The real estate asset price index (IPAI) recorded an increase of 0.8% in the first quarter of 2024, year-on-year, indicate Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC).
This increase reflects increases in residential prices (0.7%), land prices (1.2%) and the stagnation of prices for commercial properties compared to Q1-2023, BAM and ANCFCC specify in a note on the overall trend of the real estate market during the first quarter of 2024.
As for the number of transactions, it marked a decline of 3.1%, covering decreases of 3.1% for residential properties and 14.8% for commercial properties. Sales of land, on the other hand, increased by 3.6%, the note said.
By asset category, residential prices increased by 0.7% compared to the same period last year, as a result of a 0.8% increase in apartment prices, a 0.1% increase in house prices and a 0.2% decrease in villa prices.
As for transactions, they fell by 3.1%, with decreases of 2.2% for apartments, 13.7 % for houses and 21.6 % for villas. For their part, land prices appreciated by 1.2%, and the number of transactions increased by 3.6%.
Regarding goods for professional use, their prices remained generally stable, with a decrease of 1.5 % for commercial premises and an increase of 6.5 % for offices.
For their part, transactions fell by 14.8%, reflecting decreases of 16.3% in sales of commercial premises and 7.5% in those of offices.
By city, BAM and ANCFCC highlight that prices increased quarter-on-quarter in Rabat and Casablanca by 1% and 0.4%, respectively. Prices stagnated in Tangier, while in Marrakech they decreased by 0.2%.
SOURCE: Morocco Diplomatic June 8, 2024.
