Property prices continue their upward trend. In the first quarter of 2024, the real estate asset price index recorded a slight increase of 0.8%, compared with the same period in 2023. This is due to the increase in residential and land prices, said the Moroccan central bank (Bank Al-Maghrib) and the National Agency for Land Conservation, Cadaster, and Cartography (ANCFCC), in the quarterly note relating to the overall trend in the real estate market.
What is the market trend per city?
Residential property prices rose by 0.7%. The biggest increase was for apartments (0.8%). As for houses, the variation is barely perceptible, with a small increase of 0.1%. Conversely, villa prices fell by a mere 0.2%. Land prices also appreciated. Its value rose by 1.2% in 2024 compared with the previous year.
In terms of business property prices, commercial premises were down 1.5% on the first quarter of the previous year, while office space appreciated by 6.5%.
Rabat recorded the biggest increase in property prices. Prices rose by 1%, driven by residential property (0.9%) and business assets (9.8%). Land prices, on the other hand, fell by 3.5%. Rabat is followed by the business capital. In Casablanca, prices rose by 0.4%. Professional property prices rose by 4.5%. Land prices fell by 4.9%. Marrakech, for its part, recorded a slight 0.2% fall in property prices. This was due to a 1.4% fall in land values. Residential and commercial property values rose by 0.3% and 3.9% respectively. In Tangier, the price index stagnated, with decreases of 1.4% in land prices and 5% in business asset prices, and stagnation in residential prices.
Sales down, particularly for villas
At the same time as prices were rising, transactions fell by 3.1%. This trend is due to a 3.1% fall in sales of residential properties and a 14.8% drop in sales of commercial properties. The steepest declines in sales were for villas (21.6%) and houses (13.7%). Land sales, on the other hand, rose by 3.6%. Marrakech recorded the sharpest drop in transactions. The decline was of the order of 28.4%. The «Ochre City» , as Marrakesh is nicknamed, was followed by Casablanca, which saw sales fall by 23.2%.
For its part, Rabat experienced an 18.2% drop in transactions. In Tangier, sales fell by 12.8%.
Khadija SKALLI
