Morocco’s Real Estate Market Shifts: Supply Drops, Demand Rises in Q1 2023

At the same time, demand is up 13.4% compared to the previous quarter, particularly in Casablanca where demand is significantly higher (three times) than supply.

These trends have had a direct impact on price developments. The used real estate market saw its prices decrease by 3% in the first quarter of 2023, a drop mainly attributed to apartments, whose prices fell by 6%. Conversely, the new market saw an overall increase in its prices of 4%, with a 2% increase for villas and 1% for apartments.

Fez and Agadir stand out for the relative stability of apartment prices, with variations of -2% to +2%. On the villa side, the cities of Témara, Agadir and Dar Bouazza show a certain constancy, with prices varying between -4% and +1.1% in the first quarter of 2023.

Regarding forecasts for June 2023, a drop in apartment prices is expected in Agadir, Marrakech and Rabat, in the order of 1.71%, 1.31% and 0.13% respectively. On the other hand, in Casablanca, a 3.07% increase in apartment prices is expected. However, these projections may not materialize due to market instability and current economic conditions.