Detailed explanation
The cap rate is a core yield metric in income-producing real estate valuation. Lower cap rates signal lower-risk assets (prime location, strong tenants, long leases). Higher cap rates indicate higher risk or secondary location. Moroccan 2026 cap rates: 6.5-7.5% for prime offices (Casablanca Anfa, CFC), 7-8.5% for premium residential, 8.5-10% for peripheral logistics, 9-11% for secondary offices. RICS appraisers apply Value = NOI / Cap Rate and justify the rate with recent comparable transactions.
Moroccan example
A Casablanca Anfa Place office building generates NOI of 3.2 M MAD in 2026. Comparable transactions show a 7.0% cap rate. Direct-capitalisation value = 3.2 / 0.07 = 45.7 M MAD.
Related terms
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