Casablanca – The Moroccan real estate market experienced a notable year in 2024, marked by stable property prices and a significant increase in transaction volumes. According to a joint study by Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre, and Cartography (ANCFCC), the Real Estate Price Index (IPAI) remained steady compared to 2023, despite minor fluctuations across different asset categories.

Stable prices with slight variations

The overall price stability in 2024 can be attributed to balanced supply and demand, with variations observed in specific segments:

  • Residential property prices remained unchanged on average.
  • Land prices increased by a modest 0.1%.
  • Commercial and office property prices declined by 0.1%.

However, in the fourth quarter of 2024, the IPAI recorded a year-on-year increase of 0.8%, driven by:

  • A 1.1% rise in residential property prices.
  • A 1% increase in land prices.
  • A slight 0.1% uptick in commercial property prices.

Surge in transactions across all segments

While prices remained stable, the number of real estate transactions saw a remarkable surge of 5% throughout 2024:

  • Residential property sales increased by 5.2%.
  • Land transactions rose by 5.8%.
  • Commercial property deals grew by 1.9%.

The fourth quarter was particularly dynamic, witnessing a sharp 17.7% increase in transactions, supported by:

  • An 18.9% rise in residential property sales.
  • A 16.5% growth in land transactions.
  • A 10.8% increase in commercial property deals.

Breakdown by property type

Within the residential sector, the slight price increase of 1.1% was driven by:

  • A 1.1% increase in apartment prices.
  • A 1.3% rise in house prices.
  • Stable villa prices.

Transaction volumes surged in this segment, with:

  • Apartment sales up by 19.5%.
  • House sales increasing by 6.8%.
  • Villa sales rising by 16.9%.

For commercial real estate, prices inched up by 0.1%, with office and retail space showing similar growth. However, transactions saw a significant jump of 10.8%, notably:

  • A 61% increase in office sales.
  • A 1.2% rise in retail space transactions.

Regional variations in market performance

Real estate price trends varied across major Moroccan cities:

  • Rabat: Prices rose by 0.3%, though transactions declined by 3.2%.
  • Casablanca: Prices dropped by 0.2%, while transactions grew by 2.6%.
  • Marrakech: Prices increased by 1%, with transaction volumes rising by 4.2%.
  • Tangier: Prices saw a slight 0.1% decrease, but transactions surged by 14.3%.

Outlook for 2025

With strong demand and an evolving market, Moroccan real estate is showing resilience, even as prices remain largely stable. The significant rise in transaction volumes suggests potential price increases in 2025, particularly in the residential and land segments. However, the trajectory will depend on interest rate movements and broader economic conditions at both national and international levels.

As Morocco’s real estate sector adapts to market dynamics, investors and homebuyers are likely to benefit from continued opportunities, especially in cities witnessing strong transaction growth. The coming months will determine whether the momentum in sales translates into sustained price appreciation.