The Moroccan real estate market: Some key elements

The players:

The players in the Moroccan real estate market are numerous. The improvements and the rapid development of the real estate market have favoured the profession.
The institutionals are the first to deplore the lack of professionalism by many intermediates attracted by the lure of quick and easy profit.

There are several possibilities, you can carry out your real estate search with your privileged partner SeleKtimmo.com or request the services of a real estate intermediate.
You will find small real estate agencies as well as Samsars (informal intermediates) that manage small client portfolios and also large international brands.

The choice is yours but know that by going through the services of a real estate professional will help you avoid unexpected problems.

Products: What to buy in Morocco?

The real estate offers are diverse.

Villas and apartments:

New real estate projects are multiplying to supply the growing demand for housing. The housing deficit is estimated at more than 700 000.
Numerous Moroccan and foreign property developers are creating many residential and tourist projects in many Moroccan cities.
The new programmes benefit of having upscale services and facilities : pool, hammam, gardens and palm groves and security.

The future owner must verify above all the credibility of the constructors and the professionalism of the real estate agents.

The riad, Morocco’s flagship and historical product.
Especially for foreigners, Morocco is synonymous for riads and Marrakech.
The price of a riad depends on its location, its condition, its size (from 100 m2 to 600 m2 plus) as well as the material used and its decoration.

There is a deficit in property offers in the Moroccan real estate market in terms of the creation of housing as well as an inadequacy between offer and demand. The offers for middle range housing are not sufficient. Private real estate developers have been developing upscale housing projects for a long period of time but the government is encouraging development of middle range housing.
The growing number of middle class Moroccans as well as the growing presence of Europeans fuels the real estate demand of middle range housing.

Cities:

Today Morocco seems like a vast construction site where the construction projects multiply.

Marrakech a must-see location:

It is hard not to begin by stating Marrakech since the city is a must-see location regarding real-estate in Morocco. The city must respond to property demands from locals but also from foreigners.

There are many other Moroccan cities that are in high demand like Tangier, Fès, Agadir, Essaouira, Ouarzazate, Oujda, El Hoceima etc..
Tangier
Tangier has become as popular as Marrakech. Numerous projects are in development in Tangier as well as the entire Northern coast of Morocco. The projects are destined for the local population as well as for foreigners.

The rebirth of Agadir
Agadir, once considered a bit out dated, is making a comeback and projects are numerous. The beach resort Thaghazout is a perfect example. Agadir attracts new residents notably foreign retirees.

Rabat
Rabat is in the midst of growth with the development of the Bouregreg valley as well as the creation of the a new city, Tamesna.

Casablanca

Casablanca, the economic capital, is also in development with for example the soon completed marina, the Corniche.

Fez
Although the market is young there are many riads available, often needing restauration, and new construction projects are planned.

Essaouira: the blue city
Essaouira offers riads needing restauration as well as new constructions.

Cost:

It is hard to get a precise idea of the prices since no official barometer exists (city by city as well as district by district). However, it is possible to get an idea of prices through real estate agencies.
The Ministry of Housing has announced a plan to create an official barometer of prices.

The market has seen an explosion of prices with increases of 150% in some regions.

The reasons are numerous: speculation and shortage of property, price increase on construction material as well as the arrival of wealthy clients for which luxurious projects are in construction throughout the kingdom.
The Moroccan government is trying to control the rise of prices. One of its urgent priorities is to regulate the real estate market as well as stabilize the prices and diversify the housing offers in a way that all classes of the population be able to find housing that best adapts to their financial resources.

The state of the market:

The Moroccan real estate boom is related to different factors : the massive investments done for the modernization and infrastructures (airports, harbours, railway network and roads and highways) as well as tax exemption and other advantages given to investors. These measures are some of the elements that have contributed to establishing a favourable real estate climate.

Find a property in Morocco on SeleKtimmo.com