In the first quarter of 2024, the Moroccan real estate sector is experiencing record enthusiasm, driven by an increase in purchasing and selling intentions, favorable macroeconomic factors and government incentive measures. However, the Ramadan effect and the week of Aid were not without impact on this dynamic, believe some professionals. But all agree on promising prospects for development. Details.
Lhe real estate sector in Casablanca experienced a mixed first quarter, marked by divergent trends according to the observations of different market players. For Malik Belkeziz, CEO of Agenz, “the real estate sector in Casablanca experienced unprecedented enthusiasm in the first quarter of 2024, supported by a spectacular increase in purchasing and selling intentions, reaching more than 19,000 registrations on the website. ‘agenz.ma’. Still according to the latter, this wave of record interest is a reflection of various external macroeconomic factors and government measures, thus helping to boost the Moroccan real estate market.
Indeed, the expert explains to us that one of the drivers of this enthusiasm is the effect of the World Cup, a major international event which places Morocco in the global spotlight. This increased influence of the country strengthens the confidence of investors, national and international, in the Moroccan real estate market, offering new opportunities for the sector.
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At the same time, Morocco benefits from growing household confidence, fueled by falling inflation and stable interest rates. These favorable conditions encourage individuals to invest in real estate, thus reinforcing the positive dynamics of the market.
“The tax system to support housing, put in place by the authorities, also gives significant results, as evidenced by data from the Ministry of Housing,” explains Belkeziz. This incentive policy helps to stimulate real estate activity by facilitating accessibility to property for a greater number of Moroccans.
A modern image
PMoreover, the Moroccan real estate sector is experiencing a transformation of its image, becoming more and more trendy and modern. Traditionally associated with sectors such as agri-food, textiles or tourism, real estate is gaining popularity among younger generations. Videos from culinary influencers are now giving way to young real estate agents, who, through their innovative approach, are helping to demystify the sector and make it more attractive to the general public. “Agents who have the codes to present themselves, promote properties and demystify technical jargon. This development contributes significantly to market transparency and augurs lasting optimism,” explains the CEO of Agenz.
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Indeed, these new generation real estate agents use modern communication tools, such as social networks and online platforms, to promote real estate in an innovative and effective way. Their ability to adapt to new market trends and meet customer needs contributes to rejuvenating the image of the real estate sector.
DIn this context of excitement and innovation, Morocco is positioned as a dynamic and attractive real estate market, offering numerous investment opportunities.
For his part, Mohammed Lahlou, managing partner of the Century21 Casa Sud agency, highlights a notable slowdown in transactions compared to the last quarter of 2023, highlighting the effect of Ramadan which would have reinforced this traditional trend of decline during the winter period. Yassine Ahdadou, real estate agent, agrees, noting a stagnation in the market in recent months, particularly with the Eid holiday week and the month of Ramadan. On the other hand, Safae Badur, Managing Director of Century21 Casa Immo, is more optimistic, noting a certain persistent dynamic in the Casablanca real estate market, particularly for high and medium standard villas and apartments, with prices varying depending on the location and available equipment.
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VSThe latter explains to us that it is “modern apartments with quality finishes and villas which remain among the most sought-after properties. Customers are also looking for properties offering outdoor spaces such as gardens or terraces. The most in-demand neighborhoods can vary depending on individual preferences, but neighborhoods like Ain Diab, Racine, Burgundy, California and Anfa often remain very popular, the new Casablanca Finance city district has joined them during this period. Clients are looking for secure neighborhoods with good access to amenities, they are often also looking for modern infrastructure and green spaces.”
For his part, Mohammed Lahlou explains that it is 2-room and 3-room apartments as well as studios which are the most sought-after properties in this first quarter of 2024. And the most sought-after areas are the central areas close to schools and the office .
Same observation as Yassine Ahdadou who explains for his part that the most sought-after areas vary between 70 and 90 square meters, that is to say apartments with two to 3 bedrooms. As for the most sought-after locations, it all depends on the budget.
Clients with a large budget are looking for properties in the city center, Maarif, Golden Triangle, Oasis and Anfa… For medium budgets, clients are looking more towards Sidi Maarouf, Oulfa or March 2.
A contrasting portrait
VShe contrasting portrait of the Casablanca real estate market in the first quarter of 2024, reflects the complexity and fluidity of this sector which can be influenced by a variety of factors, whether seasonal such as the month of Ramadan and the Eid holidays, or linked to broader economic dynamics. It is completely natural for real estate transactions to experience fluctuations based on various parameters, and analyzing these trends is essential to understanding market developments and anticipating upcoming opportunities.
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The impact of Ramadan, traditionally associated with a reduction in economic activity in many sectors, may actually have an effect on the real estate market. The Eid holiday week may also contribute to slowing down transactions, due to people’s consumption and travel habits. These seasonal factors must therefore be taken into account to correctly interpret the trends observed in the market and adjust strategies accordingly.
VSHowever, despite these temporary fluctuations, it is encouraging to note that certain segments of the Casablanca real estate market continue to attract sustained interest, as Safae Badur points out. High and mid-range villas and apartments appear to benefit from persistent demand, which could indicate a particular attractiveness for these types of properties among potential buyers. This positive dynamic in certain market segments reflects the diversity of opportunities offered by the real estate sector in Casablanca.
