property sector is continuing to see steady growth thanks in large part to a strong emphasis on social housing – a segment that has consistently run a deficit of supply, thereby promising continued expansion in the years to come,” the OBG said in its latest update on Morocco.
Residential property remains the real estate sector’s main driving force, accounting for around 67% of total sales, the same source said, adding that in 2011, prices increased by 3.4% compared to 2010 and the number of units sold on the market was up by 13.6%.
Quoting statistics by Morocco’s central bank, Bank Al Maghrib, for the last quarter of 2011, the OBG said that the volume of transactions in the residential property sector rose by 22.8%, “mainly due to the increase in middle-income and high-end apartment and villa sales. In the last quarter of 2011, villa prices saw a year-on-year (y-o-y) increase of 4.2% and sales rose by 11.3%”. Click here to read more