Moroccan Riads: A Practical Investment Guide (Marrakech & Fez)

This guide is for buyers considering a Moroccan riad as a lifestyle purchase, boutique hospitality asset, or long-term hold. Riads can be exceptional properties—but the outcomes depend heavily on location, restoration quality, licensing, and ongoing operations.

Why riads attract buyers (demand context)

Riads often benefit from Morocco's strong tourism profile. The Moroccan government portal reported 17.4 million tourists in 2024 (+20% vs 2023), highlighting continued demand for hospitality and short-stay accommodation in major destinations.

Source: Maroc.ma (tourism record, 2024)

What to evaluate before you buy

• Location and access: medina proximity to key landmarks, car access, and guest/maintenance logistics.
• Restoration scope: plumbing/electrical, damp-proofing, structural works, traditional finishes.
• Operating reality: staffing, guest management, online distribution (OTAs), seasonality, reviews.
• Regulatory/licensing: verify the required permits for hospitality use (rules vary by city and property type).

Typical ownership & transaction flow (high level)

1. Offer + due diligence: identity, title status, encumbrances, and any co-ownership complications.
2. Contracting: ensure a qualified professional manages the transaction and clarifies what's included (fixtures, renovations, approvals).
3. Registration: confirm proper registration steps are completed and archived.

FAQ

Are riads good investments?

They can be, but they are closer to a hospitality business than a passive rental. Underwrite conservatively and assume higher maintenance and management complexity than a standard apartment.

What is the biggest risk?

Buying a property that needs major restoration without a clear scope, budget, and timeline—or operating without the correct permissions.

What is the safest first step?

Start with a short list of locations and a clear intent (private use vs hospitality), then do strict due diligence and a full cost model before committing.