Agadir Real Estate Prices Plummet Amid Coronavirus Crisis, Transactions Nosedive

The coronavirus crisis has not spared the real estate sector in Morocco. According to the Real Estate Asset Price Index (IPAI), the city of Agadir recorded a 2.7% drop in apartment prices. Transactions, on the other hand, collapsed by 24.8%.

As for houses, the price trends show a decrease of 8.4% for a drop in transactions of 39.5%. For villas, the figures show a decrease of 0.5%, while the drop in transactions stands at 21.9%.

The first quarter of 2020 is not favorable for real estate in Agadir, and the second quarter will probably be worse. A decrease of 1.4% is noted on the prices of urban land, while transactions have fallen by 36.3%. The prices of commercial premises have fallen by 11.5% while transactions have decreased by 8.3%.

It is very difficult at the moment to know the trend of real estate in Agadir following the coronavirus pandemic. We will have to wait for the publication of the new figures by Bank Al Maghrib and it is very likely that the declines will follow the same trends.