Rental yield

Three yields, all measured against the capital actually committed: the price, the acquisition costs and the furnishing. Gross divides annual income by that capital. Net subtracts operating costs — concierge commission, platform fees, cleaning per stay, annual charges on the estate. Net-net also subtracts tax and, if you borrow, the loan instalments.

In short-let mode, income starts from the average nightly rate multiplied by occupancy across 365 nights; the number of stays, which drives the cleaning cost, follows from the average length of stay. In long-let mode, it is the monthly rent over twelve months, less the vacancy weeks. On tax, rental income is charged at 10% up to MAD 120,000 gross and 15% above it (General Tax Code); furnished short-let is treated as an accommodation business, at 20% by default. The municipal services tax, 10.5%, applies to the rental value, estimated here at 3% of the price.

The limits, stated plainly: nightly rate, occupancy, concierge commission, cleaning and annual charges for a villa in Marrakech have no published series behind them. They are working values, flagged as such in the assumptions table and all editable. Move occupancy by ten points and read the gap: that range is what matters, not the single figure. No calculation replaces a notary and an accountant.