The Moroccan listed real estate fund sector has experienced rapid growth, with its net assets reaching 133.97 billion dirhams as of the end of 2025. This represents a significant increase from 109.62 billion dirhams in the third quarter, with gains of over 24 billion dirhams in just three months. The number of funds also rose from 58 to 65 during this period.
The sector is comprised of 65 funds managed by eight companies, with 16 evaluators responsible for asset valuation. These funds hold a total of 2778 buildings valued at approximately 176 billion dirhams, with a debt of 52.27 billion dirhams. The majority of the funds, 53 in total, are diversified and account for 91.2% of the sector's net assets, while 12 specialized funds make up the remaining 8.8%.
The composition of the portfolio provides insight into the nature of this market. Buildings for education and training make up around 50.3% of the portfolio, followed by healthcare facilities at 18.5%, administrative buildings at 17.8%, and offices at 3.8%. This suggests that the sector is more focused on externalizing the assets of institutions and groups rather than traditional corporate real estate investment.
The sector has a high occupancy rate of 98.7%, although offices and residential segments have lower rates of 86% and 82%, respectively. Geographically, the Rabat-Salé-Kénitra region has the highest concentration of buildings at 30%, followed by Casablanca-Settat at 20.2%. The ownership structure also highlights the institutional nature of the sector, with banks holding around 38% of the funds, insurers and provident organizations holding 36.6%, and the Caisse de dépôt et de gestion holding 9.2%.
The involvement of private savers in the sector remains marginal. The rapid growth of the sector can be attributed to the increasing demand for real estate investment opportunities from institutional investors. The sector's growth is also driven by the need for institutions and groups to externalize their assets.
The Moroccan listed real estate fund sector is expected to continue growing, driven by the increasing demand for real estate investment opportunities and the need for institutions and groups to externalize their assets. The sector's growth is also expected to be driven by the development of new funds and the expansion of existing ones.
The sector's growth has significant implications for the Moroccan economy, particularly in terms of job creation and economic growth. The sector is also expected to play a key role in the development of the country's real estate market.
Key points
- The Moroccan listed real estate fund sector has reached 134 billion dirhams in assets, with 65 funds holding 2778 buildings valued at 176 billion dirhams.
- The sector is dominated by institutional investors, with banks holding around 38% of the funds and insurers and provident organizations holding 36.6%.
- The sector has a high occupancy rate of 98.7%, with buildings for education and training making up around 50.3% of the portfolio.
