Morocco’s Real Estate Prices Rise Slightly as Transactions Plummet in Q1 2024

In a note on the overall trend of the real estate market, Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC) indicate that the real estate asset price index (IPAI) recorded an increase of 0.8% in the first quarter of 2024, year-on-year. This development is the result of increases in residential prices (0.7%), land prices (1.2%) and stagnation of prices of professional-use properties compared to Q1 2023, the two institutions said. As for the number of transactions, it recorded a decline of 3.1%, covering decreases of 3.1% for residential properties and 14.8% for professional-use properties. On the other hand, land sales increased by 3.6%, the note states.

By asset category, residential property prices increased by 0.7% compared to the same period last year. This increase is explained by a 0.8% increase in apartment prices, 0.1% for houses and a 0.2% decrease in villa prices. Regarding transactions, they have, on the contrary, decreased by 3.1%, with declines of 2.2% for apartments, 13.7% for houses and 21.6% for villas. As for land prices, they appreciated by 1.2%, and the number of transactions showed an increase of 3.6%.

As for professional-use properties, their prices remained globally stable, with a 1.5% decline for commercial premises and a 6.5% increase for offices. Transactions, on the other hand, recorded a 14.8% decline, reflecting declines of 16.3% in commercial premises sales and 7.5% in office sales.

By city, prices increased quarter-on-quarter by 1% in Rabat and 0.4% in Casablanca, while they recorded a 0.2% decline in Marrakech. In Tangier, BAM and ANCFCC observed a stagnation of prices.