On 27 August, Bank Al-Maghrib and ANCFCC released the IPAI note for the second quarter of 2026. It is the document I read most in this job, because it separates what is actually happening from what people say is happening. And this time the tone changes: after a first quarter of correction, sales have reacted.
At the agency we felt it before the index did. In April, the calls that had frozen in January started again, scheduled viewings actually showed up, and several buyers who were "waiting for prices to drop further" sat down to negotiate. Now the numbers confirm it. Let me walk you through them calmly, because this quarter has real substance.
The note that changed the conversation
Let's remember where we started. The Q1 2026 IPAI was one of those scary ones: prices down 2.4% over the quarter and transactions collapsing 40.2% versus the end of 2025. I analysed that quarter in the previous instalment of this series, when everyone was asking whether this was the start of a long slide.
The second quarter answers with data: the overall price index rose 0.7% from the previous quarter, and the number of transactions grew 11%. Year on year (compared with Q2 2025), prices are also up 0.7% and sales up 6.3%. This is not a market in overdrive: it is a market that has stopped falling and got its activity back.
The Q2 2026 IPAI in one table
| Segment | Prices (quarterly) | Prices (yearly) | Transactions (quarterly) | Transactions (yearly) |
|---|---|---|---|---|
| Overall | +0.7% | +0.7% | +11.0% | +6.3% |
| Residential | +1.0% | +1.0% | +6.3% | +3.9% |
| Apartment | +1.0% | +1.1% | +5.2% | +4.6% |
| House | +0.3% | -0.7% | +25.4% | -5.6% |
| Villa | +3.3% | -0.3% | +34.0% | -7.1% |
| Land | +0.6% | +0.3% | +21.8% | +4.1% |
| Commercial/professional | +0.4% | +0.6% | +23.5% | +31.9% |
Source: IPAI note for Q2 2026, Bank Al-Maghrib and ANCFCC, published 27-08-2026 (bkam.ma). A note on method: the index only counts properties that saw at least a second transaction during the quarter, so it is a picture of the active resale market, not of the whole housing stock.
City by city, the quarter looks different
| City | Quarterly price change (Q2 2026 vs Q1 2026) |
|---|---|
| Tangier | +2.3% |
| Rabat | +1.9% |
| Fes | +1.7% |
| Kenitra | +0.7% |
| Casablanca | +0.5% |
| Marrakech | +0.5% |
| El Jadida | 0.0% |
| Agadir | -0.1% |
| Meknes | -0.9% |
| Oujda | -0.9% |
Rabat posts the most striking quarter: prices +1.9% and transactions +61.2%, with residential sales up 60.5%. Tangier leads on prices (+2.3%), driven mainly by land (+7.3%). Casablanca and Marrakech rise modestly (+0.5%) but with different profiles: in Marrakech sales grew 18.3% (residential +14.2%), while in Casablanca residential still sold 2.2% less than the previous quarter. Agadir stays flat (-0.1%). Mind you: these are quarterly changes; the year-on-year comparison still carries the correction from the start of the year.
At the agency: what I saw between April and June
January and February were quiet months in the office. In March the questions started; in April, the viewings. Here is what I observed in the second quarter:
- •Buyers who had been waiting for "the bottom of the market" came back, with one clear condition: a price in line with the neighbourhood.
- •Sellers who had kept the same listing frozen for months accepted lower asking prices. The gap between asking price and final price has narrowed.
- •Well-located apartments priced realistically do not last two weeks; the ones still asking 2024 prices remain unsold.
- •People selling to buy no longer wait: they need the cash for their own move, and that keeps the whole chain moving.
I am not going to promise you future rises or falls: nobody knows. What I do know is that negotiation is back at the centre of the market, and that is always good news for buyers who come with information.
Apartments: the segment holding the market up
Within residential, the apartment is the only major segment selling more than it did last year: transactions +4.6% year on year and prices +1.1%. The reason runs deep: an apartment is a purchase for use — a first home, a family home — demand that never fully disappears.
As a reference point, here are indicative apartment price levels for mid-2026, based on verified market data (Moroccan property portals and notarial records):
| City | Most affordable district | High-end area |
|---|---|---|
| Tangier | ~7,100 MAD/m² (Mesnana) | ~17,700 MAD/m² (Mnar) |
| Agadir | ~5,000 MAD/m² (Haut Anza) | ~16,500 MAD/m² (Founty) |
| Fes | ~5,100 MAD/m² (Hay Atlas) | ~7,100 MAD/m² (Ville Nouvelle) |
| Rabat | ~10,800 MAD/m² (city median) | 20,000–30,000 MAD/m² (Souissi) |
| Marrakech | 15,000–30,000 MAD/m² (Guéliz) | — |
Every district has its own fine print: in our city guides you get the district-by-district detail with updated data, and in the property search you get the real listings at this week's prices.
Villas and houses: a rebound with both feet on the ground
The quarterly figures are impressive: villa transactions +34% and houses +25.4% versus the previous quarter. But the yearly view puts things in context: -7.1% for villas and -5.6% for houses. What does it mean? That Q1 left activity so low that any recovery looks enormous in percentage terms. On the ground, I am seeing villas that had been listed for over a year finally sell, almost always at prices revised down from the original listing. Along with garden houses in medium-sized cities, it is the segment where most negotiation happens today.
Land and commercial units: the silent movement
You do not see it on residential portals, but that is where the notarial paperwork moved most: land transactions rose 21.8% quarter on quarter (+4.1% yearly), and the professional segment grew 31.9% year on year in sales (retail units +30.8%, offices +36.7%). Office prices rose 5.3% over the quarter. Anyone who works with developers will tell you what they tell me: they are looking at land again.
Questions I was asked this week
What is the IPAI and why do you trust it? It is the property price index compiled by Bank Al-Maghrib and ANCFCC from transactions registered before a notary. It is the most reliable picture of the Moroccan market, with one honest limitation: it only counts properties that had at least a second transaction during the quarter.
If prices are up 0.7%, is another climb starting? The data does not say that: it says Q1 fell 2.4% and Q2 rose 0.7%. Two opposite quarters add up to a sideways market, not a trend. Forecasting is not my trade; data is.
Why are sales rising so much if prices barely move? Because the demand that piled up during Q1 was released, and because sellers adjusted their prices. When buyer and seller meet in a reasonable range, sales take off even if the average price does not move.
What is happening in Rabat and Tangier? They lead the quarter: Rabat +1.9% on prices with a 61.2% jump in transactions; Tangier +2.3% on prices. Remember they are coming out of the Q1 correction, when the year-on-year comparison was negative in nearly every city.
Are villas selling again? The ones that accept the market's reality sell: revised price and patience in negotiation. The ones still asking two-year-old prices keep waiting.
Where can I see the real prices in my district? In our city guides, updated with 2026 data, and in the property search, where every listing shows the real price of this week.
If you are actively looking for a property, one thing is certain: the market has moved. Compare, visit and ask questions with the data in front of you. See you at the agency.