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Real Estate Prices Hike in Major Moroccan Cities, Steady in Other Areas

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RABAT, MOROCCO: Real estate prices in Rabat, Casablanca, and Tangier slightly went up in 2018, while Marrakech had a sharp drop in prices.

In 2018, the Moroccan real estate sector experienced a 4.8% increase in overall transactions and stagnation of prices, according to the annual report of Bank Al-Maghrib (BAM).

The residential assets sales rose by 3.3%, while assets for professional use hiked by 9.6%, and land rates spiked by 8.7%. Prices remained steady for these three categories, according to a report presented Monday 19 August in Tetouan, before King Mohammed VI, by BAM governor Abdellatif Jouahri.

However, real estate prices in Marrakech dropped by 5.3%, the biggest fall since the introduction of the price index in 2006. Residential assets declined by 2.5%, assets for professional utilization by 1.4%, and land prices by 7.2%.

The total transactions indicated a downward trend which began in 2015, slumping by 15.7%. All three classes recorded a drop of 19.9%, 37.6%, and 0.9% respectively.

Morocco’s largest city, Casablanca, saw a slight increase in real estate prices – 1.3% overall, with residential properties representing 1.5%, and land increase of 0.9%, while professional assets depreciated by 1.2%.

Real estate transactions in Casablanca fell by 3%. The drop was because of the 6.6% decline in residential sales. However, land and business asset transactions rose by 8.6% and 16.7%, respectively.

In Tangier, both prices and transactions increased by 16.5% for residential sales and 1.8% in prices.

Rabat, the country’s capital, saw an improvement in prices by 3.6% last year after dropping by 1.1% in 2017.

There was a decrease of 3.8% for residential properties, 8.5% for land, and 1% for business assets. Sales rose by 25.8% for real estate and 26.1% for residential, while those for business property plummeted by 4.8%.

Source Link: https://www.moroccoworldnews.com/2019/08/281000/real-estate-prices-morocco/

About the author

Ezra Ondara

Ezra Ondara

Ezra Ondara is a freelance writer and journalist with a keen interest digital marketing, finance, real estate and insurance. He has a nose for news in these key areas and is determined to keep online readers and enthusiasts up to date with real stories as they happen from all around the globe. When he’s not poking his nose into the business world, he will be watching the Premier League over the weekend or out of town with his family.

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