Moroccan Property Prices Edged Up 0.7% in Q2 While Transactions Rose 6.3%
Morocco's IPAI property price index rose 0.7% year on year in the second quarter of 2026, while transaction volumes climbed 6.3% and apartments led at 1.1%.
Morocco's real estate asset price index, the IPAI compiled jointly by the central bank Bank Al-Maghrib and the land registry agency ANCFCC, rose 0.7% in the second quarter of 2026 — the same figure against the previous quarter and against Q2 2025. Volumes told a livelier story: transactions were up 6.3% year on year and 11% on the quarter. The release was reported on 28 August.
A market where activity grows nine times faster than prices is one where liquidity is returning without valuation pressure. For a yield-focused buyer, that is a more attractive configuration than the reverse.
Residential leads a narrow field
By asset class, residential prices rose 1% over the year, land 0.3% and professional-use property 0.6%. Within residential the components diverged: apartments gained 1.1% while houses fell 0.7% and villas fell 0.3%.
The volume split is more dramatic. Residential transactions rose 3.9% and land 4.1%, but professional-use transactions jumped 31.9%. Commercial and office activity in Morocco is expanding from a small base far faster than the housing market, and it is doing so without pulling residential prices with it.
Marrakech in the middle of the pack
On quarterly city price moves, Tangier led at 2.3%, followed by Rabat at 1.9%, Fès at 1.7% and Kénitra at 0.7%. Casablanca and Marrakech both added 0.5%. Meknès and Oujda each fell 0.9%, while Agadir and El Jadida were flat.
Marrakech, the city most exposed to international buyers, is therefore neither leading nor lagging — a notably undramatic outcome for a market often discussed in terms of foreign-demand surges.
Where Glopra has Morocco, and why the numbers differ
Our market file carries Morocco at $1,350 per square metre nationally with a gross rental yield of 7.31%, and Marrakech at $1,729 per square metre on 8.25% — among the highest gross yields in our entire coverage. Bubble Risk scores are 16 nationally and 8 for Marrakech, both firmly in the low band and the least stretched valuations we track anywhere.
One discrepancy deserves to be stated plainly rather than smoothed over. Glopra's stored annual price change for Morocco is −0.4% nationally and −1.5% for Marrakech, drawn from the previous IPAI vintage at our 23 July snapshot. The Q2 release published this week points mildly the other way. Our file will pick up the newer reading at the next data round; until then, the honest summary is that Moroccan prices have been oscillating within roughly a percentage point of flat for several quarters.
The investment case, such as it is, rests on income rather than appreciation: gross yields above 7%, an effective tax on rental income of 11.3% in the standardised non-resident case, and transaction costs near 10.3%. Against that sit the practical frictions — title and registration complexity, currency convertibility rules, and a rental market whose depth outside Casablanca, Rabat and Marrakech is limited.
Sources: TelQuel, reporting the Bank Al-Maghrib / ANCFCC IPAI release, 28 Aug 2026 https://telquel.ma/instant-t/2026/08/28/immobilier-lindice-des-prix-des-actifs-en-hausse-de-07-au-2e-trimestre-2026_2004597