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Morocco's Existing‑Home Prices Slip 0.4% in Q1 2026, Transactions Drop Sharply
The Moroccan real‑estate price index (IPAI) posted a modest 0.4 % decline in the first quarter of 2026, signalling the first annual dip since the pandemic era. Both residential properties and land values fell, while professional‑use assets held relatively steady. Transaction activity worsened dramatically, with overall sales down more than nine percent and city‑level deals collapsing in the major hubs of Rabat, Casablanca, Marrakech and Tangier. The slowdown reflects broader macro‑economic pressures and a cautious buyer sentiment, raising questions about the near‑term health of the property market and its spill‑over effects on construction and financing sectors.
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Key figures for Q1 2026
The Moroccan real‑estate price index (IPAI) slipped 0.4 % year‑on‑year in the first quarter of 2026, according to data released by Bank Al‑Maghrib (BAM) and the National Agency for Land Registration, Cadastre and Cartography (ANCFCC).
Break‑down by asset type:
- Residential properties: –0.6 %
- Land parcels: –0.6 %
- Professional‑use assets: –0.1 %
Transaction volume: overall sales fell 9.3 %, with the biggest drops in the residential segment (‑10.7 %) and land (‑6.8 %). Professional‑use transactions were down 3.6 %.
City‑level price movements
Price declines were most pronounced in the capital:
- Rabat: –4.7 %
- Casablanca: –2.7 %
- Marrakech: –1.5 %
- Tangier: –3.9 %
Transaction numbers also plummeted, especially in Rabat (‑55.4 %) and Marrakech (‑53.3 %). Casablanca and Tangier saw declines of 37.8 % and 36.4 % respectively.
Quarter‑over‑quarter trends
Compared with Q4 2025, the IPAI fell another 2.4 % on a quarterly basis, driven by a 3 % drop in both residential and land prices and a 0.8 % dip for professional assets.
Sales volume contracted by 40.2 % overall, with residential sales down 38.4 %, land transactions down 45.9 % and professional‑use sales down 40.2 %.
These figures suggest a cooling real‑estate market, likely to pressure developers and mortgage lenders in the months ahead.