Medina, Guéliz, Hivernage, Palmeraie, Agdal: Which Neighbourhood for Your Airbnb in Marrakech?

The neighbourhood is part of the calculation — but not in the way you might think. Too many investors choose a neighbourhood for the wrong reasons: the prestige of the Medina, the luxurious image of the Palmeraie, the modernity of Guéliz. What actually determines your yield is the combination of local market fundamentals and the quality of operational execution on that market.

Our analysis of 4,800+ active listings in Marrakech reveals significant differences between neighbourhoods — in ADR, seasonality, and client profile. But it also reveals that in every neighbourhood, well-managed properties systematically outperform the local average. With 9,818 active Airbnb listings across the city (Airbtics 2025-2026), and Marrakech ranked sixth globally on the platform (Le360.ma), opportunities exist everywhere. The question is which ones match your profile.

Here is our complete guide to choosing the best neighbourhood for your Airbnb in Marrakech, backed by portfolio data.

Overview — Comparison Table of the 5 Neighbourhoods

Before going into detail on each neighbourhood, here is the full market picture drawn from our managed portfolio data and Airbnb market data for Marrakech.

Neighbourhood	Average ADR	Annual occupancy	Annual gross revenue	Gross yield	Main client profile
Medina (riad)	MAD 1,850	62%	MAD 418,000	8–14%	Leisure tourists, couples, internationals
Guéliz (apartment)	MAD 1,200	78%	MAD 341,000	15–18% net	Business, city breaks, Moroccan families
Hivernage	MAD 1,650	70%	MAD 422,000	7–10%	Premium couples, groups, hotel overflow
Palmeraie	MAD 2,400	55%	MAD 482,000	5–9%	Affluent families, corporate retreats, long stays
Agdal	MAD 1,050	74%	MAD 284,000	14–17% net	Business, locals, growing expat market

A first reading of this table may surprise. The Palmeraie shows the highest annual gross revenue — MAD 482,000 — but the lowest gross yield, between 5 and 9%. Conversely, Guéliz has a modest ADR but a net yield of 15 to 18%, the best on the market. The explanation is straightforward: the acquisition price, operating costs, and occupancy rate consistency transform the financial equation radically from one neighbourhood to the next.

The key insight to take away: the highest ADR does not guarantee the best yield. The combination of occupancy rate, operating costs, and acquisition price is always more decisive than the raw nightly rate.

---

The Medina — The Prestige Choice, the Heritage Constraints

The Riad Market in Numbers

The Medina is the historic heart of Marrakech, listed as a UNESCO World Heritage Site since 1985. For an Airbnb investor, it represents the best neighbourhood for targeting high-end international clientele, with an average ADR of MAD 1,850 that can reach MAD 4,500 to 7,000 on event weekends in high season.

The annual occupancy rate of 62% is lower than Guéliz or Agdal, but it conceals pronounced seasonality: in October, November, December, and February-March, well-positioned riads record rates approaching 85 to 95%. Summer is a different story. July and August see occupancy drop to 35-45% under the combined effect of intense heat — up to 44°C in the lanes — and a "low season" perception that is difficult to reverse even with effective air conditioning.

Data from our managed portfolio across the 5 main neighbourhoods shows that Medina riads generate the second-highest annual gross revenue at MAD 418,000, but with the highest operating costs of any neighbourhood.

The Operational Challenges of the Medina

Managing an Airbnb property in the Medina is substantially more complex than in modern neighbourhoods. The narrow lanes (some measuring less than two metres wide) make motorised access impossible for deliveries, service providers, or large luggage. Every technical intervention becomes a logistical challenge.

The Medina's historic buildings have architectural characteristics that increase maintenance costs:

• Traditional materials requiring specific upkeep: tadelakt develops cracks and is repaired differently from contemporary surfaces; zellige progressively detaches in humid zones; carved mashrabiyya woodwork requires annual treatment
• Air conditioning in a historic building: installing a high-performance split system in a centuries-old riad without compromising the decor regularly costs between MAD 60,000 and 120,000 depending on the surface area
• Ageing plumbing and electrics: old networks generate unpredictable failures requiring urgent interventions, often at out-of-hours rates
• Cleaning and turnovers: a 3-bedroom riad with a courtyard, lounge, and terrace requires 3 to 5 hours of cleaning between stays. Budget MAD 40,000 to 60,000 annually for this item alone

The Specific Regulations Governing Riads

Medina riads are not treated as ordinary apartments under Moroccan regulations. When a riad accommodates tourists on short-term lets, it is often classified as a tourist accommodation establishment and must comply with specific safety standards: fire extinguishers, guest registers, electrical installation compliance, and sometimes adapted emergency exits to suit the architecture.

The 120-day rule applies to riads used by their owner as a primary residence: beyond this annual threshold, short-term letting falls into a distinct regulatory category requiring specific registration with the relevant authorities.

Who Is the Medina For?

The Medina is the best neighbourhood for your Airbnb in Marrakech if:

• You have an acquisition budget of MAD 2,500,000 or more, plus a renovation budget that may exceed MAD 800,000
• You are targeting premium international clientele and accept pronounced seasonality
• You value the heritage dimension and uniqueness of the asset as much as pure yield
• You are delegating management to specialists with a permanent local physical presence
• Your investment horizon is a minimum of 10 years

The Medina is not advisable if:

• This is your first Airbnb investment and you want a gentle learning curve
• You are a non-resident owner wishing to minimise operational mental load
• You need regular, predictable monthly income
• Your acquisition budget does not exceed MAD 2,000,000

---

Guéliz — The Net Yield Champion

Why Guéliz Outperforms on Net Yield

Guéliz is the modern district of Marrakech, developed under the French protectorate in the early 20th century and today the economic, commercial, and cultural hub of the city. For Airbnb investors optimising net yield, it is unambiguously the best neighbourhood in Marrakech.

The annual occupancy rate of 78% is the highest in our comparison, and its consistency is the neighbourhood's true strength. Where the Medina or Palmeraie record brutal summer troughs, Guéliz maintains sustained demand throughout the year thanks to a diversified clientele: business travellers in the week, couples on city breaks at weekends, Moroccan families travelling, digital nomads drawn by the proximity of coworking spaces.

The ADR of MAD 1,200 is the most modest in our table after Agdal, but the acquisition price of a well-located 2-bedroom apartment in Guéliz ranges between MAD 800,000 and 1,400,000 — three to four times less than an equivalent-standard riad in the Medina. This difference is what propels the net yield to between 15 and 18%, the best of any neighbourhood.

The Structural Advantages of Guéliz

Connectivity and accessibility: Guéliz is 8 to 12 minutes from Menara Airport by Uber or petit taxi, 15 minutes on foot or by bicycle from Djemaa el-Fna square, and at the centre of the bus and taxi network. Business travellers appreciate being less than 5 minutes' walk from the train station and major car hire companies.

Modern infrastructure: recent Guéliz residences have lifts, underground car parks, concierges, and reverse-cycle air conditioning already installed. Maintenance costs are substantially lower than in the Medina — budget MAD 8,000 to 15,000 per year for a standard apartment versus MAD 35,000 to 60,000 for a comparable riad.

Dining and leisure offering: Guéliz concentrates Marrakech's best modern restaurants, specialty coffee cafés, art galleries, and gyms. This is a strong commercial argument on Airbnb listings, particularly for city-break and international business clientele.

Simplified management: unrestricted vehicle access, availability of cleaning and maintenance providers, and the absence of logistical constraints make Guéliz the least time-consuming neighbourhood to manage — which directly impacts your net margins.

The Concrete Numbers for Guéliz

On a standard 2-bedroom apartment acquired for MAD 1,100,000:

• Estimated annual gross revenue: MAD 341,000 (ADR MAD 1,200 × 285 nights let)
• Total operating costs: approximately MAD 55,000–70,000
• Net revenue before tax: MAD 271,000–286,000
• Net yield: 24.6–26% on the acquisition price basis (before tax deductions and depreciation)

Who Is Guéliz For?

Guéliz is the best neighbourhood for your Airbnb in Marrakech if:

• You are seeking to maximise pure financial return
• This is your first Airbnb investment in Marrakech
• You are not based in Marrakech and want delegated management without logistical complications
• Your budget is between MAD 800,000 and 1,600,000
• You want regular, low-seasonality income

---

Hivernage — The Discreet Premium Segment

A Neighbourhood Between Two Worlds

Hivernage occupies a unique geographical and commercial position: situated between the palaces along Boulevard de la Ménara and the modern life of Guéliz, it hosts Marrakech's great five-star hotels — La Mamounia, Es Saadi, Tikida — alongside gastronomic restaurants, clubs, and concert venues. For an Airbnb investor, it is the premium segment neighbourhood without the heritage constraints of the Medina.

The average ADR of MAD 1,650 reflects a distinctly more affluent clientele than Guéliz, with a significant proportion of groups — hen parties, birthdays, corporate retreats — who value the immediate proximity of nightlife and great restaurants. These group bookings generate nights at MAD 3,500 to 5,000 and constitute a yield lever specific to this neighbourhood.

The Event Effect in Hivernage

Hivernage benefits from Marrakech's event dynamics more than any other neighbourhood. In November, during the Marrakech International Film Festival (FIFM), well-positioned properties record ADR spikes of +60 to 80% compared to the monthly average. Major international conferences hosted at the neighbourhood's palace hotels generate weeks at 95 to 100% occupancy for available properties.

The annual occupancy rate of 70% is solid and consistent. Corporate demand — executives and managers in town for meetings at the grand hotels — provides a stable base outside of event peaks.

The Advantage of Limited Supply

Hivernage is not a dense residential neighbourhood. Available land for new residential buildings is limited, which keeps Airbnb supply at a lower level than Guéliz or Agdal. Fewer competing listings in your price bracket mechanically means less downward pressure on your rates.

The gross yield of 7 to 10% is lower than Guéliz, due to higher acquisition prices — a well-located 2-bedroom apartment in Hivernage trades between MAD 1,300,000 and 2,200,000. But the quality and consistency of the clientele, combined with event peaks, make it a very attractive market for investors prioritising an upgrade in clientele profile.

Who Is Hivernage For?

Hivernage is the right choice if:

• You want a premium ADR without the operational constraints of a riad
• You can position yourself in the groups and corporate segment
• You want to benefit from Marrakech's event peaks (FIFM, major conferences)
• Your budget is between MAD 1,300,000 and 2,200,000
• You accept a slightly lower net yield than Guéliz in exchange for a more affluent client profile

---

The Palmeraie — Villas and Extreme Seasonality

The Highest ADR, the Harshest Seasonality

The Palmeraie extends to the north-east of Marrakech, 10 to 15 km from the city centre. It is the neighbourhood of luxury villas, private resorts, and large family estates. On Airbnb, it concentrates Marrakech's highest-ADR listings — an average of MAD 2,400, with peaks reaching MAD 8,000 to 15,000 for large 5 to 8-bedroom villas with pools in high season.

These figures are compelling — and yet the Palmeraie records the lowest gross yield in our comparison: 5 to 9%. The reason is systemic.

The Summer Problem in the Palmeraie

In August, the occupancy rate in the Palmeraie drops to 35% on average. European tourists — who make up the bulk of the clientele — do not come to Marrakech in the height of summer. Moroccan local clients and Gulf holidaymakers represent a partial substitute market, but an insufficient one to maintain acceptable revenues across June, July, and August.

This severe seasonality creates real cash flow pressure for owners whose fixed costs — staff, pool maintenance, gardener, security — do not stop during summer. A Palmeraie villa owner must be able to absorb 3 to 4 months of costs without proportional revenue, which radically changes the profitability analysis.

The Prerequisites for Being Competitive in the Palmeraie

To justify a high ADR in the Palmeraie and attract the target clientele — affluent families, corporate retreats, large groups — your property must have:

• A heated pool: without a pool, a Palmeraie villa rents for 30 to 50% below the average. With a heated pool, you remain competitive from October to March
• Impeccable air conditioning: villas from the 1990s and 2000s often have insufficient systems for the bedrooms. A full upgrade costs MAD 80,000 to 200,000 depending on the surface area
• A transport solution: the Palmeraie is poorly served by public transport. Offering a shuttle service or partnership with a private driver is virtually essential for premium listings
• Maintained gardens: guests renting a Palmeraie villa expect impeccable outdoor spaces. Gardening represents MAD 12,000 to 20,000 annually depending on the plot size

Who Is the Palmeraie For?

The Palmeraie is the right choice if:

• You are investing in a villa of 4 bedrooms or more with a pool
• You understand and accept the seasonal model: revenue concentrated over 8 months
• You have the cash flow to absorb the summer without financial stress
• You are targeting groups, affluent international families, and corporate retreats
• You have a dynamic pricing strategy to maximise high-season months

The Palmeraie is not advisable if:

• You need regular monthly income
• Your property has no pool (or budget to install one)
• You cannot manage the logistical complexity of a villa remote from the city centre
• This is your first Airbnb investment

---

Agdal — The Rising Market

The Underestimated Neighbourhood That Outperforms

Agdal is probably the neighbourhood least known to foreign Airbnb investors — and that is precisely its advantage. Located to the south of Guéliz, this modern residential neighbourhood has been attracting growing demand since 2022, driven by several structural factors: the tram extension, the development of Marrakech University campus, the influx of international companies into the new business zone, and the growth of an expat community working in Marrakech.

The 74% occupancy rate is almost as solid as Guéliz, with even less pronounced seasonality. Local and regional business clientele — Moroccan executives travelling, consultants and engineers on construction projects — do not follow the same seasonal cycles as international tourist demand.

The Financial Equation in Agdal

With an ADR of MAD 1,050 and annual gross revenue of MAD 284,000, Agdal appears modest in absolute terms. But acquisition prices are the lowest in our comparison for new residential developments: a quality 2-bedroom apartment can be acquired for between MAD 600,000 and 950,000, versus MAD 800,000 to 1,400,000 in Guéliz for comparable specifications.

This price differential propels the potential net yield to 14 to 17%, comparable to Guéliz. And unlike Guéliz — a mature market with an abundant Airbnb supply — Agdal is still in a development phase, which means less competition for each listing and an accessible rate premium for well-equipped, well-managed properties.

The Growth Factors in Agdal

Developing infrastructure: the tram extension towards Agdal significantly improves the neighbourhood's connectivity with the airport, railway station, and city centre. This is a direct commercial argument on Airbnb listings.

Growing expat market: Marrakech is attracting an increasing number of expatriates — entrepreneurs, remote workers, NGO staff, and international company employees. A significant share of this market seeks short- to medium-term accommodation in Agdal, where rents are more accessible than in Guéliz or Hivernage.

Strong domestic Moroccan demand: Moroccan families travelling to Marrakech from Casablanca, Rabat, or other major cities often prefer modern residential neighbourhoods to tourist zones. Agdal answers this need perfectly.

Less competition on the platform: at the time of this analysis, Agdal accounts for a smaller proportion of Marrakech's 9,818 active listings than Guéliz or the Medina. A well-optimised property benefits from superior algorithmic visibility.

Who Is Agdal For?

Agdal is the best neighbourhood for your Airbnb in Marrakech if:

• You are a value-oriented investor seeking the best acquisition price-to-yield ratio
• You want to enter a growing market before saturation
• You are targeting business and domestic clientele rather than international tourist visitors
• Your budget is between MAD 600,000 and 1,000,000
• You accept a modest ADR in exchange for very consistent occupancy

---

Our Recommendation by Investor Profile

Data from our managed portfolio across the 5 main Marrakech neighbourhoods reveals an inescapable truth: management quality multiplies the impact of location. Our properties outperform the local market average by 43% in net revenue, regardless of neighbourhood. But the neighbourhood sets the ceiling and the floor of what is achievable.

Here is our recommendation by profile:

First investor / Yield optimisation → Guéliz Ideal budget: MAD 900,000 – 1,400,000. Gentle learning curve, regular income, simplified management. The best neighbourhood to start.

Value investor / Growing market → Agdal Ideal budget: MAD 600,000 – 1,000,000. Less competition, low acquisition prices, strong domestic demand. The contrarian choice for investors thinking 3 years ahead.

Prestige investor / Premium international clientele → Medina Ideal budget: MAD 2,500,000 and above. Heritage uniqueness, premium ADR, long-term horizon. Requires expert management and tolerance for operational complexity.

Premium investor / Event segment → Hivernage Ideal budget: MAD 1,300,000 – 2,200,000. Premium ADR, affluent clientele, benefits from Marrakech event peaks. Less competition than Guéliz in the upper segment.

Villa investor / Assumed seasonal model → Palmeraie Ideal budget: MAD 3,000,000 and above (villa with pool). Revenue concentrated over 8 months, the highest ADR on the market, groups and family clientele. Requires solid cash flow and a dynamic pricing strategy.

One point deserves emphasis: in our experience managing Airbnb properties in Marrakech, we have found that owners who choose the right neighbourhood and who entrust management to specialists consistently achieve results that exceed theoretical projections. The neighbourhood opens the doors; management determines what you make of them.

---

FAQ — Your Questions About the Best Airbnb Neighbourhood in Marrakech

Which Marrakech neighbourhood is most profitable for Airbnb?

In terms of net yield, Guéliz is the most profitable neighbourhood for Airbnb in Marrakech, with a net yield of 15 to 18% thanks to an annual occupancy rate of 78% and moderate acquisition prices. Agdal offers similar potential (14–17% net) with even more accessible acquisition prices, but on a developing market. If looking at absolute gross revenue, the Palmeraie generates the highest amounts (MAD 482,000 per year on average), but with a lower gross yield due to high acquisition and operating costs.

Is it better to invest in the Medina or Guéliz for Airbnb?

It depends on your investor profile. The Medina offers a premium ADR (MAD 1,850 vs MAD 1,200 in Guéliz) and higher gross revenue potential, but operating costs are two to three times higher, the acquisition price is two to three times more, and management is substantially more complex. The Medina's net yield is structurally lower than Guéliz. For a first investment or a purely financial approach, Guéliz is the better choice. For an experienced investor seeking a premium heritage asset with a high-end international clientele, the Medina remains very relevant.

Is the Palmeraie profitable in summer for Airbnb?

Not without an adapted strategy. In July-August, the occupancy rate in the Palmeraie drops to around 35%, making this period barely or not at all profitable for most owners. Fixed costs — pool maintenance, gardener, security, air conditioning — continue regardless of occupancy. Owners who succeed in the Palmeraie compensate the weak summer with very aggressive high-season rates (October-March), precise dynamic pricing, and sometimes medium-term lets (30 days+) to companies during summer to reduce losses.

Which Marrakech neighbourhood has the best Airbnb occupancy rate?

Guéliz records the best annual occupancy rate in our comparison, at 78%, followed by Agdal at 74% and Hivernage at 70%. The Medina and Palmeraie are more seasonal, with more pronounced summer troughs. Guéliz owes its consistency to a diversified clientele — tourists, business travellers, Moroccan families — that generates demand spread across the whole year, where more tourist-oriented neighbourhoods are subject to international season cycles.

Can you invest in multiple Marrakech neighbourhoods to diversify?

Yes, and it is a strategy we recommend to investors with the budget for multiple properties. A combination of Guéliz (consistency + net yield) + Medina or Hivernage (premium ADR + high season) makes it possible to smooth seasonality and optimise both annual revenue and overall net yield. The sine qua non is entrusting both properties to the same manager to benefit from a coherent pricing strategy and economies of scale on operating costs.

---

Conclusion — The Right Neighbourhood, the Right Management

Choosing the best neighbourhood for your Airbnb in Marrakech is not a question of prestige or intuition: it is a financial decision that must be based on precise data — ADR, actual occupancy rate, operating costs, acquisition price, and client profile.

Our analysis shows it clearly:

• Guéliz dominates on net yield for investors optimising financial return
• Agdal is the rising market choice for those thinking 3 to 5 years ahead
• The Medina offers prestige and a premium clientele for those who can manage the complexity
• Hivernage positions in a discreet premium segment with real competitive advantages
• The Palmeraie maximises ADR for villa investors who have mastered seasonality

But in every neighbourhood, the ultimate differentiating factor remains the quality of operational execution. The properties in our portfolio outperform the local average by 43% in net revenue — not because they are in the "right" neighbourhood, but because they are managed with rigour: dynamic pricing, occupancy rate optimisation, proactive maintenance, and an irreproachable guest experience.

The right neighbourhood opens the doors. The right management determines what you get from them.

Estimate your revenue potential by neighbourhood with our simulator, or book a free project audit with our team.

---

Sources: Airbtics (data 2025-2026), AirDNA MarketMinder, Médias24 (January 2025), Le360.ma, Maison Labyad portfolio data.