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According to the note of Bank Al-Maghrib and of l’ANCFCC on the overall trend of the real estate market in Q3-2024, the prices of goods for professional use decreased by 0,7%compared to the second quarter, while the number of transactions linked to professional real estate fell by 41,1%. This is therefore the category that recorded the largest declines.
How to explain these figures?
A multifactorial decline
THE decision-making times on investments in real estate for professional use are a first avenue for reflection, explains to Médias24 William Simoncellifounder and director of the real estate agency Carré Immobilier.
“For professional real estate, we have decision-making times that are much longer (between 6 and 18 months) compared to those relating to the acquisition of an apartment or a villa (3 months). This discrepancy is explained by the fact that acquisitions of goods for professional use are linked to development strategies (delocalization, relocation, creation of a new production center, etc.) which are part of the long-term actions, especially since the modes of governance are more complicated in this case, without forgetting the multiplicity of actors involved in the decision-making process.
In 2024, competition has been tough for real estate. People preferred to invest in the stock market
L’access to financing is the other factor, he notes. “As part of the acquisition of a business real estate asset, here too, financing is often plus long, because it is not limited to financing the acquisition of real estate assets, since there can also be, behind it, financing linked to the transfer of the activity, financing linked to the acquisition of new equipment… which will make decision-making a little more difficult.
The decline in the IPAI is also linked to stock market performance in 2024 which are enormous: 22% market capitalization in 2024, observes our interlocutor. “In 2024, competition has been dure for real estate. People preferred to invest in bourse“.
2026 will be the year of growth for professional real estate
“The major structuring projects initiated in the Kingdom, particularly as part of the 2030 World Cup, will nevertheless make it possible to boost the real estate sector. A cohort of companies will come as providers of these projects, the realization of which requires time since we are talking about large capital commitments,” underlines William Simoncelli.
2025 will possibly serve as an intermediate phase
“This explains why corporate real estate in 2024 will be slightly slow motionsince we are waiting for these decisions to be made. 2025 will eventually serve as an intermediate phase. But the strong growth in professional real estate – classic assets (offices, warehouses, shops) and less traditional assets (hotels, para-hotels, education, health, etc.) combined – will be observed from 2026“, specifies our interlocutor.
L’tax amnesty at the end of 2024 could also be exploited to further boost the sector, he believes. “If a third of 100 MMDH regularized is invested in real estate, it’s already considerable.”
“It is important to note that not all major corporate real estate projects have been launched. There are plenty of them coming. And when the clients are ready, the service providers (real estate advisors, experts, asset managers, etc.) will have to be ready too,” concludes William Simoncelli.
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