Morocco's Real Estate Prices Rise 0.7% in Q3 2023, Residential Sector Leads Growth
The index of real estate asset prices in Morocco increased by 0.7% in the third quarter of 2023, according to data from Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC).
The upward trend was observed in the different asset categories during the period. Thus, there is an increase of 0.8% for the residential sector, including 0.7% for apartments, 1.2% for houses and 2.9% for villas. However, transactions in this sector fell by 4.7%. As for land, the increase in assets is 0.3% and the number of transactions increased by 2.8%.
Regarding professional-use properties, a notable increase of 1.3% was recorded in prices, including 0.8% for commercial premises and 3.5% for offices. Despite this upward trend, the number of transactions fell by 14.7%.
Year-on-year, the real estate asset price index recorded an increase of 0.3%. In detail, land prices increased by 1.1% and by 1.7% for professional-use properties. Residential property prices, on the other hand, recorded a slight decrease of 0.1%. In terms of transactions, there is an overall decline of 7.2%, including 5.6% for residential properties, 10.6% for land and 13.2% for professional-use properties.
By city, the trends are varied. While Rabat is experiencing a 1.9% increase in prices (+2.9% for residential properties, -3.3% for land and -3.6% for professional-use properties), Casablanca recorded a 0.4% drop in prices (-0.5% for residential, -0.1% for land, and +2.9% for professional-use properties). Similarly, Marrakech recorded a 0.5% drop in prices, while Tangier saw a 2.5% increase.
