Morocco’s Vacation Rental Market Grows Despite COVID-19 Challenges

According to an analysis published by Mubawab, the long break that the real estate sector experienced between March and June and the ongoing state of health emergency has not affected the supply of vacation rentals. On the contrary, it has seen a 20% increase between January and August 2020. The supply of apartments has increased by 15%, while the supply of villas has reached 25%. 80% of this supply comes mainly from individuals wishing to rent out their own property, the same source specifies.

In 2019, Marrakech, which represented 26% of the supply, is showing an upward trend of 30% in 2020. But at the beginning of the year, it gives way to Agadir, which has seen a 27% increase since June. In Marrakech, prices have slightly decreased, as in Agadir as well as Mdiq, Martil, Essaouira, Fez, Tangier, Mohammedia and Asilah, unlike Dar Bouazza and Mirleft where villa prices have increased by an average of 12%.

The health situation and the restrictive measures on travel are indeed at the origin of more than 30% of the demand lost between January-August 2019 and January-August 2020. A drop that was made up for from May with a monthly evolution of 190% between May and June 2020 and an evolution of +58% since the beginning of the year.

The influx of demand that was based on cities like Marrat, Agadir, Tangier, Mdiq and Essaouira is now turning towards Mohammedia, Dar Bouazza, Bouznika and Asilah. This is explained by the explosion of local demand due to confinement, which has led several people to change their vacation destination, details Mubawab.