The same source indicates that the prices of old villas have thus fallen by 10%. As for old apartments, which represent a significant percentage of Mubawab’s overall inventory, their prices fell by 10% quarter-on-quarter. As for the year-on-year, the overall price of the old has depreciated by 4% with a drop of 1% for apartments and 10% for villas.
The downward trend also concerns the price of new construction in Q2-2022. Indeed, the overall price of new construction has depreciated by 4%, with a drop of 8% for apartments and a rise of 10% for villas. Year-on-year, however, the overall price of new homes has increased by 10% on average. “The second quarter of 2022 closes with a rise in the Mubawab Price Index (MPI) which records a 3.8% increase in value compared to May 2022. Currently, we are at the same price level as in December 2021,” reads the company’s statement.
The cities of Casablanca, Marrakech, Temara and Agadir show stability for apartments, recording price changes oscillating between -2% and +2%. For villas, it is the cities of Tangier, Agadir, Bouskoura and Kénitra which show a certain stability in prices in Q2-2022, with changes ranging between -4% and +4%.
Mubawab expects these rates to show a different behavior in the coming months. “Prices in the cities of Casablanca and Marrakech are expected to drop by 3.06% and 4.22% respectively in the month of September 2022. Conversely, prices in the cities of Agadir and Rabat will go down. record a slight variation of, respectively, +0.07% and -0.01% in September 2022”.
Since the decline in supply in Q1-2022, the trend is improving in Q2 with an increase of 13.9%. At the same time, and over the same period, demand followed the same trend as supply and recorded an increase of 10.4%. During Q2, the ratio of demand to supply is advantageous for new growth opportunities. Evidenced by Casablanca, where demand is almost 9 times greater than supply, the statement concludes.