Real Estate in Morocco: A Reconfiguration Rather Than a Crisis, According to Experts

Decline in transactions, price stability, deep structural transformations redefining its balances. This is how the real estate market presents itself this year. According to professionals, this picture is far from reflecting a crisis, it is rather a reconfiguration of the market.

The year 2025 is dominated by cyclical uncertainty, but this situation has contributed, in a certain way, to the resilience of the real estate sector, explains real estate expert and author of the "Répons’IMMO" guide, Amine Mernissi, in an interview with MAP, citing the real estate asset price index. It showed a 30% drop in transactions in the first quarter and 21.2% in the second quarter of 2025, as well as stagnant prices.

For the expert, this contrast between volume and price reflects "the resistance, even the solidity of the players in the sector, as well as their confidence in a better future in the medium term." The reconfiguration of the real estate market is impacting all segments differently.

"The luxury real estate market is a specialized market whose clients are ready, either to live in it or to invest in rental. The demand exists and prices continue to grow, particularly in the large cities considered as safe investment choices," notes Mernissi.

Meanwhile, the intermediate segment mainly feeds the second-hand market, due to insufficient new supply in urban centers.

Furthermore, the "Housing Assistance" program, launched in January 2024, has provided oxygen to social housing. "The direct aid granted to first-time buyers (100,000 dirhams for homes under 300,000 dirhams, and 70,000 dirhams for those between 300,000 and 700,000 dirhams) has given a significant boost" to the sector, says Mernissi.

The expert also analyzed the relationship between supply and demand. It emerges that there is not a single real estate market in Morocco. "Each city has its own path and its specific economic situation. Therefore, we should not generalize, as this could be detrimental to the quality of the analysis," he explains.

Only the figures on the real estate asset price index for the third quarter of 2025, which Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Mapping will publish very soon, "will be decisive in assessing the real trajectory of the sector and knowing whether the observed downward trend is in the process of being attenuated, stabilized or, on the contrary, destined to last."