SAccording to data jointly developed by Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Mapping (ANCFCC), the real estate asset price index (IPAI) fell by 0.2% compared to in the previous quarter.
Market segments have evolved in disparate ways. Residential stagnated overall, although houses recorded an increase of 0.6%, offset by declines of 0.9% for villas. As for land, their prices fell by 0.4%. The segment of goods for professional use was the most affected, with a decrease of 0.7%, particularly offices (-4%).
On an annual basis, the IPAI decreased by 0.4%, a trend attributed to falling prices in all categories: -0.5% for residential property, -0.6% for land and -0. 9% for professional goods.
The number of transactions fell 28.9% quarter-on-quarter, a trend that reflects a decrease of 30.4% for residential, 15.9% for land, and 41.1% for commercial property.
Year-on-year, the picture is just as gloomy with a 13.1% drop in overall transactions. Residential sales fell by 14.8%, while those of professional goods fell by 29.2%. Against the trend, land sales increased by 3.4%, a rare positive note in this difficult context.
Moroccan cities showed divergent trends. In Rabat, prices fell by 0.6%, with a marked decline in professional assets (-7.5%), while sales fell by 25.1%. Casablanca also experienced a contraction in prices (-1%) and transactions (-30.1%).
Marrakech was particularly affected, with a 53.5% drop in transactions, despite a slight increase in prices for land (+0.1%) and professional assets (+1%). Tangier, on the other hand, recorded a marginal increase of 0.1% in prices, but a decrease in transactions of 9.6%.
