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Morocco property prices up 2.4% in Q3

24 Nov 2010

(MENAFN) Bank Al-Maghrib, Morocco’s central bank, said that annual growth of property prices in the kingdom has nearly doubled during the third quarter, fuelled mainly by higher prices for middle-class apartments, Reuters reported.

Compared to levels a year earlier, the index rose 2.4 percent in the third quarter compared to 1.4 percent in the second quarter, Bank Al-Maghrib said in a note.

On a quarterly basis, the index was up 2.4 percent for the July-September period of this year compared to 1.1 percent rise in the previous quarter, it added.

Apartment prices rose 3.5 percent annually in the third quarter, while the prices of villas fell 4 percent and those of detached homes were flat, the bank said. Apartment purchases accounted for 89 percent of home sales during the third quarter.

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