Morocco's Real Estate Prices Dip Amid Omicron Concerns, Apartments Hit Hardest
At the end of December 2021, the Moroccan real estate market recorded a drop in apartment prices. The reason is the health crisis due to the Omicron variant.
In its recent report on real estate in Morocco, Mubawab pointed out that prices recorded a slight decline in the 4th quarter of last year, with the average price per square meter of apartments hovering around 10,100 dirhams.
In detail, a 4% drop was observed during the same period in the level of old villas, while old apartments fell by 6%. Year-on-year, the overall price of the old has appreciated by 6% with increases of 10% for villas and 1% for apartments.
The same observation at the level of new construction where the overall price has depreciated by 5%, with a 10% drop for villas and a 2% increase for apartments. Year-on-year, the overall price of new construction has on average increased by 9%, 1% for villas and 10% for apartments.
Overall, there is a 4.49% increase compared to November 2021 and a 1.47% increase in value compared to the same period last year.
