Airbnb yield in Marrakech: from gross to net by segment, and what the Office des Changes checks

Listings for riads “yielding over 10%” are everywhere, and they almost always describe a gross yield: before platform commission, concierge, cleaning, running costs and tax. Before buying to let by the night, the right question is what is actually left, and under what framework guests’ money must come back to Morocco. Here are the orders of magnitude available in October 2026, with their limits.

The advertised gross yield tells you almost nothing

Gross yield divides annual revenue by the purchase price without deducting anything. In short-term rental the gap with net is wide: according to the consultancy Reaconsult, net yield is “around 50-65%” of the advertised gross yield. Its example: an 11% gross riad ends up at roughly 6-7% net.

This rule is an estimate from a property consultancy, not an official statistic. It does set a useful reflex: mentally halve any gross figure before comparing it with a long-term rental, which we detailed in our net yield calculation for Marrakech.

Gross yield by segment: what professionals report

Reaconsult distinguishes four segments in Marrakech (average nightly rate, gross yield and entry ticket):

• Medina riad run directly (Mouassine, Bab Doukkala, Kasbah, Riad Zitoun, Dar el Bacha): €100 to 220 a night, 9 to 13% gross, entry ticket of MAD 1.5 to 8 million.
• Boutique riad-hotel: €100 to 180 a night, 7 to 10% gross, MAD 8 to 22 million.
• Apartment in Guéliz or Hivernage: €60 to 120 a night, 7 to 11% gross, MAD 1 to 3.5 million.
• Villa in Palmeraie, Targa, Ourika road: €150 to 400 a night, 5 to 8% gross, MAD 5 to 25 million.

The Wafir site (May 2026) puts Hivernage at 7 to 9% gross in high season and a riad net of 3 to 6% after 35 to 50% operating costs. The two sources differ on exact ranges (and Wafir elsewhere gives a 12 to 18% net that is inconsistent with its own gross figure): treat them as orders of magnitude, never as a promise.

Occupancy: do not confuse classified hotels with furnished rentals

Official occupancy figures cover classified accommodation, not furnished rentals. According to TelQuel, Marrakech recorded 6.05 million nights from January to May 2026 in classified establishments (+10% year on year, 33% of the national total), with an occupancy rate of 72% at the end of May, against 56% nationally.

For nightly rentals between private owners and guests, no equivalent public statistic was found. Wafir estimates average annual occupancy at 58-65% (70 to 80% from November to March in Hivernage) and claims about 35% of Marrakech’s residential properties are marketed as short-term lets, with more than 3,500 active riads on Airbnb: private estimates, to be handled with care. A concierge operator advertises 70 to 85% occupancy for riads, but that is a sales argument. Building a business plan on 50 to 60% is safer, since the June to August low season weighs on the year.

From revenue to net: the costs that eat the margin

Reaconsult lists the items between gross and net:

• Platform commission (Airbnb, Booking): 15 to 20%.
• Reception and concierge: 8 to 15% of revenue according to that firm. Our guide to service charges and rental management found short-term packages from 18%, up to 23% for a full concierge service.
• Cleaning, linen, building upkeep (especially heavy in old riads), fixed charges (water, electricity, internet), local taxes, and seasonal vacancy.

One concierge example shows what a package covers: at Rentaplus, 15% of rent includes dynamic pricing, guest monitoring until 10 pm, a connected lock and a noise sensor, but cleaning stays with you through a local provider. Always compare what is included, not just the percentage.

Arithmetic illustration (not a promise of results): a riad bought for MAD 3 million at 11% gross generates MAD 330,000 of revenue a year. With net at 50-65% of gross, about MAD 165,000 to 215,000 remains, or 5.5 to 7.2% of the purchase price, before income tax and excluding works.

Foreign-currency income: what the Office des Changes brought to light

In April 2024 the Office des Changes launched an audit of international transfers received by hosts through Airbnb, together with the Tourism and Interior ministries. According to Hespress, some transfers exceeded MAD 100,000 a month for operators of several properties, routed through foreign accounts, PayPal, bank cards and money-transfer firms. The data was passed to the Inspection générale de l’administration territoriale, and officials surveyed listings in Casablanca, Marrakech, Essaouira and Tangier.

According to Bladi.net, the activity is treated as an export of services: foreign-currency receipts must be repatriated to Morocco within 90 days, and operators registered with the commercial register can open a foreign-currency or convertible-dirham account covering professional foreign-currency expenses of up to 70% of repatriated receipts. These articles date from 2024 and do not specify penalties: have the regime that applies to you confirmed by a Moroccan accountant, and by the Office des Changes if you are a non-resident. On the operating licence, see our guide to the law 80-14 licence.

Checklist before buying to let by the night

• Ask for the property’s actual revenue over the last 24 months (platform statements), not a projection.
• Deduct 15-20% for the platform, 8-23% for the concierge depending on the contract, then cleaning and running costs.
• Test a scenario at 50-60% occupancy and a June to August low season.
• Check that the co-ownership rules or the title allow tourist use.
• Obtain the operating licence before the first booking.
• Plan the bank account and the repatriation of currency within 90 days.
• Have the tax treatment validated by a Moroccan accountant.