrated in the premium segment, particularly Palmeraie villas and Medina riads.

Gulf travellers — representing a small but growing share of the 18% "other" bucket — show the highest ADR of any origin, consistently selecting premium riads and villas at MAD 3,500 (≈€315) per night and above.

Booking Behaviour

Metric	Value
Average length of stay	3.2 nights
Average booking lead time	21 days
Lead time during FIFM	45+ days
Lead time for Palmeraie villas (premium)	38 days
Repeat guest rate (portfolio average)	22%

Guest profile breakdown by trip purpose across our managed portfolio:

• Couples (leisure, anniversary, honeymoon): 44%
• Groups of friends (3–6 guests): 28%
• Families (parents + children): 19%
• Solo travellers / business: 9%

Longer stays (7+ nights) are an underserved and growing segment, particularly in Guéliz and Agdal. Corporate tenants — project teams, NGO staff, consultants — seek furnished, serviced accommodation for 1 to 4 weeks and accept premium pricing for reliability. This segment is discussed further in Market Opportunities below.

Competitive Intensity

Supply Growth and Churn

Marrakech Airbnb supply grew by +12% year-on-year between April 2025 and April 2026. New listings are predominantly apartments in Guéliz, Agdal, and new developments on the Casablanca road axis. The monthly new listing rate averages approximately 85 to 100 new active listings per month.

Annual listing churn rate stands at approximately 18%: one in five listings active twelve months ago is no longer listed today. The dominant cause is poor performance — owners who self-managed and found the returns insufficient relative to time invested. A secondary cause is regulatory compliance requirements, which are progressively raising the bar for legal operation.

Concierge-Managed Share

An estimated 18 to 22% of Marrakech Airbnb listings are managed by a professional concierge or property management company. This share has grown from approximately 12% in 2023. As the market matures and median performance stagnates, professional management's share is expected to reach 30% by 2028.

Revenue Concentration

The Pareto principle applies sharply to the Marrakech market. The top 10% of listings capture approximately 35% of total gross market revenue. The top 25% capture 58%. The bottom 50% of listings — those operating at or below median performance — collectively generate less than 20% of market gross revenue.

This concentration reflects the compounding advantages of professional management: better photography, smarter pricing, higher review scores, and superior Airbnb search ranking. A listing that falls behind on even one of these dimensions faces algorithmic demotion that compounds over time.

Market Opportunities

Three segments present meaningful upside in 2026 for investors and operators willing to focus:

1. Agdal: Pricing Below Potential

Our analysis indicates that well-positioned Agdal listings are achieving ADRs approximately 15% below their theoretical potential based on occupancy levels and comparable Guéliz properties. The neighbourhood's newer residential stock — modern finishes, lift access, parking — commands a quality premium that its current pricing does not fully reflect. This gap is likely temporary: as Agdal builds its own review history and repeat clientele, prices should converge towards Guéliz rates.

2. Private-Pool Properties in Hivernage

Private-pool villas and high-floor apartments with rooftop pool access in Hivernage face a structural supply deficit. Demand indicators — direct booking enquiries, search volume data — point to strong and growing interest in this sub-segment, particularly from French and German couples seeking a more intimate alternative to the Palmeraie. Supply is constrained by Hivernage's building density. Owners of suitable properties can command a 35 to 50% ADR premium over standard Hivernage apartments.

3. 7+ Night Corporate Stays

The segment least addressed by the current market is professional stays of one to four weeks. Marrakech receives a significant flow of corporate visitors — international development organisations, construction project teams, regional executives from Gulf companies — who require reliable, serviced, professionally managed accommodation. Their price sensitivity is lower than leisure travellers, their review behaviour is constructive rather than demanding, and their stays generate minimal operational turnover. A 2-bedroom apartment managed explicitly for this segment in Guéliz or Agdal, with fast internet, a dedicated workspace, and professional check-in, can expect +20% ADR premium and occupancy rates in the 75 to 85% range for corporate-origin bookings.

Risks and Headwinds

No market analysis is honest without addressing the factors that could compress returns.

Regulatory Pressure (STDN Framework)

Moroccan authorities have been progressively tightening the short-term digital nomad letting (STDN) framework since 2023. Loi 80-14 and subsequent circulaires have introduced registration requirements, fire safety standards, and municipal tax declarations for furnished tourist lets. Enforcement has been uneven to date — stricter in the Medina and Hivernage than in Guéliz — but is expected to intensify.

Owners operating without proper municipal authorisation and DGI registration face fines and listing suspension. The risk is real and not priced into most self-managed owners' cost structures.

Budget Segment Price Compression

As noted in the pricing section, listings with ADRs below 700 MAD (≈€63) are experiencing median occupancy decline as supply in this bracket grows faster than demand. This is not a short-term dip — it reflects structural saturation of the budget segment. Owners in this tier should consider either a quality upgrade to achieve premium ADRs, or an exit of the short-term rental market in favour of a long-term furnished let.

Airbnb Ranking Decay

Airbnb's algorithm rewards recency of reviews, response speed, and booking conversion rate. Listings that were strong performers in 2022–2023 but have accumulated fewer than 5 reviews in the past six months are experiencing measurable search ranking decline. For an established property with no new management intervention, this decay alone can reduce occupancy by 8 to 12 percentage points over two years — invisible until the revenue statements begin to show a trend.

Methodology

This report is based on the following data sources, covering the period January 2025 to April 2026:

• Airbtics: market-wide listing inventory, occupancy rates, ADR by neighbourhood
• AirDNA: pricing trend analysis, seasonality indices
• AirROI: yield and revenue concentration data
• Maison Labyad portfolio data: managed property performance across 40+ active properties in Marrakech
• Médias24: Moroccan tourism headline figures (visitor numbers, overnight stays)
• ONMT (Office National Marocain du Tourisme): official tourism statistics

All figures are medians or averages unless stated otherwise. Individual property performance varies significantly from aggregate market figures. This report does not constitute investment advice.

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This data may be cited with attribution to Maison Labyad.

Sources: Airbtics, AirDNA, AirROI, Maison Labyad portfolio data, Médias24, ONMT (January 2025–April 2026).

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