The real estate market in Morocco has experienced a downward trend in recent months, due to the severity of credit conditions. According to the latest dashboard of bank loans and deposits from Bank Al-Maghrib, this trend continues and real estate loans fell by 4% between February 2022 and February 2023. Banks, for their part, are more vigilant and more selective in the granting of credit, due to the lack of visibility and the insolvency of customers.
According to an actor in the sector quoted by Les Inspirations Eco, the loans granted in 2022 exceeded those of the previous year in terms of volume. It would therefore seem that the banks do not all agree on the current trends. Buyers, meanwhile, have become more cautious and are waiting for the government’s new housing assistance program to make decisions.
Last week, a meeting was held between Fatima Zahra Mansouri, Minister of Housing, and members of the National Federation of Property Developers to discuss the revival of social housing and the development of housing for the middle class. According to a member of the FNPI quoted by the newspaper, this program could breathe new life into the activity, especially since the financing component is included in the program.
To read: Real estate in Morocco: where is the direct aid for first-time buyers?
Players in the real estate sector are waiting to see what this new program holds. It is rumored that promoters who invest in these segments will benefit from a preferential rate. All hopes are therefore placed in this new government housing assistance program to revitalize the real estate market in Morocco. Buyers, on the other hand, are thinking twice before taking out a more expensive loan, given the persistent inflation and the increase in the key rate.