Morocco Real Estate News

The sales results of Moroccan real estate developer Addoha’s are in line with expectations, according to a news story.

Addoha told Le Matin newspaper that company has sales commitment covering nearly 24,000 housing units over the next 18 months, a number which totals 8.2 billion dirhams ($1.02 billion) in secured revenue. Addoha Chairman Anas Sefrioui commented: ”Sales are progressing in an entirely satisfying manner,” reuter reports.

Mr. Anas Sefrioui is optimistic about the country’s economic performance despite the international financial situation. He also said that Morocco is remarkably immune to international economic crisis to thanks to big public infrastructure projects, rising public sector wages, falling income taxes and a promising start to the farming season.

The firm’s confidence in the country’s economy was evident as Addoha acquired two Moroccan units of failed Spanish property developer Fadesa in October as well as finishing the construction of two cement plants on time.

He commented: ”These two investments represent an investment of more than 7 billion dirhams and it would have been inconceivable to launch operations of this size if I did not have full confidence in our country’s growth dynamic.”
A spokesperson from the firm said it is currently benefiting from the government’s drive to build apartments in slum areas. Reuters reported that Addoha is concentrating on middle income householders with apartments in the price range of 200,000 AED.

This comes after the news that recent study by globaledge revealed that over 10 percent of property searches in Middle East are for morocco.

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