Key regions: Japan, China, Australia, Germany, United States
The Residential Real Estate Leases market in Morocco has been experiencing significant growth in recent years.
Customer preferences: One of the key factors driving the growth of the Residential Real Estate Leases market in Morocco is the increasing demand for rental properties. Many individuals and families are opting to rent rather than buy a property, as it offers more flexibility and affordability. Additionally, the younger generation is increasingly choosing to rent as they prioritize mobility and prefer to live in urban areas close to their workplaces and amenities.
Trends in the market: The market for residential real estate leases in Morocco is witnessing several trends. Firstly, there is a growing demand for furnished rental properties, especially among expatriates and young professionals. This is driven by the convenience and cost-effectiveness of renting a fully furnished property, as it eliminates the need for tenants to invest in furniture and appliances. Secondly, there is a trend towards co-living spaces in major cities like Casablanca and Marrakech. Co-living spaces provide shared living arrangements with communal facilities, appealing to young professionals and students who seek a sense of community and affordability. Another trend in the market is the rise of short-term rentals through platforms like Airbnb. This is particularly prevalent in tourist destinations such as Marrakech and Essaouira, where property owners can capitalize on the growing tourism industry by renting out their properties to travelers.
Local special circumstances: Morocco's real estate market is influenced by several local special circumstances. The country has a large population of young people, which drives the demand for rental properties. Additionally, the government has implemented policies to promote affordable housing, which has led to the construction of more rental properties. Furthermore, Morocco's growing tourism industry has also contributed to the demand for rental properties, especially in popular tourist destinations. The country's rich cultural heritage, beautiful landscapes, and favorable climate attract a large number of international tourists, creating opportunities for property owners to rent out their properties to visitors.
Underlying macroeconomic factors: Several underlying macroeconomic factors have contributed to the growth of the Residential Real Estate Leases market in Morocco. The country has experienced steady economic growth in recent years, which has increased disposable incomes and improved living standards. This has led to a higher demand for rental properties as more people can afford to rent. Additionally, Morocco has implemented economic reforms to attract foreign direct investment, which has boosted the overall economy and created job opportunities. This has resulted in an influx of expatriates and foreign workers, further driving the demand for rental properties. In conclusion, the Residential Real Estate Leases market in Morocco is experiencing significant growth due to customer preferences for rental properties, the emergence of new trends such as furnished rentals and co-living spaces, local special circumstances such as the young population and growing tourism industry, and underlying macroeconomic factors including economic growth and foreign investment.
Data coverage:
Figures are based on total and average revenue of residential apartment leases.Modeling approach:
Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.
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