Moroccan Real Estate Market Shows Regional Variations as Marrakech Sees Uptick in Transactions

According to a joint report by Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC), the analysis of the real estate market shows a sector strongly affected by the crisis. However, each region has its own variations with prices per square meter (m2) that can vary greatly from one city to another.

In Rabat, the analysis shows a near-stagnation in quarterly price changes, resulting from declines of 0.4% for residential and 20.6% for commercial properties and a 6.2% increase in land prices. The capital also saw a 17% drop in transactions at the end of the first three months of 2021, following declines of 19.1% in residential sales and 6.5% in commercial property sales.

The same is true in Casablanca where the trend reflects a 0.8% decline for residential properties and 2% for land, as well as a 9% increase for commercial properties. Sales plummeted by 28.8% after the significant increase of 32.1% recorded in the fourth quarter of 2020, due to declines in residential properties (26.1%), land (9%) and commercial properties (9.6%), according to the same source.

According to the joint report of BAM and ANCFCC, while prices increased by 3.5% in Marrakech, following a 5.6% increase in land prices, the figures show, however, that those of residential and commercial properties decreased by 0.3% and 5.9% respectively.

As for transactions, "they contracted by 10.3%, reflecting declines of 6.8% in residential property sales and 21% in land sales," the note points out, noting, however, a 5% improvement in commercial property sales.