Recovery of the real estate sector

The recovery of the sector is confirmed

- The reopening of Morocco's borders has given a 'boost' to the real estate sector and has allowed the resumption of pending transactions.

- Morocco's social stability gives it a major asset among foreign investors.

The recovery of national economic indicators is confirmed. Moreover, according tothe latest figures from the High Commission for Planning (HCP), economic activity would have increased by 1.2% in the first quarter of 2022.

Thus, several sectors have regained colors, at their head that of tourism which has contributed, according to the data published by the HCP, to the tune of +1.9 points to the evolution of GDP in the first quarter of the current year, in the wake of the improvement in the epidemiological situation related to Covid-19 and especially following the reopening of air borders from 7 February 2022. The recovery in tourism has also had a positive and clearly remarkable impact onother sectors of activity,  particularly real estate.

Improvement for the real estate sector in Morocco

Indeed, it should be noted that during the closure of the country's borders because of the appearance of new variants and the increase in cases of contamination, several real estate transactions in progress were found for some 'aborted' or suspended. Based on our observations, thereopening of the borders has therefore allowed people with 'stand-by' transactions to pursue them, or for others to prospect on offers or to directly carry out a purchase operation after a crush.  We also note a return of foreign investors to the purchases of 'Riads' especially in tourist cities such as Marrakech, and the return also of a very wealthy clientele whose purchase budget is between 3 and 5 million euros.  This has undoubtedly encouraged the increase in the number of real estate transactions in Morocco. Inthe face of our prospects, this trend will continue in the coming months in a more pronounced way. Precisely, after the end of the diplomatic 'quarrel' between Morocco and Spain and the resumption of maritime links between the two countries, the next summer period will be marked by a massive return of the MRE, and operation Marhaba 2022 looks very promising, and should record according to expectations a record level despite the increase in the cost of transport. We are talking about nearly 3 million of our fellow citizens who are expected to return to the country from abroad.

It should be noted, in this perspective, that the MRE are essential economic actors, and major generators of foreign exchange for the country. In addition to money transfers, MREs are also known as investors in several industries. Among their favorite areas is real estate, and this for the whole range of products (economic, residential, seaside, commercial premises ...). As a professional in the real estate sector  we know that Marhaba 2022 will give a great boost to the real estate sector in Morocco, especially in cities such as Marrakech, Essaouira or Tangier.

A stable and accessible country

Moreover, and apart from the fact that Morocco is a country where it is good to live or spend holidays, it is only two hours by plane, on average, from Europe, and the cost of living is much more accessible. In addition, Morocco is a country that remains politically stable, and that has preserved its social peace despite the historical crisis related to the Covid-19 pandemic, and this plays a key role for foreigners who wish to acquire a property in Morocco. According to our own data, the issue related to the social and political stability of Morocco very  often comes up from investors who prospect for property in Morocco. The political stability of the Kingdom therefore gives it  a major asset.

Dematerialization of services in favor of the sector

We candare to say that the Covid-19 crisis has not only had negative effects. Indeed, the dematerialization of services in Morocco has seen a clear improvement during the period of the pandemic, especially those related to the real estate sector. The National Agency for Land Conservation, Cadastre and Cartography (ANCFCC), has made it possible since September 15, 2021 for notaries to electronically sign registration and registration files. One of the novelties that aims to streamline and facilitate the exchange of data between the Agency and notaries, and also allow better traceability of files. Also a few weeks ago, the National Council of the Order of Notaries of Morocco (CNONM) launched 'Tadbirnot', a platform for signing and electronic archiving of notarial documents and deeds. This novelty will allow notaries to electronically sign their deeds and documents exchanged, in particular with the land conservation services. In conclusion, we can say that the recovery of tourism activity in Morocco, the resilience of its social fabric in the face of the crisis, and the improvement of the business climate have provided a basis for the recovery and recovery of the real estate sector, whose prospects look reassuring.