Real Estate sector booming in Fez and Mohammedia

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Fez and Mohammedia are experiencing unprecedented rush in real estate demand particularly during the month of July.

Real Estate sector booming in Fez and Mohammedia

Real Estate sector booming in Fez and Mohammedia

On the seventh month of the year, Fez, the spiritual capital of Morocco has seen the demand for real estate purchase climb 22% while increase in Mohammedia comes around 15% increase in late July. This growth is justified by the enthusiasm of Moroccans living abroad for acquiring properties during the summer.

Additional factor sustaining the growth of demand for real estate expansion in Fez and Mohammedia are the socio-economic development observed in the two cities and the operation of many diverse real estate deals and convenience of price falls.  A square meter in Mohammedia moved downward showing a decline of 6.91% and passing below the DH10, 000, same with Fez where the square meter dropped to DH 5.756.

The movement in domestic demand for apartments is also observed, showing an improvement of 8% for rental and 7% for purchase in late July. Furthermore, Moroccans have expressed a renewed confidence for the villas.

By district, the Downtown and Gauthier would have seen during the same month a decline in the price per square meter of 4.25%. But prices have soared in four areas of the city where the square meter posted respective increases of 6.33%, 3.04%, 2.65% and 3.06%. Soaring prices per square meter was observed at Tangier with the average monthly rate recorded is 3%, or for a value of 10,865 dirham. The boost also reached to Agadir at 3.07% worth 12,775 dirham, while Rabat was valued at 0.8% or 15,846 dirham per square meter.  In the Southern region, particularly in Marrakech and Essaouira, the price per square meter ranges from 11,300 – 13,236 dirham.

Mohamed Dekkak