Rabat - 2016 has been a difficult year for real estate assets in Marrakech and Tangier.
Rabat – 2016 has been a difficult year for real estate assets in Marrakech and Tangier.
According to the price index published by Bank Al-Maghrib, the growth rate was set at 0.9% by late December, a timid progression of the market when compared to 2015.
The Central Bank pointed out that real estate prices have risen by 2.1%, while commercial premises prices rose by 2% and 4.7% between 2015 and 2016.
In Casablanca, the Real Estate Price Index (IPAI) registered an increase of 3.8%, on top of the 4.2% increase in the third quarter of 2016, reflects price increases for all asset classes, with rates of 5% for apartments, 1,7% for land and 4.5% for commercial premises.
In this context, sales fell by 21%, following a 30.2% increase in Q3 2016, in line with a decline in apartment sales by 28.5%. On the other hand, land and commercial transactions showed improvements of 21.4%.
In Rabat, the IPAI rose by 2.7%, with an increases of 2% for apartments sales and 0.9% for land. Transactions increased by 25.2% after 19.8% in Q3 2016, with a 29.1% increase in apartment sales.
In Marrakesh, prices rose by 3%, reflecting increases for all asset classes, including increases of 5% for apartments and 0.6% for land. At the same time, sales increased by 3.2%, mainly due to a significant increase in land transactions, after falling in the first three quarters of the year. Sales of apartments, on the other hand, decreased by 16.6% quarter-on-quarter.
In Tangier, IPAI grew by 3.9%, with increases of 10.2% for apartments, 1.4% for land and 14.3% for commercial premises. On transactions, after a 22% increase in the third quarter, they declined by 26.7%, with sales down 30.6% for apartments and 14.6% for land.
In 2016, the IPAI increased by 0.9% after 1.2% in 2015, reflecting a 2.1% rise in land prices and commercial premises by 4.7%, down from 2% in 2015. Prices for residential goods were virtually stabilized after a 1.7% increase a year earlier.