Tangier Real Estate Prices Rise 2.5%, Residential Sector Leads Growth
The real estate price index in Tangier has increased by 2.5%, according to the latest data from Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC).
This increase is mainly attributable to the rise in prices in the residential sector, which has seen growth of 3.2%. Urban land is following this trend with an increase of 1.7%.
The entire sector is not at its best. Commercial real estate assets are struggling to find tenants, with a significant 2.7% drop in their value.
Overall, sales have increased by 10.6%, driven by a strong increase in transactions in the residential (+13.6%) and land (+11%) segments. The segment of professional-use properties, on the other hand, is struggling to keep up, with a sharp decline of 22.8%.
A more detailed examination by type of property offers a more nuanced picture. Apartments and houses show an increase of 3.1% in price and 13.9% and 6.8% respectively in transactions. Villas show an increase of 6.3% in transactions and an impressive 19.7% increase in price.
In contrast, the commercial and office space sector is struggling. Commercial premises record a 1.9% drop in price and a 19.1% drop in transactions, while offices suffer a drastic 8.0% drop in price and a 50.0% drop in transactions.
