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Optimistic outlook for real estate in Morocco by 2025
The Moroccan real estate sector is poised for a promising future in 2025, fueled by a wave of optimism surrounding the upcoming 2030 FIFA World Cup. Amine Mernissi, a prominent real estate expert and author of the guide "Répons'IMMO," highlighted this potential in a recent interview with MAP.
Mernissi noted that Morocco is experiencing a surge of optimism five years ahead of the World Cup. He anticipates increased real estate activity in peripheral cities, benefiting from the development of major urban centers. This growth will lead to a more competitive real estate market and alleviate demand pressures in city centers and hyper-urban areas.
"Real estate encompasses more than just residential properties; it includes offices, commercial spaces, tourism, logistics, and land, which is crucial for all these sectors," Mernissi emphasized.
He pointed out that various asset classes saw renewed interest in 2024, driven by a robust government program aimed at upgrading public infrastructure—including roads, bridges, airports, railways, and urban requalification—across the nation.
Investors are also eager to engage in this dynamic environment, pursuing projects in hospitality and tourism, as well as residential developments. Mernissi referred to the launch of the "Daam Sakane" direct housing aid program in 2024, which concluded its first year successfully, with nearly 130,000 applications and 35,000 beneficiaries.
Addressing the stability of the Real Estate Asset Price Index (IPAI) in 2024, Mernissi explained that this reflects only part of the housing market, as it does not account for new properties.
However, he cautioned that high land costs remain a challenge, compounded by rising construction expenses that complicate matters for developers. "This results in a supply shortage. Daam Sakane could be a solution, provided that housing is not located too far from city centers and has national geographic coverage," he added.
To invigorate the sector, Mernissi underscored the importance of purchasing power. Beyond the traditional factors of land, taxation, and financing—which require improvement—he noted that the ability to purchase remains constrained by the current socio-economic climate.
While the direct housing aid program addresses household purchasing power by offering direct subsidies (100,000 DH or 70,000 DH), it pertains to specific asset types. Mernissi asserted that there is still work to be done in ensuring the availability of housing options, suggesting that facilitating investments could unlock potential and enhance program efficiency.
"By 2028, production should target areas with demand," he estimated, asserting that demand and production will trend upwards, provided that public-private partnerships (PPP) are developed and new urban development models are created, such as concerted development zones and eco-cities like Zénata.