Morocco’s leading real estate developer, Groupe Addoha, posted a 70% rise in profits in 2025, reaching 516 million dirhams (MDH), following efficiency improvements and smarter project choices.
Revenue was 2.7 billion dirhams, up 4% from 2024. Under old accounting rules, it would have been 3.5 billion dirhams, showing faster underlying growth. Net debt stayed at 4.385 billion dirhams, with a 30% gearing ratio and total equity of 10.4 billion dirhams.
The boost came from completed projects in Morocco, Côte d’Ivoire, and Guinea, while keeping spending and debt under control.
Addoha has moved away from low-cost housing to focus on middle- and high-end developments under its Coralia and Prestigia brands. Its expansion into West Africa, including Abidjan, Senegal, and Guinea, now makes up a big part of its income and reduces reliance on the Moroccan market.
A 2025 accounting change means revenue is recorded later, when buyers officially take control of properties, which makes growth look smaller than it actually is.
Addoha is funding new projects mostly from its own cash and pre-sales. The company is well placed to benefit from rising housing demand in Morocco in 2026, helped by new government housing subsidies.
The government’s Direct Housing Aid (Daam Sakane) program continues to shape the housing market. Running from 2024 to 2028, it gives cash directly to first-time buyers and Moroccans living abroad instead of offering tax breaks to developers. The amount depends on the property value, with higher subsidies for lower-cost homes. The rules now include co-owners and strictly require the property to be used as a primary residence. Buyers cannot sell the home or remove the state’s lien for five years, and proof of actual occupancy is required. Properties must have a valid habitation permit issued after January 2023 and at least two rooms.
After the floods in northern and western Morocco in early 2026, the government also introduced Emergency Reconstruction Aid, giving funds for houses destroyed or badly damaged and a one-time payment for immediate family needs.
The switch from developer tax breaks to direct aid aims to make housing more practical, avoiding poorly located “ghost neighbourhoods” of the past. The program is fully digital through the Daam Sakane portal, and funds are sent straight to the notary, ensuring transparency. In 2025, over 63,000 households benefited from this aid, giving companies like Addoha a steady stream of buyers who now have state support for down payments.
