Moroccan expatriates (MRE) are significantly driving the recovery of the real estate sector, which is expected to see a surge during their summer return.
The launch of Operation Marhaba on June 5th is anticipated to bring a record influx of MRE, providing a substantial boost to various sectors, including real estate.
Adding to this momentum is the strong interest of MRE in the direct housing assistance program, launched in January.
According to Mustapha Baitas, Minister Delegate in charge of Relations with Parliament and Government Spokesperson, 64,000 applications have been submitted for direct housing assistance, with 20% coming from MRE.
“MREs, who are making a strong comeback in the real estate sector, are a driving force for market revitalization,” said Amine Mernissi, real estate expert and founder of www.reponsimmo.com.
“The direct housing assistance program is a key factor in revitalizing the real estate sector,” Mernissi told MAP. This program aims to help first-time buyers access property through substantial direct financial aid, boosting both demand and supply.
National real estate promotion is gearing up to respond optimally while maintaining the economic viability of this extensive program.
Commenting on the 0.4% quarterly increase in the real estate price index (IPAI) during the first quarter of 2024, Mernissi noted the stability in prices for residential properties and land, despite rising input and production costs associated with housing construction.
“The irregular fluctuations in prices and transactions are logical during periods of economic tension and reduced purchasing power,” he explained.
Mernissi also highlighted that price increases due to conjunctural factors directly impact the market, especially in real estate, leading to a decline in buyer engagement.
Looking ahead, the expert emphasized the multifaceted nature of the real estate market and the importance of considering various market components, including the rental sector. He anticipates accelerated economic dynamics and construction projects nationwide as the 2025 Africa Cup of Nations and the 2030 World Cup approach.
However, he also noted that realizing these positive prospects will partly depend on global political and economic developments.
Launched in accordance with the Royal High Instructions, the housing assistance program, covering the period from 2024 to 2028, aims to renew the approach to homeownership aid and support household purchasing power.
It offers direct financial assistance of 100,000 MAD for purchasing a home priced at 300,000 MAD or less, and 70,000 MAD for a home priced between 300,000 MAD and 700,000 MAD.
