Moroccan Real Estate Market Slumps: Prices and Sales Drop Amid Global Uncertainty

According to the report on the real estate asset price index (IPAI), prepared by Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Cartography, real estate asset prices fell by 4.9% year-on-year at the end of March. This contraction affected both residential assets (-5.8%), land (-2.9%) and commercial properties (-8.6%).

At the same time, the number of transactions also fell by 9.3%, due to a general decline in sales. Thus, residential properties fell by -6.6%, land (-15.7%) and commercial properties (-11.9%), the note points out.

By category, residential prices fell by 5.8%, the result of price declines of 6.6% for apartments and villas and 2.4% for houses. As for transactions, their number recorded a 6.6% decline, reflecting decreases of 6.7% for apartments, 4.6% for houses and 8.2% for villas.

As for commercial properties, there was a 13.5% decrease for offices and 8.6% for commercial premises. As for transactions, they fell for both offices and commercial premises. The breakdown by city shows a drop in prices in Rabat, Casablanca and Tangier, while in Marrakech they recorded an increase compared to the previous quarter.