How real estate appraisal works in Morocco — full process

Client (individual, bank, notary, OPCI, court) requests a quote specifying asset nature, report purpose (financing, inheritance, litigation, IFRS 13, IFI tax), desired timeline, scope. Cabinet issues mission letter defining basis of value (Market Value, Fair Value, Existing Use Value), hypotheses, exclusions, payment terms. From MAD 3,500 excl. VAT depending on complexity.

Client transmits legal and technical documents: land title (TF) or certificate of ownership if registered, or Melkia / adouls documentation if not registered; architectural plans, masses, ground floor, floors, sections; building permits and compliance certificates; ongoing leases with receipts, indexations, guarantees; condominium charges (Law 18-00) if applicable; urban planning documents — master plan extract, urban planning certificate.

Expert goes on-site — physical visit is mandatory. Adversarial measurements (laser meter, plans), dated and geolocated photographs, observation of structural and finishing condition, apparent easements check, conformity verification with deposited plans. For industrial or hotel asset — equipment visit, certificate verification (sprinklage, ICPE, ONMT classification). The visit is required for RICS Red Book compliance.

Search for reference transactions in the sector — internal cabinet database (ReaConsult cumulates 5,000+ missions since 2019), ANCFCC, notarial data, public observatories (BAM + HCP IPAI). Listings (Mubawab, Avito) are NEVER used as direct comparable — only as tension indicator. For each comparable retained: date, price, surface, condition, line-by-line documented adjustments.

Comparable method (VPS 3) — standard residential, serviced industrial land, standard warehouse. Income Approach (IVS 105) — DCF or direct capitalisation for leased property (office, retail, logistics warehouse). Cost Approach (RICS VPGA 5) — DRC for bespoke assets (factory, cold storage, data center, hospital). Residual method (IVS 410 + RICS VPGA 10) — land with strong constructible potential. VPGA 4 — trading properties (hotel, riad, clinic) with integrated operation.

Report structured per RICS Red Book Global Standards 2025: Opening letter and basis of value (IVS 104). Asset description: land, building, equipment, photos, layout. Market analysis and comparable transactions with sources. Methodology applied with detailed hypotheses. Computed modelling (DCF, DRC, comparable) in annex. Cross-checks by alternative methods. Retained value, sensitivities (cap rate variation ± 50 bps, surface ± 5%). Limits and hypotheses. RICS engagement of signatory.

Signed report delivered to client — typically 48-72h for express, 7-14 days for standard, up to 3 weeks for complex assets (factory, hotel, programmatic land). For major financings, defence possible before bank credit committee or court. The report is enforceable with major Moroccan banks (Attijariwafa Bank, BMCE, BCP, CIH, CFG, SG, Banque Populaire), notaries, courts, and foreign tax authorities (notably French IFI).

• Mission letter signed
• Land title certificate ≤ 3 months old
• Plans available (arch, masses, levels)
• Construction and compliance permits ready
• Lease and rent receipts collected if applicable
• Condominium charges status (Law 18-00)
• Urban planning extract obtained
• Physical site access organised

• Quote without mission letter and basis of value
• No physical visit planned
• Methodology not stated upfront
• Comparable sources not disclosed
• Sensitivity analysis missing