The Transformation of Secondary Residences in Africa
From Marrakech to Dakar, and Abidjan to Lomé, the concept of secondary residences is undergoing a significant transformation. For affluent African clientele, these properties have transcended their traditional roles as mere vacation homes or family retreats; they are increasingly viewed as valuable assets capable of generating income, diversifying investment portfolios, and facilitating the transfer of wealth in an increasingly globalized context. According to the Africa Wealth Report 2025 by Henley & Partners and New World Wealth, the continent is home to 122,500 millionaires, 348 centi-millionaires, and 25 billionaires, with Morocco alone housing 7,500 millionaires. Notably, Marrakech has emerged as one of the African hubs witnessing a remarkable 67% increase in its millionaire population over the past decade.
As Habibou Metais, a senior private banker responsible for international clients at Banque Richelieu Monaco, aptly states, "This is clearly a wealth management strategy for affluent African clients, as they are becoming increasingly international." This capital mobility is reshaping real estate usage, transforming properties into anchors within a broader wealth strategy that encompasses family usage, rental income, geographic diversification, and inheritance dynamics.
Marrakech: A Hub of Lifestyle and Investment Returns
In Morocco, Marrakech has long been a focal point for this international demand. Dr. Abdelhadi Laaouina, a luxury real estate expert at Morocco Sotheby’s International Realty, observes that historically, the clientele in Marrakech has predominantly been foreign, particularly European. However, over the past three years, there has been a notable increase in the presence of Moroccans living abroad, Franco-African and Euro-African dual nationals, as well as a broader array of African buyers. Despite this diversification, the majority of luxury property purchasers remain foreign. The selection of properties heavily depends on intended usage. Dr. Laaouina notes, "Some seek proximity to Marrakech, schools, and urban amenities, while others prefer more secluded properties for tranquility and privacy."
Moreover, there has been a significant shift in acquisition logic in recent years. "In the past five years, the pursuit of profitability has increasingly influenced acquisition decisions," he notes. Many buyers are arriving with a financial strategy in mind, meticulously calculating the return on investment for their acquisitions. The appeal of Morocco as a tourist destination further reinforces this logic, with nearly 9.4 million visitors recorded in the first half of 2026, marking a 6% increase year-on-year, with Marrakech being the primary draw. According to Dr. Laaouina, this attractiveness positions real estate as a potentially exploitable asset when not occupied by its owner, while also providing tourists with a diverse range of accommodation options, including villas, riads, kasbahs, and exceptional properties alongside traditional hotel offerings.
As reported by forbesafrique.com.
