Africa Housing Finance Yearbook 2022

Morocco
Jean David Anet KEY FIGURES
Casablanca, FesSale,
Main urban centres
Rabat

Exchange rate (1 July 2022): 1 USD = [a] 10.06 Moroccan Dirham (MAD)
1 PPP$ = (2021) [b] 3.86 Moroccan Dirham (MAD)

Total population (2021) [b] | Urban population (2021) [b] 37 344 787 | 23 924 938
Population growth rate (2021) [b] | Urbanisation rate (2021) [b] 1.17% | 2.00%
Percentage of urban population living in slums (2018) [d] 9.2%
Population living less than 5m above sea level (2010) [b] 1.4%
Most common fuels used by households | LPG/natural gas/biogas |
by B40 households (2003) [e] LPG/natural gas/biogas
Percentage of female-headed households n/a
Percent of population that have received at least 1 dose of COVID-19
vaccination as of 1 October [c] 67.72%
Unemployment rate (% of total labour force, national estimate) (2021) [b] 11.5%
Percentage of women participating in the labour market formally
(2021) [b] 22%
Gini coefficient (2013) [b] 39.5
HDI country ranking (2020) [d] | HDI country score (2021) [d] 122 | 0.68
Overview
With a population growth rate of 1.2% in 2021,1 Morocco has 37 344 787 GDP per capita (Current US$) (2021) [b] US$3 497
inhabitants2 who are unevenly distributed across the country, with a high GDP (Current US$) (2021) [b] US$132 725 million
concentration in urban areas. The rural population had plunged to 36% of GDP growth rate (2021) [b] 7.37%
the total population in 20213 from 71% in 1970, exacerbating pre-existing Inflation rate (2021) [b] 1.40%
housing problems in cities. The housing sector in Morocco has multiple Lending interest rate (2017) [b] 6.84%
Proportion of adult population that borrowed formally (2021) [b] 57%
stakeholders including the government, banks, real estate developers, real
estate agents (formal and informal) as well as the affordable housing Number of residential mortgages outstanding [f] 75 321
applicants. Despite all the stakeholders, Morocco suffers from a deficit of Value of residential mortgages outstanding (USD) [f] US$3 005 million
about 400 000 affordable housing units.4 As a result, in 2020, about 9.2% of Prevailing residential mortgage rate | Term [f] 0 – 13% | 25 years
the urban population lived in slums, informal settlements or inadequate Maximum LTV on a residential mortgage [g] 50%
housing.5 This is the result of factors such as climate change, urbanisation, Ratio of mortgages to GDP 2.26%
insufficient supply of affordable housing, insufficient administrative capacity of Number of residential mortgage providers [f] 9
Percentage of women who own a house alone and/or jointly n/a
the state, and the high cost of building materials and basic services, especially Number of microfinance loans outstanding [h] 842 025
since the beginning of the war in Ukraine in February 2022. Value of microfinance loans (USD) (2021) [f] US$815.11 million
Number of microfinance providers (2021) [f] 12
The country recorded an unemployment rate below 13%,6 inflation of 1.4%7
in 2021, and the economic growth rate rebounded to 7.4% against minus Total number of residential properties with a title deed [i] 1 800 000
6.3% in 2020. This bounce back is mainly explained by good cereal harvests.8 Number of formal dwellings completed annually (2021) [j] 56 770
Number of residential projects certified by EDGE [k] 1
These figures have allowed Morocco's vast banking system, which is more
Price of the cheapest, newly built house by a formal developer or
advanced than most other countries on the continent, to maintain an contractor in an urban area in local currency units [l] 250 000 MAD
affordable policy for interest rates.Thus, the average rate for housing loans to Size of cheapest, newly built house by a formal developer or contractor
was 4.24% in 2021, down nine basis points compared to 2020.9 The flexible in an urban area in square meters [l] 50m2
exchange rate regime the country has been operating for more than three Typical monthly rental for the cheapest, newly built house [m] 2 000 MAD
years has allowed the local currency, the dirham to appreciate by 1.8% against Cost of standard 50kg bag of cement in local currency units [n] 77 MAD (US$7.65)
Type of deeds registry: digital, scanned or paper (2020) [o] Computer - Scanner
the US dollar and by 5.7% against the European currency, the Euro.10
World Bank Ease of Doing Business index rank (2020) [o] 53
Time to register property (days) | Cost to register property (2020) [o] 20 days | 6.4%
The Moroccan government has taken measures, in conjunction with Bank World Bank DBI Quality of Land Administration index score (0-30)
Al-Maghrib, the central bank, to maintain and even strengthen its investment (2020) [o] 17.0
in housing. These include finalising the prudential and accounting treatments
NB: Figures are for 2022 unless stated otherwise.
to be adopted by banks to mitigate the risks induced by the holding of stocks
[a] Xe.com [i] National Agency of Land Conservation, Cadastre and
of real estate assets acquired from debtors in difficulty.11 Loans encouraged [b] World Bank World Development Indicators Cartography (ANCFCC)
by the state saw their outstanding amounts recover by 10%, after a decline [c] Johns Hopkins University Coronavirus Resource Center [j] Ministry of National Land Use Planning and Town
of 2.3% in 2020. They thus settled at Dhs41.3 million (US$4.11 million).12 [d] United Nations Human Settlements Programme Planning
(UN-HABITAT) [k] Edgebuildings.com
[e] Demographic and Health Surveys, USAID [l] Ministry of National Territorial Development, Urban
Like all countries in the world, Morocco is experiencing the effects of climate [f] Central Bank Morocco Planning, Housing and Urban Policy
change. Increased water scarcity has had a major impact on its agriculture, [g] Attijariwafa Bank [m] Onlne search of real estate agent websites
[h] National Federation of Micro-credit Associations [n] Hzech.com
therefore on its economy, because of the importance of its exports of cereal
[o] World Bank Ease of Doing Business Indicators
products. Climate change is also one of the main causes of population
displacement from rural to urban areas. These changes, in turn, have
exacerbated the housing problem.The government has developed a National
Strategy for Natural Disaster Risk Management (2021-2030), structured information on the eligibility of projects to be supported by the FLCN and the criteria
around three main objectives: the improvement of knowledge and risk for their selection.
assessment; the promotion of risk prevention with a view to strengthening
resilience and improving preparedness for natural disasters for early recovery Access to finance
and effective reconstruction; and the implementation of its action plan.13 It Morocco's banking system better developed than many African countries. It comprises
has also created a portal through the Ministry of the Interior to the Integrated 89 credit institutions and similar bodies, including 24 banks, 28 finance companies and
Disaster Risk Management and Resilience (FLCN) Programme. This site aims 11 microcredit associations. It is organised through a network of 6 056 bank branches in
to guarantee public access to information on the management of the risks of the country and also 51 subsidiaries and 22 branches abroad for a total workforce of
natural disasters such as floods, landslides or erosion. It also provides 75 075 employees.14
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In Morocco, the number of men who hold at least one bank account was 8.8 cities, the lowest cost for renting a standard-type house, consisting of two
million at the end of 2021, against 5.4 million for women.15 There is no law bedrooms, a living room and a bathroom, is Dhs2 000 (US$199).This price is high
prohibiting women from accessing credit or buying property. However, the compared to the average salary of Dhs1 793 (US$178) per person per month
journey of single women towards the acquisition of property remains complex in nationally and Dhs2 083 (US$207) per person per month urban areas in 2020.24
view of the deep foundations of the structure of Moroccan society, which is For example, the salary of a middle school teacher varies between Dhs4 000
patriarchal. (US$398) and Dhs6 000 (US$597) while that of a high school teacher varies
between Dhs4 500 (US$448) and Dhs8 000 (US$796).25
After a decline of 4.4% in 2020, the number of housing loans recovered by 20.1%
to an amount of Dhs30.2 billion (US$3.003 billion). At the same time, the number Aware of all these difficulties, the Moroccan government is pursuing policies aimed
of beneficiaries of these loans increased by 18.7% to 75 321 customers.16 These at promoting the acquisition of affordable housing. However, in the face of
increases were made possible in part thanks to the Finance Act 2021, which difficulties in obtaining affordable housing, some households are opting to buy land
introduced measures to facilitate access to housing and boost the real estate for housing construction. Purchase prices of residential land vary according to
market. Among the measures taken was the reduction of registration fees for different criteria, such as the city, or the area of the property in that city. For
acquisition of real estate deeds for the main residence. As a result, more of these example, in the city of Casablanca, the price per m2 for the purchase of a recent
new credit-taking customers benefited from state-sponsored loans (up 28.7%) apartment is Dhs10 000 (about US$994) in the CS-HH11 area. In contrast, for
than those who took out free loans (up 14.7%).17 the same property, the purchase price drops to Dhs7 000 (about US$696) in the
CS-HH27 area.26
The procedure for obtaining a mortgage in Morocco can be considered simple.
Moroccan people with internet access can apply for credit. However, most Housing in Morocco is thus not affordable, and it does not stop at the rental for
applicants go directly to bank branches to make their request or when they wish the property. To these costs are added all the fixed costs such as water and
to obtain better interest rates. Although banks collect information related to the electricity consumption. Household expenditure, which can rise to Dhs1 400
customer's gender during the credit application process, they do not systematically (US$139), leads to households having to find cheaper housing alternatives.27 The
break down their credit statistics by gender. banks, as an integral part of Moroccan society are aware of all these demands, and
set up offers taking into account the realities of households. Each loan application
Strong competition within the banking sector forces players to offer affordable is examined in a particular way taking into account all expenses for a household.
rates. The average interest rate applied by banks for housing loans was 4.24% for Certain general practices are kept, such as the monthly payment which does not
the year 2021. This reduction in the interest rate has favoured access and, exceed 33% of household income.
consequently, more frequent recourse to borrowing.The average amount of bank
loans increased by Dhs5 000 (US$497) compared to the previous year to stand Housing supply
at Dhs401 000 (US$39 878).18 The number of loans granted increased from In 2020, 30 281 building permits were issued.28 The issuing of building permits
25 171 in 2020 to 30 235 in 2021. Crédit Agricole du Maroc offers financing for has increased the total deliveries of 13 974 900 tons of cement compared to
the acquisition of the main or secondary housing (or its construction) for a period 12 174 471 tons in 2020, an increase of 14.79%.29 However, demand for social
of up to 25 years, with flexibility in monthly payments and with a free choice of housing remains high. For several years, the government has been carrying out
the type of rate (fixed or variable capped).19 In monetary terms, the gross amount programmes in partnership with private developers for the construction of social
of financing for housing was Dhs248.4 billion (US$24.702 billion) in 2021, up 4.5% housing and housing with low real estate value. There are several types of
from the previous year. programmes, such as viable housing at Dhs140 000 (US$13 922), social housing
at Dhs250 000 (US$24 862), and the Cities Without Slums programme. Each of
State-encouraged loans increased by 10% after a 2.3% decline in 2020. These these programmes meets the needs of a segment of the population. To date, for
social loans amounted to Dhs41.3 billion (US$4 107 123 033), distributed among the social housing programme, among the 1 154 agreements signed for the
several social purpose funds. Of these social loans, Dhs22.7 billion (US$2.257 construction of 1 713 905 housing units, 376 900 housing units have been
billion) was granted under loan guarantees to finance access to property for delivered.30 Each of the units delivered included at least a living room, a master
members of the Mohammed VI Foundation for the Promotion of Social Works of bedroom and a children's bedroom, a kitchen and possibly a laundry room and a
Education and Training (FOGALEF), and also under the Housing Loan Guarantees bathroom consisting of a shower and toilet. The construction of these dwellings
for Public Sector Personnel (FOGALOGE). This programme allows public sector must meet the specifications of standards in force. Thus, the construction can be
staff to be financed for up to 80% of the cost of buying or building their home carried out on different land areas but each dwelling is built on a minimum area
provided that this is done within the framework of the Habitat Menaçant Ruine of 50m2. However, many construction sites have experienced slowdowns as a
programme. result of rising prices for building materials, partly due to the COVID-19 pandemic
and the recent conflict between Ukraine and Russia. The price of concrete
Social loans also financed Dhs1.1 billion (US$109 million) of affordable housing. reinforcing bars increased to Dhs13 000 (US$1 293) in 2021, after initially being
The logic behind these programmes and funds is to allow a large majority of the set at Dhs6 500 (US$6 646) per ton.31 Real estate developers that have signed
population to access credit for their housing and to reassure the banks in case of agreements establishing defined delivery deadlines with the state are finding it
default of the borrower. Mourabaha real estate financing, a form of Islamic increasingly difficult to meet their targets because of the increased costs,, which
financing, was Dhs12.1 billion20 (US$1.203 billion), up 41.6% from a year earlier.21 has further slowed down the response to the housing deficit.
In their credit process, banks have a policy of not exceeding the ratio of 33% of
household income. Funding for housing is therefore important in Morocco. The In 2017, long before the health and Ukrainian crises, the housing deficit in Morocco
existence of social loans and large guarantee funds for the most modest was estimated at 400 000,32 and the causes were already multiple. The lack of
households represents a real lever to meet the high demand for housing and administrative capacity, which does not allow the processing of the large volumes
especially access to housing for the most disadvantaged. of files submitted to access housing, and the frequent misappropriation of goods
for speculative purposes to raise prices have increased the deficit.33 Frequent
The Moroccan state has made access to housing for the entire population one of revisions of the lists of beneficiaries caused by these problems are also contributing
its main priorities.To this end, it continues the efforts already undertaken with real to the increase in applications.
estate developers through the various FOGARIM, FOGALEF or FOGALOGE
funds and associated programmes: the Social Housing Programme at Dhs250 000 Generally, obtaining a building permit takes 58 days after 12 procedures and costs
(US$24 862) or at Dhs140 000 (US$13 922). about 3.3% of the value of the property to be built.34

Affordability Property markets

The unemployment rate rose from 11.9% in 2020 to 12.3% in 2021 (10.9% for Morocco has a variety of housing types, such as houses (called “traditional” or
men and 16.8% for women)22 and despite the apparent decline in the poverty “modern”), apartments or villas.The most recent published figures indicate that in
rate (1.7% in 2019),23 it continues to be difficult to find affordable housing. In large urban areas 66.4% of households are homeowners and 21% rent the property in

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 Africa Housing Finance Yearbook 2022

MOROCCO – Considering housing affordability from a household perspective

For low income households seeking access to affordable housing,
If you are a law If you are a Cautionary notes
affordability is dependent on a number of factors, including income,
competing expenses, transport costs (which are likely linked to housing enforcement teacher It must be emphasized that these are hypothetical scenarios
– not calculations based on comprehensive research of income
location), and the cost of finance. Data specific to individual countries officer living in a living in a major
levels in each country.
and housing developments is often not available, thus requiring major urban area urban area
evidence-based assumptions to generate estimates of affordability.
who earns who earns We have based our calculations on some generic assumptions

In order to get a better grasp on the affordability of home ownership Dhs3 000 Dhs4 000 applicable to all countries, including 30% of household income
per month per month spent on housing. We are also assuming a household is eligible
in various countries, we considered two simplified scenarios – law
for a formal mortgage, and that such financing is available –
enforcement officer and teacher. These entry-level occupations were you could afford you could afford which may not be true for substantial segments of the
chosen because they are fundamental to the economy and society, to purchase a to purchase a country’s population. Alternative forms of finance, including
comprise a large portion of the formal workforce in most African
Dhs159 598 Dhs212 797 non-mortgage finance, and once-off income sources (e.g.
countries, and are fairly secure while having relatively low skills entry
points.
house with house with pension payouts or inheritances) are not taken into account.
a mortgage. a mortgage.
The calculations used the prevailing terms and conditions for
The two occupations are also inclusive of both genders, since in many Mortgage assumptions – Morocco
mortgages in the specific country, as collected through our
countries, teachers are female while law enforcement officers are – 13.0% interest rate – 25 year loan tenor
– 50% deposit – 50% loan to value ratio annual Yearbook data collection process.
male.

which they live. In contrast, in rural areas, 91% of households are homeowners Opportunities
and only 1% are renters. Overall, the ownership rate stands at 74.3% compared In a world in which environmental awareness occupies an increasingly important
to 14.6% for tenants.35 place and technological innovation is rapidly increasingly, the housing sector in
Morocco, although ahead of that of many countries on the continent, still needs
The National Agency for Land Conservation, Cadastre and Cartography to make significant progress.
(ANCFCC) is the government body in charge of Moroccan land. This agency is
responsible for the registration of land ownership and the for implementing basic The state must continue to create and foster an environment conducive to
infrastructure to support human settlement. The agency also establishes which development. Stakeholders expect it to set up an independent regulator
areas are suitable for human settlement. Climate change has made the population responsible for identifying needs in a rigorous manner, ensuring the match between
more vulnerable to disasters such as floods and landslides. ANCFCC participates supply and demand for social housing both in number and type of products. This
with the departments concerned to prepare documents relating to spatial will have to continue to be done in close cooperation with the banks. They need
planning.36 In 2021 the ANCFCC carried out 46 000 real estate transactions and to continue with innovative products in line with the growing needs of the
187 000 mortgages, certified 38 000 files and helped fulfill 280 000 orders for populations. The introduction of credit applications and other material on the
cadastral documents. It recorded a total of 305 290 transactions in 2021 and websites of commercial banks allow people to access information easily.
1 693 987 transactions since 2016.37 These transactions cover both the purchase
and resale of real estate (new or old), with the highest volumes being in urban The use of digital tools to better align real estate developers with their target
areas. The Casablanca-Settat region recorded the bulk of the volume.38 clientele should support better housing alignment, since most (97%) future buyers
start their search via the internet.44 By grouping and implementing rules to
The Moroccan real estate sector is active but this still struggling to professionalise. professionalise their industry, real estate agents would provide greater credibility
It is disrupted by intermediaries (semsars) that do not39 belong to state agencies for their customers.
or formal private actors. The activity of semsars is not regulated and open to any
person, thus allowing the number of self-proclaimed real estate agents without a Websites
diploma or proper qualification to increase.40 The Banque Centers Morocco (Al-Maghrib) www.bkam.ma
The High Commission to the Plan www.hcp.ma
Policy and legislation The Ministère de l'Aménagement du territoire National, de l'Urbanisme, de
The Kingdom of Morocco has opted for a private-public partnership housing policy. l'Habitat et de la Politique de la Ville www.mhpv.gov.ma
Private developers participate in the various government social programmes and The Banque Mondiale www.banquemondiale.org
in return benefit from tax advantages and facilities. Under the Social Housing
Programme set at Dhs250 000 (US$24 862), the government grants developers
various exemptions from corporate tax, income, registration and stamp duty, land
register fees, business tax and undeveloped land tax. Purchasers benefit from the
Availability of data on housing finance
amount of value added tax relating to social housing.41
Bank Al-Maghrib publishes an annual report on banking supervision
dealing with everything related to the banking system and its activity at
The government is putting in place a favourable legislative framework for property
the national and international level. It also issues an annual report on
developers and banks so that the entire population can access housing, including
the economic health of the country as a whole, presented to His Majesty
affordable housing.The central bank has renewed the measures introduced by the
the King each year.
Finance Act 2021 to mitigate charges and taxes in favour of sectors in difficulty,
including housing. This included reducing registration fees (until June 2021) on
The High Commission for Planning is responsible for the production,
deeds for the first sale of social housing and housing with low real estate value, as
analysis and publication of official statistics in Morocco. It collects most
well as deeds for the first acquisition of such housing by credit institutions and
of its data annually and makes it available on its website.
similar organisations under a contract for Mourabaha, Ijara Mountahia Bitamlik or
Musharaka Moutanakissa.42
The Ministry of National Spatial Planning, Urban Planning, Housing and
City Policy is responsible for implementing government policy. Data
Morocco has implemented actions to reduce energy consumption in buildings.
collection is less frequent than for the central bank, but it is also available
Law 47-09 on energy efficiency promulgated on 11 February 2010 has put in
free of charge.
place, among other things, thermal regulation of buildings and related standards.
This has been mandatory since 2014 and concerns both the design of buildings
(insulation, orientation) and the building materials used (air conditioning and
household appliances).43

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 Green applications for affordable housing
Knowing that the agricultural sector alone accounted for about 12.1% of In 2019, the Ministry of National Spatial Planning, Urban Planning, Housing
the country’s gross domestic product (GDP),45 the government is paying and City Policy submitted to its partners, including the Nama Facility, a
particular attention to the environment, and this concerns all sectors of the project proposal that aims to improve the energy performance of
economy. Moroccan housing.The project focuses on the social and medium-standing
housing sectors and on the construction of housing (about 12 000) whose
For the housing sector, the Moroccan Institute of Digitalisation has released energy performance exceeds the minimum required by the regulatory
the Guide of Sustainable Development in Construction, which aims to requirements in force in Morocco.48
inform stakeholders, companies and public or private operators on all the
standards and norms adopted in the field of sustainable construction in The main electricity source in Morocco is coal (65%) followed by natural
Morocco.46 There are buildings that meet EDGE certification standards, gas (11%). Access to electricity in 2019 was 98.5% at the national level
but none of them are part of affordable housing.47 (99.5% in urban areas and 96.5% in rural areas). Drinking water coverage
is 92% at the national level (98.1% in urban areas and 78.9% in rural
Banks do not yet offer products focusing on green mortgages. Possibilities areas).49
in this direction are being studied.

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