When the building goes, everything goes! The formula, which dates from the 19th century, is a consecrated truth that poses construction or BTP as the main engine of growth, capable of driving and making the rest of the national economy prosper. However, the weight of construction in added value has continued to decrease in these times of health crisis.
Moreover, in the same way as to say “deindustrialization”, one could easily speak of “deconstruction” without anyone having to complain about it, as our sites are, practically at a standstill, as well in Casablanca as a locomotive. of the BTB sector than in the main cities of the Kingdom. However, our parent institutions are not of this opinion. Indeed and while the works are in agony in many sites, thus showing a malaise of the BTB sector for the common of the observers, the Moroccan real estate, according to the institutions is at the best of its form and would even have an overall upward trend.
Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Cartography (ANCFCC) note a certain improvement in the price index of real estate assets, year-on-year, of 1.8% in the first quarter of 2021 In a note on the overall trend of the real estate market in the first quarter of 2021, the central bank and the ANCFCC explain that this increase is justified by the increase of 1.2% of residential assets and of 2.9% for land and goods for professional use ”.
Concretely, it is reported, residential prices have soared by 1.2%. The same was true for apartments (0.9%), houses (1.8%) and villas of around 4.6%. In addition, the report indicates a strong increase in sales up to 42.4% for 42.3% for apartments, 38.3% for houses and 59.9% for villas.
As for land, land prices rose nicely to 2.9% year-on-year while transactions increased 76.1%. Prices by city during the first quarter, the note shows a certain stagnation in Rabat and Casablanca, an increase of 35% in Marrakech and a decline of 1.2% in Tangier, inform the economists of the central bank and of the DEPF.
However, it is clear that the slowdown in the rate of growth of bank loans in real estate has plummeted from 3.2% to 2.6% compared to the first quarter of 2020. A study on housing policy in Morocco, published in 2019, had unveiled that the demand for housing will crescendo to reach its peak between 2020 and 2025. But this was obviously without counting the deplorable effects of Covid-19 on the real estate sector in general.
This trend: a real estate professional, founder and manager of “Spécial Immo”, Khalid Tegmouss confirms it to us in a different way. ” It’s quite the opposite. Since the announcement by the DGI of the reduction in registration fees (i.e. 50% less), sales have progressed better than before the Covid. And the epic continues, in principle until the end of the year since the decision (project still in parliament) would be extended. It is a breath of fresh air for the sector which was already in difficulty long before the pandemic. The gloom in the real estate sector cannot be attributed to the pandemic alone. Other factors are detrimental to this sensitive sector, in this case, interest rates, the time it takes to process credit files by banks, the high cost of land, rigid development plans, etc. “.
If all agree to say it, we are willing to lend an ear to them. However, by noting that cranes, machines and various devices are not running at full speed on the various sites, which are struggling to restart or are downright at a standstill, it is difficult to see clearly. It’s very simple, never since the beginning of our independence has construction weighed so little in the creation of value in Morocco. The construction industry is it not telling us the story of its exhaustion victim in this of its hypertrophy too quickly deflated? Indeed, the demand for housing is largely satisfied and new construction has only followed the evolutions of demography and modernism with regard to the various sites to the point where to tell us that we would have now arrived at saturated, would be the normality of the thing. And yet …