Morocco’s Real Estate Transactions Rise Despite Flat Prices in 2024

A joint study by Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC) shows that the real estate asset price index (IPAI) remained stable throughout 2024 compared to the previous year. The 2024 trend reflects a stabilization of residential prices, a 0.1% increase in land prices and a 0.1% decrease in prices of commercial properties, BAM and ANCFCC specify in a note on the real estate market situation in the fourth quarter of 2024. As for the number of sales, it recorded a 5% increase last year. This increase is explained by increases of 5.2% in residential sales, 5.8% in land sales and 1.9% in sales of commercial properties.

In the fourth quarter of 2024, the IPAI increased by 0.8% year-on-year, due to increases of 1.1% in residential property prices, 1% in land prices and 0.1% in commercial property prices, it is specified. As for the number of transactions, it increased by 17.7%, reflecting increases of 18.9% for residential, 16.5% for land and 10.8% for commercial properties.

By asset category, residential property prices increased by 1.1% year-on-year. This increase is explained by price increases of 1.1% for apartments and 1.3% for houses, and stability in villa prices. As for transactions, they recorded an 18.9% increase, with increases of 19.5% for apartments, 6.8% for houses and 16.9% for villas. As for land prices, they appreciated by 1%, and the number of transactions showed an increase of 16.5%.

As for commercial properties, their prices increased by 0.1%, the result of increases of 0.1% for commercial premises and offices. Transactions, on the other hand, recorded an increase of 10.8%, reflecting increases of 1.2% in sales of commercial premises and 61% in sales of offices.

By city, the IPAI showed, over the whole year, increases ranging from 0.3% in Rabat to 1% in Marrakech, as well as decreases ranging from 0.2% in Casablanca to 0.1% in Tangier, it is further specified.