Morocco’s Real Estate Price Index recorded an annual decline of 0.8% in the third quarter of 2020, between July and September.
Despite the decrease in prices, the number of real estate transactions in Morocco also fell by 9.5%, according to the country’s central bank, Bank Al-Maghrib, and the National Agency for Land Registration, Cadastre, and Cartography (ANCFCC).
The decline in real estate prices reflects a 1.2% drop in the prices of residential properties, including apartments (-1.1%), houses (-2.7%), and villas (+0.8%), and a 0.4% decrease in the prices of lands.
Meanwhile, the prices of properties for professional use increased by 3% between the third quarter of 2019 and the same period in 2020. However, the increase did not make up for the overall decline of real estate prices in Morocco.
The lower number of real estate transactions, meanwhile, is due to a 15.3% drop in sales of residential properties: Apartments’ sales decreased by 14.8%, houses’ by 26.1%, and villas’ by 10.1%.
On the other hand, the sales of land lots increased by 0.1% and those of offices and commercial properties by 22.8%.
Jointly developed by Bank Al-Maghrib and the ANCFCC, the Real Estate Price Index takes into account the value of all real estate properties that have been sold at least twice since 2006.