Following a slowdown in 2013 caused by a range of factors, Morocco’s construction industry returned to growth in 2014 and 2015, driven by high demand for housing and investment in infrastructure projects. While the prices of building materials have fallen with global economic downturn – the steel segment in particular has felt the impact of slow growth in international markets – cement consumption saw a modest return to growth in 2015. In the real estate sector, after a drop in the market following a boom that peaked in 2007-08, recent years have shown signs of a modest recovery. While the luxury segment has remained depressed after the global downturn of 2008-09, state incentives aimed at attracting developers to the mid-range and affordable housing segments, which are marked by a persistent deficit, have helped offset this somewhat, and new legislation allowing for the creation of real estate investment trusts (REITs) is set to attract greater foreign investment in segments that have previously lagged. If such investment picks up in the coming years as predicted, the sector’s recovery will continue.
This chapter contains interviews with Abdelaziz El Mallah, General Manager, JACOBS Engineering S.A.; and Nawfal Bendefa, CEO, Vecteur LV.