Rabat – Two apartments in the same building can sell for significantly different prices, even when they were built by the same developer and delivered in the same year. A study by Agenz, a Moroccan real estate platform, found a price difference of 57% per square meter between the highest- and lowest-priced apartments in one residence.
The findings challenge the common assumption that an apartment should sell for roughly the same price as a neighbor’s. Floor level, views, sunlight, privacy, and interior layout can all influence a property’s final selling price.
To examine these differences, Agenz analyzed nine actual property sales in a residence delivered in 2020. The complex consists of two buildings surrounding a central courtyard. One overlooks the courtyard and a street, while the other faces the courtyard and a public pedestrian palm grove.
Despite sharing the same developer, delivery year, and general standard, the apartments recorded considerable differences in their selling prices.
How much did apartments sell for?
The study covered apartments of different sizes and layouts, with prices ranging from MAD 1.4 million to MAD 6.1 million.
In Building A, a two-bedroom apartment on the 13th floor sold for MAD 1.92 million, or MAD 27,138 per square meter. Another two-bedroom apartment on the sixth floor sold for MAD 1.51 million, equivalent to MAD 20,828 per square meter.
A two-bedroom apartment on the first floor sold for MAD 1.814 million, reaching MAD 25,326 per square meter despite limited sunlight.
In Building B, a two-bedroom apartment on the first floor recorded the lowest price per square meter in the sample, at MAD 17,231. It sold for MAD 1.4 million.
Meanwhile, a four-bedroom apartment on the ninth floor sold for MAD 3.29 million, or MAD 26,721 per square meter. The property benefits from an open view of the palm grove, good sunlight, and a west-facing orientation.
Agenz calculated prices using a weighted price per square meter, which accounts for differences between indoor areas, terraces, balconies, and parking spaces. The method applies deductions to these areas in line with the methodology described by Morocco’s National Agency for Land Conservation, Cadastre and Cartography (ANCFCC).
The company noted that the nine transactions illustrate differences within one residence and should not be considered a national market statistic.
Does a higher floor mean a higher price?
The findings show that floor level alone cannot explain an apartment’s value.
Three two-bedroom apartments in Building A, each measuring between 74 and 76 square meters, recorded prices ranging from MAD 20,828 to MAD 27,138 per square meter.
The apartment on the sixth floor was cheaper per square meter than those on the first and 13th floors. This suggests that a higher floor does not automatically translate into a higher selling price.
Buyers also consider factors such as natural light, orientation, privacy, views, and interior layout. An apartment on a lower floor can command a relatively high price if its layout makes efficient use of indoor space and its other features appeal to buyers.
How much does the view matter?
Views can significantly influence property prices, particularly when an apartment overlooks green space without facing another building at close range.
In Building B, the apartment with an open view of the palm grove sold for MAD 26,721 per square meter, around 55% more than the first-floor apartment overlooking the courtyard, which sold for MAD 17,231 per square meter.
However, a desirable view does not guarantee a high price per square meter. A much larger apartment in Building B, measuring 299 square meters and overlooking the palm grove, sold for MAD 17,707 per square meter.
The difference partly reflects the proportion of indoor and outdoor space. Terraces and other areas receive less weight in the weighted calculation, which can reduce the resulting price per square meter when they represent a large share of a property’s total area.
Why can larger apartments have lower prices per square meter?
The two largest apartments in the sample measured 295 and 299 square meters. Both recorded relatively low prices per square meter despite advantages such as higher floors, sunlight, or open views.
This reflects a common feature of real estate pricing. Larger properties can sell for more overall while having a lower price per square meter than smaller apartments.
Their layouts and the proportion of outdoor space can affect the calculation. Buyers may also have different budgets and preferences depending on the type of property they want.
Consequently, comparing apartments based only on their total area or selling price can give an incomplete picture of their market value.
Why the final selling price matters
The nine prices in Agenz’s study reflect completed sales rather than initial asking prices.
The distinction matters because the final amount depends on more than a property’s characteristics. The seller’s urgency, time on the market, buyer financing, and negotiating power can all influence the outcome.
Two similar apartments may therefore sell at different prices even when their physical characteristics are comparable.
For property owners, the main lesson is that a neighbor’s sale provides only one reference point, not a reliable estimate of their own apartment’s value. A more accurate assessment requires comparing several properties and considering their indoor and outdoor areas, floor levels, orientation, sunlight, views, privacy, and final selling prices.
Agenz’s findings show why estimating a property’s value requires more than multiplying its surface area by the price per square meter paid by a neighbor. Even within the same residence, individual features and the conditions of a sale can make a substantial difference.
