Marrakech Real Estate Market Cools: Prices Drop, Transactions Plummet 53%
The real estate market in the city of Marrakech is showing signs of slowdown. In the third quarter of 2024, prices generally fell by 0.5%, a decline that hides disparities depending on the types of properties.
While land and commercial premises have seen their prices rise slightly, residential properties, such as apartments, houses and villas, have experienced a 1.2% drop, according to joint data from Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC).
This price decline is accompanied by a dizzying drop in transactions. The number of sales plunged by 53.5% compared to the previous quarter. All sectors are affected: residential property transactions decreased by 56.4%, land transactions by 34.1% and transactions of professional properties by 65.8%.
The real estate market in Marrakech, which has experienced significant dynamism in recent years, therefore seems to be going through a turbulent period. It remains to be seen whether this trend will be confirmed in the coming months.
