A decline of 9.3% was observed in the first quarter
The real estate market plunges back into sluggishness. Transactions fell sharply in early 2022, reflecting the dynamics of a sector weakened by uncertain economic conditions. The trend noted by Bank Al-Maghrib and the National Agency for Land Registry, Cadastre and Cartography (ANCFCC) testifies to the malaise in real estate activity. This translates into a 9.3% contraction in real estate sales. A decline that can be observed on all segments. In fact, residential property sales fell by 15.7% in the first quarter of the year, while land sales fell by 15.7%. Professional real estate transactions followed the same trend. There is a drop of 11.9% for the first three months of the year.
Sales therefore did not benefit from the fall in prices observed over the said period. Indeed, the real estate asset price index fell by 4.9% at the end of March. A decrease resulting from the decrease of 5.8% in the residential price index, 2.9% in that of land and 8.6% in the price of goods for professional use.
By dissecting this real estate trend by city, we see a slight drop in real estate prices in Casablanca. This decline is estimated at 1% from one quarter to another. A poor performance resulting from declines of 0.1% for residential, 1.6% for land and 6.3% for assets for professional use. In addition, real estate transactions in mainland France fell by 16.2%. This contraction reflects declines in transactions of major assets. There is thus a drop of 19.1% in residential property against 15.7% in land at a time when sales of assets for professional use recovered by 2.3% in the economic capital.
On the Rabat side, the central bank and the ANCFCC observe a fall in the prices of real estate assets.
The drop is thus estimated at 1.8% covering drops in residential property and land. The prices of these assets thus fell by 1.6% and 10.8% respectively. On the other hand, the prices of assets for professional use appreciated by 14.9% in the first quarter of the year. As for transactions at the level of the same city, there is a decline of 22.6%. This drop reflects the 21.9% drop in residential property sales. This drop is much more pronounced for land. The related sales fell by 35.3% while those of goods for professional use fell by 18.2%. As for the ocher city, real estate assets improved in the first quarter. They thus marked an increase of 2% from one quarter to another.
This development is linked to the 0.3% rise in residential property prices and 3.6% in land prices. “The prices of assets for professional use having, on the other hand, fallen by 2.1%”, we note from the central bank which notes in its analysis a drop of 16.1% in real estate transactions at the level of the city. ocher. All asset classes were impacted. There is thus a drop of 16.6% in sales of residential property in Marrakech against 15.5% for land and 12.9% for property for professional use.
In Tangier, the price index fell slightly from one quarter to another. We note a drop of 0.7%, in line with the decline of 1.1% for residential and 5.7% for assets for professional use. The price of land also marked an improvement of 0.3% at the level of the city of the strait. For their part, sales fell by 5.3%, covering a decline of 5.5% in residential properties and 28.7% in goods for professional use and an increase of 11.7% in land.