They decreased by 22.5% compared to the second quarter of 2021
Real estate transactions show a sharp decline in the second quarter of the year. The overall market trend noted at the end of June by Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC) shows a decrease of 22.5% in real estate transactions compared to the same period of the previous year. This contraction results from the decline in sales of residential properties and land. They have in fact shown respective decreases of 20.4% and 37.7%.
In the same vein, sales of goods for professional use recorded a recovery, increasing by 7.21% compared to a year earlier.
The decline in sales comes at a time when the real estate asset price index established by Bank Al-Maghrib and the ANCFCC shows an increase of 0.4% compared to the second quarter of the previous year.
On a monthly basis, the increase in the real estate asset price index amounts to 0.2% compared to the first three months of the year. This slight improvement is linked to the increase in the prices of all real estate assets. An increase that varies between 0.2% for residential prices and 1.1% for those of goods for professional use. As for sales, transactions show an increase of 4.6% compared to the first quarter of the year.
Referring to Bank Al-Maghrib and ANCFCC, this increase covers an increase of 8.1% in sales of residential properties at a time when those of land and property for professional use fell by 3.7% and 1.9% respectively compared to the first quarter of 2022. By asset category, the central bank and ANCFCC observe in their market analysis a drop in residential prices compared to the second quarter of 2021.
This decline is linked to the 0.5% drop in apartment prices while those of houses and villas increased by 0.5% and 1.2% respectively. Residential sales contracted by 20.4% year-on-year. As a result, apartment sales fell by 21%. There was also a 10.5% drop in transactions relating to houses and 15.8% in those relating to villas.
As for land, prices fell by 1.8% year-on-year. Transactions followed the same trend, showing a decline of 37.7% compared to a year earlier. As for property for professional use, there was a decrease of 0.4% in the related price index with a decrease of 0.7% in the prices of commercial premises. Office prices rose by 1.9% year-on-year. Sales in this area increased by 7.2%, reflecting the increase of 6.2% in sales of commercial premises and 12.5% in those of offices.
Source: www.aujourdhui.ma, Article from August 18, 2022.
