Morocco's real estate sector contributes 7% to GDP

27/04/2007

[File] Khalid Alioua

The real estate sector contributes 7% to Morocco's GDP, local press quoted Khalid Alioua, CEO of the state-owned Credit Imobilier et Hotelier bank, as saying on Thursday (April 26th) in Rabat, at a conference on the sector's financing. The sector plays an instrumental role in economic growth and development, he added. The official ascribed this performance to the emergence of large public and private real estate developers, adding that the state guaranteed up to 30% of all housing loans in 2006. Alioua insisted, however, that the development of real estate financing requires investments in low-cost housing construction, and the mutualisation of large projects funding. The services sector, including real estate, comprises 42.6% of Morocco’s GDP. Industry follows at a close second with 35.7% of GDP and agriculture comes in third with 21.7%.