Casablanca – Morocco’s real estate market recorded a recovery in activity during the second quarter of 2026, with the number of property transactions increasing significantly after a sharp contraction at the beginning of the year. The improvement was accompanied by a moderate rise in property prices, indicating stronger market activity without a comparable acceleration in property values.

According to the latest property asset price data from Bank Al-Maghrib and Morocco’s National Agency for Land Conservation, Cadastre and Cartography, the national real estate price index increased by 0.7% between the first and second quarters of 2026. The index was also 0.7% higher compared with the second quarter of 2025.

The second-quarter increase covered the three main categories tracked by the index. Residential property prices rose by 1% compared with the previous quarter, while land prices increased by 0.6%. Prices for properties intended for professional use climbed by 0.4%.

Transaction activity recorded a stronger improvement than prices. The total number of real estate transactions increased by 11% between the first and second quarters. Residential transactions rose by 6.3%, land transactions increased by 21.8%, and transactions involving professional-use properties climbed by 23.5%.

The rebound came after a particularly weak first quarter, when total real estate transactions declined by 40.2%. As a result, the second-quarter improvement did not fully compensate for the earlier contraction. Taking the two quarterly movements together, transaction volumes remained roughly 34% below their level at the end of 2025.

The figures point to an early recovery rather than a complete return to previous market conditions. The increase in transactions indicates that buyers and sellers became more active between April and June, while the relatively modest increase in prices suggests that stronger activity has not yet produced widespread price pressure.

Residential real estate remained an important part of the market, although developments varied considerably according to property type. On a quarterly basis, overall residential property prices increased by 1%. Apartment prices rose by 1%, house prices increased by 0.3%, and villa prices recorded a stronger increase of 3.3%.

The number of residential transactions also improved during the quarter. Apartment transactions increased by 5.2%, house transactions rose by 25.4%, and villa transactions jumped by 34%.

The annual comparison provides a more mixed picture. Apartment prices increased by 1.1% compared with the second quarter of 2025, while house prices declined by 0.7% and villa prices fell by 0.3%.

Residential transaction volumes were 3.9% higher than a year earlier. Apartment transactions increased by 4.6%, but house transactions declined by 5.6% and villa transactions fell by 7.1%. This suggests that part of the strong quarterly rebound in houses and villas reflects a recovery from the weak first quarter rather than a return to annual growth across all residential categories.

Land was one of the most active segments during the second quarter. Transactions involving land increased by 21.8% compared with the first quarter, while land prices rose by 0.6%. On an annual basis, land prices increased by 0.3% and the number of transactions rose by 4.1%.

The professional-use property segment recorded the strongest annual increase in transaction activity. Transactions in this category increased by 31.9% compared with the second quarter of 2025 and by 23.5% compared with the previous quarter.

Prices for professional-use properties increased by 0.6% year-on-year and by 0.4% quarterly. Within the segment, commercial property prices increased by 0.4% annually, while office prices rose by 2.9%.

Transaction activity was particularly strong in both categories. Commercial property transactions increased by 30.8% annually and by 24.3% quarterly. Office transactions rose by 36.7% compared with a year earlier and by 20.5% from the previous quarter. On a quarterly basis, office prices increased by 5.3%, while commercial property prices remained broadly stable.

The performance of the real estate market also differed significantly between major Moroccan cities. Tangier recorded the strongest quarterly increase in property prices among the cities included in the data, with the index rising by 2.3%. Rabat followed with an increase of 1.9%, while Fez recorded growth of 1.7%. Kenitra posted a 0.7% increase, while Casablanca and Marrakech each recorded a 0.5% rise.

In contrast, property prices declined by 0.9% in both Meknes and Oujda. Markets in Agadir and El Jadida remained broadly stable during the quarter.

Transaction activity showed similarly varied developments. Rabat recorded a particularly sharp 61.2% increase in transactions during the second quarter. Agadir followed with a 30.1% increase, while Marrakech recorded growth of 18.3%. Transactions increased by 16.5% in Fez and 15% in Oujda.

Casablanca experienced a more limited increase of 4.4%, while Meknes recorded a 4% decline in transaction activity.

The differences between cities indicate that the national recovery is developing at different speeds across Morocco. Local supply and demand conditions, financing costs, household purchasing power and the type of properties being traded can all affect market performance.

Despite the improvement in transactions, the national increase in property prices remains moderate. The overall index rose by 0.7% during the second quarter, while annual growth was also 0.7%. Residential property prices recorded the largest quarterly increase among the three main categories, at 1%, followed by land at 0.6% and professional-use properties at 0.4%.

The stronger increase in transaction volumes compared with prices suggests that the second-quarter improvement has so far been driven more by increased market activity than by a sharp rise in property values. This distinction is particularly important given the substantial decline recorded during the first quarter.

The property price index is compiled jointly by Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Cartography. The methodology uses a repeat-sales approach, focusing on properties that have been involved in at least two transactions during the period under review. This method is designed to limit the impact of differences in property characteristics when measuring price movements.

The second-quarter figures therefore show that Morocco’s real estate market regained some momentum after a difficult start to 2026. Transaction volumes increased across most categories, with particularly strong growth in land and professional-use properties, while price increases remained relatively contained.

The recovery is nevertheless incomplete. The 11% quarterly increase in transactions followed a 40.2% decline in the first quarter, leaving activity below its level at the end of 2025. The performance of the market during the remainder of 2026 will depend on whether stronger transaction activity can be sustained and whether financing conditions, household purchasing power and property supply allow demand to continue recovering.

For now, the available data point to a market that is becoming more active, but where the recovery remains uneven across property categories and cities. Prices have increased moderately, while the number of transactions has recorded a considerably stronger rebound, particularly outside the residential segment.