Tangier Real Estate Market Sees Price Drop and Sales Slowdown in Q2 2023
In the second quarter of 2023, the real estate market in Tangier showed a general price decline of 0.7%, according to data recently published by Bank Al Maghrib and the National Agency for Land Conservation, Cadastre and Cartography.
Regarding the residential segment, a 0.6% decline is noted. Land has not been spared either, recording a 2.2% reduction. Professional assets, on the other hand, defied this trend with a net increase of 3.6%.
As for transactions, the northern capital has experienced a slowdown with an overall decline of 15.9%. The residential segment has been particularly affected with a 14% drop in sales. Land and commercial properties have not been spared either, with respective declines of 26.9% and 8.8%.
For a more detailed analysis of the figures:
• Apartments: Despite a slight 0.2% price drop, transactions decreased by 10.9%.
• Houses: These properties saw a 0.2% drop in prices, with a 2.3% decline in transactions.
• Villas: The category recorded a sharp 23.1% drop in prices, accompanied by a 15.8% drop in sales.
• Urban land: With a 2.1% reduction in prices, transactions also fell by 24%.
• Commercial premises: Despite a 1.5% increase in prices, a slight 0.5% drop in transactions is to be noted.
• Offices: This segment saw a significant 8.9% increase in prices, but a worrying 33.3% decrease in sales.
