Buy a Villa in Marrakech

Marrakech attracts thousands of international investors and MREs (Moroccans living abroad) every year. Buying a villa in Marrakech represents much more than a real estate transaction.

This guide supports you through all the essential steps. From understanding financing to tax aspects, including VNA and VEFA.

Our expertise at Celestia Invest covers the prime areas: Route d'Ourika, Route d'Amizmiz, and Route de Tahanaout.

Table of Contents

• Financing Options
• The Best Investment Areas
• VNA and the Role of CRI
• Buying Off-Plan (VEFA)
• Real Estate Taxation
• New Tourism Standards 2024
• Acquisition Steps

Financing Options for Foreigners and MREs

1. 100% Own Funds

Cash purchase remains the simplest solution for international investors. It accelerates the acquisition process and simplifies administrative procedures.

You benefit from complete freedom in management and resale. The absence of monthly charges maximizes your rental profitability.

Advice: Cash purchase often allows you to negotiate a 5 to 10% reduction on the price.

2. Bank Credit: Conditions by Profile

Conditions vary considerably depending on your status. Here is a detailed comparison:

Financing Example

Villa at 5.5 million MAD with 60% down payment (3.3 million):

• Credit: 2.2 million MAD
• Duration: 10 years at 6.5%
• Monthly payment: ~25,000 MAD
• Total interest: ~1 million MAD

Key points: Monthly payments should not exceed 35-40% of your income. Comparing 3 banks minimum can save you 0.5 to 1% on the rate.

3. Off-Plan Property Financing

Without a definitive land title, the property is not eligible for bank credit. Developers offer installment payment over 12 to 24 months.

This solution allows you to spread the investment until obtaining the title. Discover our new programs on Route d'Amizmiz.

Prime Areas for Investment

The choice of location is the determining factor for your investment. Each area presents specific characteristics for buying a luxury villa in Marrakech.

Route d'Ourika: Nature and Authenticity

Route d'Ourika offers spectacular views of the High Atlas. The climate is more temperate thanks to the altitude.

Strong rental demand for peaceful stays. Attractive prices with excellent appreciation potential.

See our contemporary villas on Route d'Ourika.

Route d'Amizmiz: The New Eldorado

Remarkable real estate development in recent years. Proximity to Marrakech (15-25 minutes) with a peaceful setting.

Numerous high-end residential programs with VNA. International clientele seeking secure residences.

Route de Tahanaout: Between Land and Mountain

Even more spectacular landscapes with large properties. Plots of several thousand square meters available.

Ideal for guesthouses or residences with gardens. Very competitive prices despite the exceptional character.

Note: We avoid Route de Casablanca - too urban in character and prices often overvalued.

VNA and the Strategic Role of CRI

What is VNA?

Non-Agricultural Vocation (VNA) is essential for any foreign investor. It modifies the legal nature of a plot to assign it a residential or tourism vocation.

Without VNA, a construction cannot legally be sold to a non-resident. It is a mandatory step to secure your investment.

The Three Functions of VNA

• Secures the legality of the construction
• Authorizes the sale to a foreign buyer
• Confirms compliance with local regulations

The Regional Investment Center (CRI)

The CRI coordinates the project study with all technical services. It verifies compliance with the regional development plan.

It organizes analysis committees and delivers the necessary approvals. For investors, the CRI represents a one-stop shop facilitating procedures.

Projects Concerned by VNA

• Existing constructions already authorized with VNA
• Villas in housing groups with collective VNA
• Validated tourism projects (guesthouses, riads, residences)

Risks to Avoid

• Partial or provisional VNA not confirmed
• Lack of integration into a regular grouping
• Unfinished infrastructure
• Derogations not registered with the CRI
• Inconsistency between construction site and authorized permit

Essential Verifications

Buying Off-Plan (VEFA): Opportunities and Precautions

What is VEFA?

VEFA allows you to acquire a villa before its complete construction. Generally attractive prices but the Moroccan system is very different from international standards.

Many think that VEFA in Morocco works like in France or Dubai. This is false - the guarantees are much more limited.

Legal Framework: Laws 44-00 and 107-12

Law 44-00 defines VEFA but leaves grey areas. Ownership theoretically transfers as construction progresses.

In practice, VEFA resembles a sales promise with direct deposits to the developer. Few mechanisms to secure payments.

Land Title Problem

The majority of new projects do not yet have their land title. Your property is not totally legally secured.

Major consequence: Impossible to obtain bank credit or mortgage before obtaining the title. You must have 100% in own funds.

Main Risks

• Delivery delays (6 months to 2 years frequent)
• Defects or non-compliance difficult to correct
• Deposits difficult to recover in case of problem
• Notary absent until delivery
• No bank financing possible
• Absence of mortgage guarantee

International Comparison

Advantages Nevertheless

Prices 15 to 25% lower than the secondary market. Significant capital gain potential upon delivery.

Modern equipment and recent construction standards. Builder warranties for first owners.

7 Rules to Secure Your VEFA

1. Verify developer's reputation and solvency
2. Never pay into developer's personal account
3. Require escrow account or written bank guarantees
4. Have contracts reviewed by specialized lawyer
5. Monitor progress with evidence (photos, visits)
6. Negotiate delay penalties in the contract
7. Plan additional budget 10-15% for contingencies

Real Estate Taxation in Morocco

Understanding taxation is essential to anticipate your real costs. Each stage involves specific taxes.

1. VAT (20%)

Applies to new properties sold by developers. Generally included in the displayed price.

Example: Villa at 3 million MAD incl. VAT = 2.5 million excl. VAT + 500,000 MAD VAT.

2. Tax on Real Estate Profits (IPI)

20% tax on capital gain upon resale. Calculated after deduction of justified expenses.

10% reduction per year after the 5th year. Total exemption after 15 years of ownership.

Calculation Example

3. Registration Fees

5 to 6% of price for old properties. About 3% for new properties.

Added: notary fees (1-2%) and agency fees (2-3%). Total fees: 7 to 12% of purchase price.

4. Annual Ownership Taxes

• Housing tax
• Municipal services tax
• Tax on built/unbuilt property

Total: 0.5% to 1.5% of annual value. Villa of 4 million = 20,000 to 60,000 MAD/year.

5. Rental Income

Subject to income tax. Two possible regimes:

• Flat rate: 40% reduction on gross income
• Actual: Deduction of actual justified expenses

For guesthouse operation, the actual regime is often more advantageous.

New Tourism Classification Standards 2024

The Reform of Order 985-24

Major reform of tourism establishment classification in Morocco. Direct impact on villas intended for tourism operation.

Abandonment of purely infrastructural approach. Adoption of a vision centered on customer experience.

Old System (2003)

Focused on quantitative criteria: room surface, number of bathrooms, accommodation capacity. Little evaluation of actual service quality.

Result: frequent gap between official classification and lived reality.

New System: Two Levels

• Standards A (mandatory): 100% to be respected without exception
• Standards B (complementary): Point system with 70% threshold

Main Innovations

• Priority service quality (reception, check-in/out, multilingualism)
• Strict and measurable cleanliness and maintenance
• Mandatory digitalization (online booking and payment)
• Enhanced security (portals, video, PMR accessibility)

Before/After Comparison

Impact for Owners

To operate as a guesthouse or riad, necessary investments:

• Staff training in service standards
• Online booking and payment systems
• Security and accessibility infrastructure
• Multilingual marketing with professional website

These investments justify premium rates and favorably position you in the international market.

Key Acquisition Steps

Step 1: Project Definition

Clarify your objectives: second home, rental investment, guesthouse, or retirement. This definition guides your location and budget choices.

Our team analyzes your detailed criteria. We present villas exactly matching your expectations.

Step 2: Visits and Due Diligence

Structured visits including documentation verification. Analysis of environment, accessibility, and general condition.

Virtual visits possible for international clients. Complete photo and video report provided.

Step 3: Negotiation and Agreement

Negotiation of the best price and payment conditions. Signing of a legally binding sales agreement.

Payment of a deposit (10-20%). Deadline set for signing final deed.

Step 4: Legal Verifications

Complete audit by specialized lawyers:

• Validity of land title with Land Registry
• Existence and validity of VNA and authorizations
• Absence of charges, mortgages, easements
• Compliance with permits
• Tax situation of seller and property

Step 5: Financing

If credit: file preparation and comparison of bank offers. Rate and conditions negotiation.

Approval delay in principle: 2 to 6 weeks depending on profile.

Step 6: Signing Authentic Deed

At the notary with presence of both parties. Payment of balance and ancillary fees.

Delivery of keys and documents. Registration with land title guaranteeing your ownership.

Step 7: Post-Acquisition Services

Support in post-purchase procedures:

• Service connections (water, electricity, internet)
• Staff search (caretaker, gardener)
• Setting up rental management
• Organization of renovation works

Our concierge service takes care of complete management in your absence.

Conclusion

Buying a villa in Marrakech is an exceptional opportunity. Quality of life, appreciation, and attractive rental yield combine.

Success requires expertise in the Moroccan market and vigilance. From area selection (Ourika, Amizmiz, Tahanaout) to tax mastery.

At Celestia Invest, we transform your dream into a secure reality. Our network of professionals guarantees you a peaceful acquisition.

We build a coherent project, legally secured, tax-optimized, and economically profitable.