Tangier Real Estate Prices Plummet Amid COVID-19 Lockdown

9 September 2020 – byBladi.net · 1 min read

Confined and locked down, Tangier is no better off than several other Moroccan cities that are going through difficult times in this health crisis due to Covid-19. For the second quarter of the current year, Bank Al Maghrib has released its trends on real estate in the city of the strait, through the Real Estate Asset Price Index (REAPI).

According to the elements of the Real Estate Asset Price Index (REAPI), apartment prices fell by -9.9% while transactions fell by -37.7%. Similarly, house prices fell by -12.3% while transactions fell sharply by -68.7% in the city of the strait.

The same downward trends are observed in the prices of urban land (-5.1%), and commercial premises (-12.0%), while during this time, transactions have respectively fallen drastically, by -41.7% and -55.5%.

On the other hand, on the villa side, there is a considerable increase in prices of 51.2%, while transactions show a significant drop of -30.0%. The same phenomenon is observed on the office side where a price increase of 33.9% is observed, while transactions have fallen by -22.2%.

These are, according to Bank Al Maghrib, the trends in the real estate sector in this major northern city where coronavirus infection cases are on the rise.

Category: Economy

Keywords:

Real estate Tangier Bank Al-Maghrib