Which of the two markets yields more?

There is no general answer. Dubai shows high gross rental yields with no local tax; Marrakech offers a lower entry ticket per square metre and personal use close to Europe. The calculation has to be made property by property.

Is Dubai really tax-free?

No tax on rents or capital gains in Dubai, but a 4% transfer fee and annual charges. And your country of residence may tax this income.

Does Marrakech give a visa?

No. Morocco has no investor visa; the residence permit is obtained under ordinary law.

Which market is more liquid?

Dubai, by far: AED 682 billion of sales in 2025. Marrakech is a niche market where resale takes longer.

What is the currency risk?

The AED tracks the dollar; the dirham tracks a euro-dollar basket. For an investor in euros, the dirham is more stable.

Yes, that is the SwissPro principle: a single point of contact for both markets, with an allocation according to your objectives.

Where have prices risen most?

In Dubai, with five consecutive years of record transactions. In Morocco, the price index rose 0.6% in 2025, with volumes up sharply.

Which market for a second home?

Marrakech for proximity (three hours from Paris) and the winter climate; Dubai for a pied-à-terre linked to activity in the Gulf.

Dubai or Marrakech: two markets, one reading grid

SwissPro has been supporting investors in Dubai since its inception and in Marrakech since 2026. The two markets do not serve the same objectives. This page compares them item by item, using public figures, so that the decision remains yours.

Sources checked: 2026-09

4%Transfer fee, Dubai
Dubai Land Department, transfer fee
≈ 6.5%Entry cost, Marrakech
Registration 4%, land registry 1.5%, notary ≈ 1%
AED 682 bnProperty sales in Dubai in 2025
Dubai Land Department, 2025 results: +30.6%
+0.6%Property price index, Morocco, 2025
Bank Al-Maghrib and ANCFCC, IPAI, transactions +18.4%

What each market does well

Dubai is a deep, liquid market, with no tax on income or capital gains, a long-term residence visa linked to the investment and a currency pegged to the dollar. It moves in pronounced cycles and attracts worldwide demand.

Marrakech is a second-home and wealth-preservation market, in the immediate vicinity of Europe, in a stable currency pegged to the euro and the dollar, with lower entry prices per square metre for plot sizes that have no equivalent in Dubai. It is less liquid and taxation, though moderate, does exist.

Item-by-item comparison

The figures below are those of the public sources cited at the bottom of the page; cells with no consolidated public data are flagged.

Item	Dubai	Marrakech
Ownership right for a foreign national	Freehold in designated areas	Full ownership (freehold) on a land title, excluding agricultural land
Entry cost	4% DLD + fixed registration and trustee fees	≈ 6.5% (registration, land registry, notary)
Annual tax on the property	None; service charges	Housing tax and municipal services tax on the rental value; estate charges
Tax on rents	0%	10% or 15% of gross rent (long-term); professional regime for short-term lets
Capital gains tax	0%	20% of the net gain, minimum 3% of the price
Residence linked to the purchase	10-year Golden Visa from AED 2 M of property	No investor visa; residence permit under ordinary law
Currency	AED, fixed peg to the dollar	MAD, basket 60% euro / 40% dollar, ±5% band
Market volume 2025	AED 682 bn of sales, +30.6%	Transactions +18.4% in Q4 2025; price index +0.6% over the year
Gross rental yield	5 to 9% according to market reports	No public series for villas; case-by-case calculation
Repatriation of capital	Unrestricted	Guaranteed if the purchase is financed in foreign currency and declared
Distance from Paris	≈ 7 h flight	≈ 3 h flight

Yields depend on the property, the district and the management; the Dubai ranges are those of market reports and not of an official statistic.

Over five and ten years: the questions to ask

Over a five-year horizon, liquidity and the absence of tax favour Dubai, personal use and proximity favour Marrakech. Over ten years, the question becomes one of cycles: Dubai has experienced marked corrections (2009, 2015-2019) after expansion phases; Marrakech has a slower price history, currently supported by an infrastructure cycle running to 2030.

The Dubai / Marrakech comparator, in preparation, will apply the same capital to both markets with entry costs, taxation, charges and two resale scenarios, at five and ten years. It will not name a winner.

Use: regular personal residence or pure investment?
Taxation in your country of residence: the absence of local tax does not cancel the tax at home.
Exit horizon and tolerance for a less liquid market.
Desired currency exposure: dollar or euro-dollar basket.

Frequently asked questions

Sources and methodology

General information verified on the date shown. For your situation, our team, a notary and a tax adviser confirm the applicable rates and timelines.