The property asset price index (IPAI): how to read and use it
The official indicator of property price trends in Morocco: what it says, what it does not, and how to use it before buying or selling.
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The property asset price index (IPAI) is published jointly by Bank Al-Maghrib and the National Agency for Land Registration, Cadastre and Cartography (ANCFCC). It is built from registered transactions and measures how prices change over time, nationally and for the main cities, by property category. It is the official reference for following market trends. It complements our prices by neighbourhood.
What the IPAI measures
| Dimension | Content |
|---|---|
| Frequency | Quarterly |
| Coverage | National and major cities |
| Categories | Residential (apartments, houses, villas), land, commercial |
| Nature | A trend index, not a price per m² |
| Complement | Number of transactions |
How to read it
- Look at the trend over several quarters, not a single change.
- Compare categories: apartments and land do not always move together.
- Cross-check with transaction volume: rising prices with few sales do not mean the same as with many sales.
- Compare cities to spot dynamic markets.
Its limits for a buyer
- The index is an average: it does not give the price of a specific neighbourhood.
- It measures change, not a price level.
- It covers past transactions, with a time lag.
That is why it is combined with neighbourhood comparables; see estimating your property’s price.
Case study
A buyer is hesitating over an apartment in Rabat. He checks the IPAI: over several quarters, apartment prices in the city are relatively stable, with steady transaction volumes. He concludes the market does not justify rushing, and takes time to compare several properties and negotiate the price.
Other useful sources
| Source | What it adds |
|---|---|
| Bank Al-Maghrib | IPAI, average housing loan rates |
| ANCFCC | Transaction data |
| HCP | Demographics, households, living conditions |
| ABRAJ benchmarks | Indicative new-build ranges by neighbourhood |
To choose a city, see which city to buy in.
Key points
- The IPAI is the official index of property price trends.
- It is quarterly, by city and by property category.
- It shows a trend, not a neighbourhood price.
- It should be combined with local comparables.
Using the IPAI for your project
| Project | How to use the index |
|---|---|
| Buying your home | Check the city is not accelerating sharply before negotiating |
| Investing | Compare the momentum of several cities and categories |
| Selling | Gauge the change since your purchase to set a realistic price |
| Land | Track the “land” category separately from residential |
To turn these trends into a decision, combine them with neighbourhood benchmarks and comparables: see selling your apartment, investing in property and investing in land.
FAQ
Where can I find the IPAI?
On the Bank Al-Maghrib website, in the statistical publications, in partnership with the ANCFCC.
Does the IPAI give the price per m²?
No, it is a trend index; for a price per m² you need transaction data or neighbourhood benchmarks.
Does the IPAI cover new and older properties?
It is built from registered transactions; see the methodology note for details.
Why might the IPAI differ from what I see in listings?
Listings reflect asking prices, the IPAI registered transactions; the gap often reflects negotiation.
How often is the IPAI updated?
Every quarter; check the publication date before relying on a figure.
Official sources
The rules and amounts quoted come from these official texts and websites. They change with finance laws: check the version in force before deciding.
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