Morocco’s Real Estate Market Sees Slight Decline in 2022, Transactions Down 15%

This depreciation is the result of declines in the prices of residential assets (1.3%) and professional properties (1.7%), BAM and ANCFCC indicate in a recent note on the IPAI and the overall trend of the real estate market. Land prices, on the other hand, increased by 0.7%, while the number of transactions fell by 15.4% due to the decline in sales of residential properties (15.4%), land sales (18%) and professional properties (9.8%).

In detail, the drop in residential asset prices is the result of a decline in apartment prices (0.3%), an increase in house prices (0.5%) and villas (0.3%). As for transactions, their number fell by 3.5%, recording declines of 4.2% for apartments, 0.2% for houses and an increase of 27.5% for villas. Land prices, for their part, appreciated by 1.2% year-on-year, while sales fell by 5.1%.

Regarding the prices of professional properties, they increased by 0.5%, reflecting an increase for commercial premises (0.5%) and for offices (2.4%). Transactions, on the other hand, recorded a 16.2% drop, resulting from declines of 16.8% for commercial premises and 12.5% for offices.

By city, there is a depreciation of prices in Casablanca (1.6%), Rabat (0.3%) and Tangier (1.4%), and an increase in Marrakech (0.5%). The real estate asset price index recorded a quarterly decline of 0.7% in the fourth quarter of 2022, with a drop in residential prices (0.8%) and land prices (0.7%) and a stagnation of prices of professional properties. The number of transactions, for its part, fell by 4.8%, reflecting a 5.5% drop for residential properties, 1.3% for land and 6.1% for professional properties.