Morocco’s Real Estate Market Slumps as Prices and Transactions Fall

This decline reflects decreases of 0.4% in land prices and 0.7% in commercial property, explain BAM and ANCFCC in their note on the overall trend of the real estate market in the third quarter of 2024. Residential property prices remained stable. In terms of transactions, there is a global drop of 28.9%, with declines of 30.4% for residential, 15.9% for land, and 41.1% for commercial property.

Year-on-year, prices fell by 0.4%. This decline is mainly due to a 0.5% drop for residential properties, 0.6% for land, and 0.9% for commercial assets. As for the number of transactions, it decreased by 13.1%, despite a 3.4% increase in land sales.

By asset category, residential prices remained broadly stable in the last quarter, with a slight 0.6% increase for houses, stagnation for apartments and a 0.9% decrease for villas. Transactions, on the other hand, fell by 30.4%, mainly due to a 31.4% drop in apartment sales. Year-on-year, prices fell by 0.5%, while sales declined by 14.8%.

By city, we note that in Rabat, the price decline reaches 0.6%, with notable declines for residential (-0.8%) and commercial (-7.5%) properties. Sales also decreased by 25.1%. A similar situation in Casablanca. The city recorded an overall price drop of 1%, particularly for land (-2.7%) and commercial assets (-2.2%), with a 30.1% drop in transactions. In Marrakech, prices fell by 0.5%, but transactions recorded a significant 53.5% drop, particularly in the residential sector (-56.4%). Tangier, on the other hand, shows a slight 0.1% increase in prices despite a 9.6% drop in sales.