Morocco: Real Estate sector depressed since July
Like the European countries experiencing a crisis, Morocco has recorded a drop in real estate.Many luxury and medium range properties are proving difficult to sell, according to the business daily L'Economiste.
Source : https://www.marocafrik.com/english/Morocco-Real-Es...
According to the National Federation of Property Developers (FNPI) the worst affected cities are Marrakech, Fez and Tangier. Even social housing has begun to suffer. Prices continue to rise,L'Economiste says but there is a widening gap between supply and demand, it notes that in July the sales of cement fell by 14 per cent.
Moroccans living abroad,MRE's, usually always a good prospect for property sales have found that their purchasing power has been eroded by the Eurozone financial crisis and unemployment. Now they are morinclinded to consider social housing. Bank loans for property purchases have become very difficult to obtain. The risk provisions that have been requested by the Bank al Maghrib make a recovery in the property sector unlikely anytime soon.
This is no great surprise given the global economic crisis. One only has to look around to see many empty unsold villas,appartments and even social housing. The decline in tourist numbers is also an indicator of the situation brought on by the economic crisis. Property development may have to slow and developers are likely to have to wait sometime for an upturn.Development funds are still likely to come from the Gulf countries, Saudi Arabia,Qatar,Abu Dhabi and Kuwait.
Moroccans living abroad,MRE's, usually always a good prospect for property sales have found that their purchasing power has been eroded by the Eurozone financial crisis and unemployment. Now they are morinclinded to consider social housing. Bank loans for property purchases have become very difficult to obtain. The risk provisions that have been requested by the Bank al Maghrib make a recovery in the property sector unlikely anytime soon.
This is no great surprise given the global economic crisis. One only has to look around to see many empty unsold villas,appartments and even social housing. The decline in tourist numbers is also an indicator of the situation brought on by the economic crisis. Property development may have to slow and developers are likely to have to wait sometime for an upturn.Development funds are still likely to come from the Gulf countries, Saudi Arabia,Qatar,Abu Dhabi and Kuwait.
Source : https://www.marocafrik.com/english/Morocco-Real-Es...