Moroccan Home Buyers Shift Focus to Affordable City Center Properties

The resale real estate market has seen a slight 3% decline over the past three months, resulting from a 6% drop in apartment prices and 1% in villa prices. There is a particular interest in land lots whose prices are relatively stable, reports Maroc Diplomatique. First-time buyers have a preference for studios priced below 1 million dirhams. This pronounced interest in small-sized housing in the city center contrasts with the preference noted for large areas on the outskirts.

According to data from Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC), real estate transactions fell by 12% from one quarter to the next, and by 5% year-on-year. The rise in mortgage rates by BAM as well as the wait-and-see attitude of buyers who prefer to enjoy their summer vacation before concluding a purchase, contributed to the decline in transactions. A significant drop that is felt in Casablanca, particularly during the second quarter, due to the drop in prices in some neighborhoods of the city.

Currently, the price per square meter has fallen by