Morocco’s Real Estate Market Slumps: Transactions Down 30%, Prices Fall Amid Pandemic

According to Bank Al-Magrhib and ANCFCC, this decline in prices reflects declines of 1.5% for residential assets, 1.2% for land, and 2% for commercial properties.

In a note on the overall trend of the real estate market in the 1st quarter of 2020, the central bank and the National Agency for Land Conservation, Cadastre and Cartography note that the decrease in the number of transactions is justified by declines of 30.6% in residential sales, 28.7% in land sales and 22.3% in sales of commercial properties.

Furthermore, the decline in residential asset prices, by asset category, reflects declines of 1.2% for apartments, 3.2% for houses and 4.7% for villas. As for sales, they fell by 30.6%, with declines of 30.8% for apartments, 27.7% for houses and 30.5% for villas.

Regarding commercial properties, the decline in their prices is the result of a 2.6% drop for commercial premises. For transactions, a 22.3% decline was observed, with decreases of 22.1% in sales of commercial premises and 23.3% in sales of offices.

The same note states that prices fell quarter-on-quarter in Rabat, Casablanca and Tangier by 1.5%, 0.5% and 2.4% respectively, while they recorded an increase in Marrakech (+0.3%).