Marrakech Real Estate Prices Dip Amid COVID-19, Transactions Plummet

The real estate market in Marrakech is already in crisis. According to the National Agency for Land Conservation, Cadastre and Cartography, the overall trends in the city’s real estate market are in the red, particularly in terms of transactions. There is a decrease of -0.6% in apartment prices, while transactions have dropped considerably by -38.5%.

Regarding villas, the figures show a 4.4% drop in prices in the ochre city, while transactions have increased by 8%.

Furthermore, at the level of houses, prices have fallen by -5.2% while transactions have plummeted by -30.9%.

Still for the first quarter, it should be noted that at the level of the urban land segment, a price increase of 3.3% is to be noted, while transactions have fallen sharply by -37.7%.

As for commercial premises, a decrease of -3.1% is observed, while transactions have plummeted by -15.3%.

To get an idea of the evolution of real estate prices in Marrakech, we will have to wait for the figures for the 2nd quarter, which will take into account the situation related to the coronavirus. It is highly likely that transactions will experience a sharp drop, naturally leading prices downward.