Hibapress
The real estate asset price index (IPAI) fell by 0.4% year-on-year in the second quarter of 2024, Bank Al-Maghrib (BAM) and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC) reported.
This decline is linked to the 0.6% drop in the prices of residential properties and land, BAM and ANCFCC specify in a note on the overall trend of the real estate market in Q2-2024, noting, on the other hand, a 0.4% increase in the prices of properties for professional use.
As for the number of transactions, it showed an increase of 12.1%, covering increases of 11.1% for residential and 25.6% for land, the same source said. Conversely, sales of goods for professional use showed a decrease of 2.3%.
On a quarterly basis, the real estate asset price index recorded stagnation in the second quarter of 2024, covering a 0.5% increase in land prices, stability in residential prices and a 0.3% decrease in commercial property prices.
At the same time, the number of transactions decreased by 8.2% with falls of 6.7% for residential properties, 10.2% for land and 15.9% for properties for professional use, the note specifies.
By asset class, residential prices fell 0.6% year-on-year, driven by price declines of 0.4% for apartments, 2% for houses and 1% for villas.
On the other hand, transactions increased by 11.1%, with increases of 11.8% for apartments and 1.1% for houses and a decrease of 2.6% for villas.
As for commercial properties, prices increased by 0.4%, with an increase of 0.2% for commercial premises and 0.7% for offices. For their part, transactions fell by 2.3%, reflecting a 3% decrease in sales of commercial premises and a 1% increase in those of offices.
By city, the IPAI recorded quarterly increases ranging from 0.1% in Oujda to 1.4% in Agadir, stagnations in Rabat and Fez and decreases varying between 0.4% in Meknes and 1% in Tangier.
Developed jointly by BAM and the ANCFCC, the IPAI is calculated using the repeat sales method, which addresses the problem of heterogeneity of real estate assets. This method only takes into consideration properties that have been the subject of at least two transactions during the period in question.
