Real estate prices in Rabat, Tangier, and Casablanca slightly increased in 2018, while Marrakech has seen a sharp drop in prices.
Rabat – In 2018, the Moroccan real estate market saw a 4.8% increase in the number of transactions and stagnation of prices overall, according to the annual report of Bank Al-Maghrib (BAM).
The residential assets sales increased by 3.3%, while land prices jumped by 8.7%, and those of assets for professional use by 9.6%. Prices remained steady for all three categories, said the report presented Monday, August 19, in Tetouan, before King Mohammed VI, by BAM governor Abdellatif Jouahri.
Real estate prices in Marrakech fell by 5.3%– the largest decline since the introduction of the price index in 2006. Residential assets also fell by 2.5%, land by 7.2%, and assets for professional use by 1.4%.
The number of transactions showed a downward trend which started in 2015, falling by 15.7%. All three categories recorded a decrease of 19.9%, 0.9%, and 37.6% respectively.
In Casablanca, real estate prices increased by 1.3% overall, by 1.5% for residential, and 0.9% for land, while professional property depreciated by 1.2%.
Real estate transactions in Casablanca declined by 3%. The decline was due to the 6.6% drop in residential sales. Land and business property transactions, however, increased by 8.6% and 16.7% respectively.
In Tangier, both prices and transactions improved with a rise of 16.3% in residential sales and 1.8% in prices.
In Rabat, prices rose by 3.6% after falling by 1.1% in 2017. There was a decline of 3.8% for residential, 8.5% for land, and 1% for professional use properties. Sales increased by 26.1% for residential and 25.8% for real estate, while those for professional property fell by 4.8%.