During the second quarter of 2020, the price of property assets index (IPAI) fell by 3.3% compared to the previous quarter, covering decreases of 3.8% for residential prices, 3% for those of land and 0.9% for those of business use, Bank Al Maghrib said Thursday.
In a publication tracing the overall trend of the real estate market during the 2nd quarter of 2020, Bank Al Maghrib notes that the volume of transactions recorded a decline of 42.8%. This decline reflects the fall in sales of all categories, i.e. 38.2% for residential, 53.7% for land and 54.2% for goods for professional use.
The same source added that year-on-year prices fell by 3.3%, with declines of 4% for residential assets, 2.7% for land and 1.3% for business use goods. It noted that the number of transactions fell by 56.1% compared to the same quarter last year, as a result of declines of 55.3% for residential, 59.1% for land and 57.2% for business use goods.
In terms of asset categories, the residential prices decreased by 3.8% compared to the same quarter last year, reflecting declines in all asset categories with rates of 3.7% for apartments, 5.1% for houses and 0.8% for villas, the Central Bank said. It noted that the volume of transactions fell by 38.2%, as a result of the declines in sales of apartments by 37.2%, houses by 59% and villas by 17.9%.
Bank Al Maghrib further reports that year-on-year prices depreciated by 4%, in connection with the 3.7% decline in prices of apartments, 6.7% for houses and 3.1% for villas.
Sales fell by 55.3%, with decreases of 54.9% for apartments, 66.6% for houses and 44.5% for villas.
As for land, compared to the previous quarter, land prices decreased by 3% and transactions fell by 53.7%. As for the year-over-year change in land prices, land prices declined by 2.7% and the number of transactions fell by 59.1%.
An analysis of the real estate market trend by city shows that in Rabat, prices fell by 5.9% quarter-on-quarter, with declines of 6.7% for residential and 10% for business properties, while land prices increased by 3.8%.
In Casablanca, prices fell by 2.5% quarter-on-quarter, covering a 3.4% drop in residential prices and increases of 1.3% for land and 3.3% for business goods.
Sales declined by 27.4%, reflecting decreases of 21.8% for residential goods, 47.9% for land and 49% for business goods.
Bank Al Maghrib notes that in Marrakech, prices recorded a decline of 3% in the second quarter of 2020, as a result of decreases of 2.6% for residential, 4.7% for land and 2.7% for goods for professional use.
As for transactions, they contracted by 39.6%, reflecting declines in all categories, including 25% for residential, 68.6% for land and 54.1% for goods for professional use.
This downward trend was also observed in Tangiers, where the price index fell by 6.5%, reflecting price declines for all categories, i.e. 8.7% for residential goods, 5.1% for land and 8.1 for goods for professional use.
Similarly, sales fell by 40.2%, the result of declines of 38.8% for residential, 41.7% for land and 53.4% for business goods.
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