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%.