The Moroccan Real Estate Market in 2026: Cautious Recovery Led by Major Cities and Ongoing Gap Between Demand and Actual Purchases
The Moroccan real estate market is experiencing a varied dynamic in the first quarter of 2026, reflecting a gradual return of interest in property acquisition, amid persistent structural challenges that hinder the translation of this demand into actual transactions. According to data from Bank Al-Maghrib, the balance of housing loans reached 256.1 billion dirhams by the end of January, marking an annual increase of 3%, with the interest rate stabilizing around 4.67%. This indicates a relative improvement in financing conditions, though not sufficient to全面 stimulate the market.
In this context, real estate transactions in 2025 grew by 3.1%, suggesting a limited recovery that remains insufficient to meet the rising purchasing intentions. Data from the Sarouty.ma platform reveals a clear gap between the volume of searches for properties and the number of transactions completed, highlighting a market that is still in a phase of rebalancing between supply, demand, and financial capacity.
The data also indicates a notable concentration of demand in the urban corridor extending from Casablanca to Rabat and Tangier, confirming the continued dominance of these hubs in structuring the market. In Casablanca, demand is gradually shifting towards suburban areas such as Bouskoura and Dar Bouazza, where supply is emerging in the medium to high-end housing segment, with budgets ranging between 1.2 and 2.5 million dirhams, as families seek a balance between price, space, and quality of living.
At the same time, both Marrakech and Tangier are enhancing their appeal, particularly regarding real estate investment. In Tangier’s case, this is attributed to its industrial dynamism and prospects related to hosting the 2030 World Cup, pushing investors towards acquiring properties intended for rental or as secondary homes. These observations coincide with a significant rise in transactions in Marrakech at a rate of 24.1%, alongside other major cities.
Regarding the nature of demand, the market is trending towards a dual structure, combining family apartments of type F4 with areas ranging from 90 to 120 square meters, which meet the needs of urban families, along with studios and small apartments located in central neighborhoods like Gauthier and Racine, attracting investors seeking high returns from short-term rentals.
Moreover, the criteria for selection are undergoing a notable transformation, as elements such as natural light, availability of outdoor spaces, and proximity to essential services have become fundamental requirements rather than mere additional advantages. This is paralleled by a 15% increase in search intentions during the first quarter of 2026 compared to the same period last year, supported by a relative improvement in financing conditions, particularly with the growth of participatory financing, where the murabaha financing model saw a rise of 19.6%.
Conversely, the market is witnessing a decline in interest in older properties requiring renovations, especially in the high-end category, as buyers prefer ready-made or new products of high quality. Additionally, standards for sustainability and energy efficiency are gradually becoming decisive factors in purchasing decisions.
Despite these positive indicators, a clear gap remains between purchasing intentions and actual transactions. This is largely attributed to the slow procedures for obtaining loans, the ongoing disparity between listed prices and purchasing power, as well as the limited availability of quality offerings in certain local markets.
In conclusion, intersecting indicators from Bank Al-Maghrib and Sarouty.ma reveal that the Moroccan real estate market has entered a phase of gradual recovery, yet it remains fragile and contingent on the ability of stakeholders to address financing issues and enhance the alignment of supply with demand, amid deep shifts in buyer behavior and investment patterns.
