After two years of significant turbulence, demand for real estate in Morocco showed signs of resilience in 2024, before encountering a sharp slowdown in transactions in 2025. Behind the overall stability of prices, official data reveals segmented, urban demand that is increasingly constrained by financing and available supply.
Reading Morocco’s real estate statistics requires a clear distinction between expressed demand and demand that is actually fulfilled. In 2024, official indicators show a market characterized by near price stability, but also by real demand concentrated in certain segments and cities.
In 2025, this demand was met with a marked slowdown in transactions, revealing less a collapse in real estate appetite than a blockage in the conditions for taking action. The figures published jointly by Bank Al-Maghrib and the ANCFCC allow these developments to be interpreted without ambiguity.
Sustained but highly targeted residential demand
Official data confirms that demand for real estate in Morocco remains primarily residential. In 2024, residential properties accounted for more than 60% of recorded transactions, according to statistics from the land registry. This demand was mainly focused on apartments, particularly medium-sized apartments, which are suited to the finances of urban households.
Prices, as measured by the Real Estate Asset Price Index (IPAI), remained broadly stable throughout 2024, with limited annual variations, generally below 1%.
This stability reflects a fragile balance between real demand and a supply that is struggling to adjust, particularly in large urban areas. The cities of Casablanca, Rabat, Tangier, and Marrakech account for most of this demand, in line with demographic trends, employment, and economic attractiveness.
This pattern confirms that demand is not disappearing, but is shifting toward specific market segments, leaving behind properties that are too expensive or ill-suited to the current needs of households.
2025: a decline in transactions, a symptom of constrained demand
While demand for real estate remains noticeable, 2025 marks a clear break in terms of transactions. According to quarterly reports from Bank Al-Maghrib and the ANCFCC, the overall volume of real estate sales in the first half of 2025 recorded a double-digit decline year-on-year. This decline affects all segments, with a particularly marked contraction in the residential sector.
This slowdown cannot be explained by a sharp fall in prices (which remain stable overall), but rather by tighter financing conditions and increased caution among households.
Monetary data shows moderate growth in real estate lending, which is insufficient to absorb latent demand.
In other words, demand exists, but it is being held back. This situation is creating a wait-and-see market, where buyers and sellers are delaying their decisions, accentuating the decline in volumes without causing any significant price adjustments.
Rental demand more dynamic than purchase demand
In this environment, the rental market appears to be a natural refuge for demand. Sector data available for 2024 indicate moderate but steady growth in rental demand, particularly in large cities and tourist centers. This trend is consistent with the decline in purchase transactions observed in 2025.
Households facing financing constraints are favoring rental properties, while some investors are shifting their strategies toward assets that generate rental income. This trend applies to both apartments and certain types of urban villas.
Rental demand is thus becoming a leading indicator of pressures in the residential market, reflecting economic trade-offs rather than a lack of interest in housing.
What the figures show: real demand, but structurally constrained
A cross-analysis of data published by Bank Al-Maghrib and the ANCFCC reveals a clear diagnosis: the Moroccan real estate market is not facing a disappearance of demand, but an erosion of solvent demand.
The stability of the Real Estate Asset Price Index in 2024, extended by limited variations in 2025, contrasts sharply with the marked contraction in transaction volumes observed over several consecutive quarters.
This discrepancy reflects a phenomenon that is now well recognized by professionals in the sector: a significant proportion of households remain in a wait-and-see mode, not because of a lack of interest in buying real estate, but because of increased financial constraints, particularly in terms of credit. The available monetary data show a moderate increase in outstanding mortgage loans, which is insufficient to offset the decline in the number of deeds registered by the land registry.
In this context, the absence of any significant price correction suggests that supply has not adjusted to the decline in transactions, reinforcing a wait-and-see attitude on both sides of the market. Sellers are maintaining their price levels, while buyers are delaying their decisions, hoping for an improvement in financing conditions or an adjustment in supply.
The figures available for 2024–2025 thus paint a picture of a real estate market under pent-up tension, characterized by very real demand but held back by structural rather than cyclical factors, particularly in large urban areas where housing needs remain high.