2024-02-24 11:37:00
The Moroccan real estate sector experienced contrasting developments in 2023 in terms of financing. Housing loans recorded moderate growth, with outstanding amounts exceeding 244 billion dirhams at the end of last year, according to the Department of Studies and Financial Forecasts (DEPF).
Indeed, the year 2023 was marked by divergent dynamics in terms of financing real estate operations, states the latest economic report for the month of February 2024 published by the DEPF.
Housing loans showed modest growth, exceeding 244 billion dirhams at the end of the financial year, an increase of 1.9% compared to the previous year. This growth, although positive, marks a slight slowdown compared to the 2.8% increase recorded during the previous year.
On the other hand, loans intended for real estate development recorded a decline of 1.7%, after a drop of 1.8% the previous year. Overall, the total outstanding loans allocated to real estate increased by 1.2% at the end of 2023, marking a slowdown compared to the 2.5% increase recorded the previous year.
For their part, sales of cement, the main indicator of the construction sector, continued to progress in January 2024, recording an increase of 6.6%, after an overall favorable development in the second half of 2023.
This increase is mainly attributable to the growth in the ready-mixed concrete (+17.4%), infrastructure (+64.7%) and precast (+5.1%) segments. However, sales remained almost stable in the distribution segment (+0.1%) and decreased by 23.7% in the construction segment.
Regarding domestic demand, household consumption showed signs of moderation in 2023, despite an increase in prices and a moderate increase in consumer prices since March. This trend is accompanied by less favorable dynamics in the labor market. However, domestic demand should benefit from the record increase in transfers from Moroccans living abroad (115.2 billion dirhams at the end of 2023, up 4%), consumer credits (+0.4% in 2023) and state transfers.
Regarding investment, the effort has intensified, stimulated by major projects undertaken in different sectors and the increase in equipment expenditure in the General State Budget (+18.1% in 2023) . Investment also benefited from the increase in imports of capital goods and equipment loans (+14.4% and +10.2% respectively at the end of 2023).
The development of investment is expected to be further strengthened with the innovative, renewed and entrenched partnership signed by Morocco and the United Arab Emirates last December. In addition, during the meetings of the Interministerial Investment Commission in January and February 2024, 42 investment projects carried out by private companies, for a total amount of 7.4 billion dirhams, were approved, thus creating 16,200 direct jobs and indirect.
In addition, 4 other draft agreements and an amendment were approved for a total amount of 36.4 billion dirhams, mainly in the mining chemistry/parachemistry sectors, with the creation of 14,500 direct and indirect jobs.
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