Morocco's tourism sector continues to break records, with the country welcoming a historic 17.4 million visitors in 2024, up 20% from the previous year, according to the Ministry of Tourism. The momentum has carried into 2025, with the kingdom targeting 26 million arrivals by 2030 as part of its tourism roadmap. Yet despite this boom, a key segment—tourist promotion real estate—remains largely stalled.
Tourist residences, which allow foreign buyers to purchase property with residency benefits, have seen sluggish sales. Industry professionals point to a complex regulatory framework, including the need for off-plan sales (VEFA) to obtain bank guarantees, which many developers struggle to secure. Additionally, the high cost of land and construction, coupled with a mismatch between supply and demand, has slowed new projects.
According to a 2024 report by the National Federation of Real Estate Developers (FNPI), tourist property transactions represent a small fraction of overall real estate activity, despite the surge in tourism. The report notes that administrative delays and the lack of a dedicated legal framework for tourist residences are major bottlenecks.
Experts argue that unlocking this segment could significantly boost foreign investment and extend tourist stays. However, without streamlined regulations and financing options, the paradox of a booming tourism sector alongside a stagnant property market is likely to persist.
