The figure is striking enough to attract attention: in the first quarter of 2026, the number of property transactions recorded in Marrakech fell by 51.5% compared with the final three months of 2025.
Over the same period, prices fell by 1.5%.
These data, published jointly by Bank Al-Maghrib and the National Agency for Land Registration, Cadastre and Cartography, show a markedly less active market at the beginning of the year. They do not, however, indicate a general collapse in prices.
The contrast is indeed striking: sales almost halved from one quarter to the next, while the average value of properties actually sold adjusted only modestly.
A marked decline in transactions in the first quarter
In detail, transactions involving residential properties in Marrakech fell by 53.3% between the fourth quarter of 2025 and the first quarter of 2026.
Land sales fell by 45.3%, while sales of commercial properties declined by 49.7%.
Prices followed a far less abrupt trend. The overall index fell by 1.5%, with a 3.5% decline for residential properties and 1.4% for land. By contrast, prices for commercial properties rose by 1.3%.
| Marrakech market | Change between Q4 2025 and Q1 2026 |
|---|---|
| All transactions | −51.5% |
| Residential transactions | −53.3% |
| Land transactions | −45.3% |
| Prices of all properties | −1.5% |
| Residential property prices | −3.5% |
| Land prices | −1.4% |
These figures measure changes in officially recorded transactions. They do not correspond either to the number of listings published or to the asking prices set by owners on property portals.
This distinction is important. An advertised price may remain unchanged for several months, while the price actually accepted at sale is lower. Conversely, certain rare or particularly well-located properties may be negotiated without a significant discount, even when overall activity slows.
A weak quarter is not enough to signal a crisis
Comparing the first quarter of 2026 with the final quarter of 2025 provides a true picture of the slowdown, but this comparison must be put into context.
The end of 2025 had been relatively buoyant nationally. In the fourth quarter, the number of transactions had risen by 18.4% compared with the previous quarter. It is therefore unsurprising that the transition to a less active start to the year produced a particularly marked gap.
The first quarter is also regularly less active than the final months of the year.
A year earlier, between the fourth quarter of 2024 and the first quarter of 2025, transactions had already fallen by 30.2% in Marrakech. Prices had then declined by 2.3%.
This does not mean that the decline observed in 2026 is insignificant. A fall of 51.5% remains very substantial. Above all, it shows that two overly hasty interpretations should be avoided: that of a market performing perfectly well, and the opposite view of a market in complete collapse.
The reality lies somewhere between the two. Activity is slowing sharply, but sellers have not yet adjusted their expectations to the same extent.
Why are prices falling more slowly than sales?
In a property market, transaction volumes often react before prices.
When an owner considers the offers received too low, they may withdraw the property from sale, postpone their plans or wait several months. The property does not change hands, but its official price does not necessarily fall.
The market then becomes more stagnant than it corrects.
This phenomenon is particularly evident when sellers are not under pressure to sell quickly. An owner with neither an urgent loan to repay nor a new project to finance may prefer to wait rather than accept a substantial reduction.
In Marrakech, this behaviour is common among villas, riads and certain apartments held as second homes or long-term assets. Part of the supply therefore remains available for a long time, sometimes at values that no longer fully correspond to offers made by buyers.
The decline in the number of sales therefore does not automatically mean that all owners have halved their prices. It means first and foremost that far fewer buyers and sellers have managed to reach an agreement.
Not all properties are affected in the same way
The index published by Bank Al-Maghrib and the ANCFCC provides an overall trend. It does not make it possible to determine the exact change in price of a villa in Amelkis, an apartment in Hivernage or a riad in the medina.
Marrakech’s property market is too fragmented to be summed up by a single percentage.
A recent apartment, well located, properly maintained and offered at a realistic price may still find a buyer quickly. Conversely, a poorly presented property, one with legal complexities or one listed far above comparable sales may remain on the market for months.
The same differences exist between neighbourhoods.
Central areas such as Guéliz and Hivernage respond to different demand from that seen on the Route de l’Ourika, in Targa, in the Palmeraie or around the golf courses. Budgets, buyer profiles and property uses are not the same.
Location quality is not enough either. At an equivalent price, buyers now compare more closely the condition of the property, service charges, construction quality, renovation potential and ease of a potential resale.
The market is becoming more selective.
Do buyers have greater negotiating power?
The current slowdown gives buyers greater room for negotiation, but not on every property.
An apartment that has been on the market for a long time, requires work or is offered at a price clearly above comparable sales generally allows greater scope for negotiation.
The situation differs for a rare property with a clear title deed, a good location and an appropriate valuation from the moment it is put on the market. For this type of property, several buyers may still come forward, limiting the scope for negotiation.
The figure of 51.5% should therefore not be used as a simplistic argument to request a substantial reduction on any property.
It indicates that the market is less fluid. It does not prove that every property is overpriced or that every seller is prepared to concede.
For a buyer, the best approach is to examine comparable sales, time on the market, the property’s actual condition and the owner’s circumstances. The asking price is only a starting point.
Sellers need to review their strategy
For owners, the main lesson from the start of the year is quite clear: an excessive price now results in a longer selling period.
When transactions slow, buyers have more time to compare. They quickly spot listings that have been online for several months, unflattering photographs, contradictory information and repeated price changes.
A property priced correctly from the outset retains an important advantage.
Conversely, starting at a very high price in anticipation of substantial negotiation can produce the opposite effect to that intended. The property misses the first weeks of marketing, which are generally the most important, and then begins to appear stale in the eyes of the market.
Presentation also plays a greater role in a slower market. Professional photographs, a prepared legal file and a precise description do not replace a good price, but they prevent a property from being eliminated at the first stage of selection.
New-build properties are not causing a broader price decline either
The slowdown does not concern older properties alone.
Nationally, the new-build market continues to face a gap between development launch prices and the financial means of some buyers. At the same time, rising construction, energy, materials and labour costs limit developers’ ability to reduce their prices substantially.
This situation sustains a degree of rigidity.
Buyers consider certain prices too high, but developers do not always have sufficient margin to reduce them. The result is not necessarily a fall in values, but longer selling periods and lower levels of activity.
In Marrakech, where demand includes primary residences, rental investment, second homes and high-end property, this tension may take very different forms depending on the development.
A market that has become more demanding
The figures for the first quarter of 2026 do not justify announcing a property market crash in Marrakech. Nor do they justify ignoring the slowdown.
The number of transactions has fallen sharply. Prices have begun to adjust, but far less quickly than activity. This gap reveals a market in which buyers and sellers are finding it harder to reach agreement.
For buyers, the period may offer better opportunities for negotiation, provided they assess each property individually rather than relying on an overall percentage.
For owners, it requires more rigorous valuation and better-prepared marketing. Properties of genuine quality continue to attract interest. Others must now contend with more visible competition and more discerning buyers.
The Marrakech market has not come to a standstill. It has simply become less forgiving of poorly positioned prices.
The data presented in this article correspond to the information available on its publication date. The property asset price index measures changes in recorded transactions and does not constitute an individual valuation of each property.
Sources
- Property Asset Price Index – first quarter 2026, ANCFCC and Bank Al-Maghrib
- Property Asset Price Index publications – ANCFCC
- Property Asset Price Index – first quarter 2025
- Property: new-build does not take over from existing homes – Médias24
- Property in Morocco: price index falls in the first quarter of 2026 – LesEco
