Real estate sales contracted by 13.8% quarter-on-quarter and 3.1% year-on-year.
Decryption : In their quarterly monitoring of the real estate market, Bank Al-Maghrib and the ANCFCC observe a mixed trend in the sector marked by a consistent drop in real estate transactions and a moderate increase in the prices of real estate assets in the first three months of the year.
The Moroccan real estate market is in decline in the first quarter of the year. This is evidenced by the findings of Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC). The two institutions observe a mixed trend in the sector in their publication on the real estate asset price index.
This is illustrated by a consistent decline in real estate transactions during the first three months of the year accompanied by a moderate increase in real estate asset prices. These differentiated developments reflect the slowdown in activity in the various real estate segments. In detail, real estate sales contracted by 13.8% quarter-on-quarter and by 3.1% year-on-year. The real estate asset price index, in parallel, posted a quarterly increase of 0.4%.
It also increased by 0.8% compared to the same period of the previous year. By analyzing these developments, Bank Al-Maghrib and ANCFCC indicate that the quarterly decline in sales reflects a decline of 14.3% in sales of residential properties. This results from the decline of 13.9% in apartment transactions, 21.3% in house transactions and 18.5% in villa transactions.
Land transactions fell by 10.4% compared to 17% for commercial properties following a 19.9% drop in sales of commercial premises and a 1.6% drop in office properties. Year-on-year, the observed decline covers the 3.1% drop in sales of residential properties following a 2.2% drop for apartments, a 13.7% drop for houses and a 21.6% drop for villas. Sales of commercial properties fell by 14.8% compared to the same period last year. In this sense, there was a 16.3% drop in sales of commercial premises and a 7.5% drop in sales of offices.
At the same time, land sales increased by 3.6% compared to the same period last year. As for real estate asset prices, the increase observed quarter-on-quarter is the result of a 0.2% increase in residential prices and a 2.6% increase in commercial property prices. Land prices, for their part, decreased by 0.1%. Year-on-year, residential prices increased by 0.7%. There was also a 1.2% increase in land prices at a time when commercial property prices stagnated compared to the same period last year. Regionally, real estate market trends show an 1% increase in asset prices in Rabat. This increase follows a 0.9% increase in residential property prices and a 9.8% increase in commercial property prices. Land prices, for their part, fell by 3.5%. In terms of sales, transactions fell by 18.2% in Rabat following a drop of 18.5% in sales of residential properties, 30.2% in land and an increase of 10.3% in assets for professional use.
In Casablanca, real estate asset prices posted an increase of 0.4%. This breakdown results from the increase of 0.4% in residential prices and 4.5% in commercial property at a time when land prices fell by 4.9% in the metropolis. Sales fell by 23.2% following the decline of 25.3% in residential transactions, 7.5% in land and 19.5% in commercial property. In Marrakech, prices fell by 0.2% following the decline of 1.4% in land. At the same time, there was an increase of 0.3% in the prices of residential properties and 3.9% in assets for professional use. Real estate sales in the ochre city, for their part, fell by 28.4% following the drop of 32.4% in sales of residential properties, 16.5% in that of land and 16.5% in that of assets for professional use.
The real estate trend in the city of Tangier shows a stagnation in asset prices. This is due to a 1.4% drop in land prices and a 5% drop in professional assets and a stagnation in residential. Sales recorded a 12.8% drop following declines of 14.7% for residential, 2.5% for land and 10.7% for professional assets.
Source: www.aujourdhui.ma, article from JUNE 10, 2024.
