Casablanca stock exchange emerges as a gateway to Morocco's real estate market
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Morocco's listed developers, contractors and property funds are drawing investors seeking real estate exposure through the stock market, with the sector index gaining 11.5 per cent in the second quarter of 2026.
The Casablanca Stock Exchange has become a gateway to Morocco's real estate market in its own right, as construction companies, listed developers, commercial property firms and real estate investment trusts (OPCIs) offer investors a liquid alternative to buying property directly, TelQuel reports.
Publicly traded real estate developers are grouped under a single sector index, but individual stocks are moving at markedly different speeds. In the second quarter of 2026 alone the index gained 11.5 per cent, rebounding after a difficult start to the year, though it remained down nearly 10 per cent year on year.
Résidences Dar Saada surged nearly 23 per cent in the second quarter of 2026, while Douja Promotion Addoha gained more than 20 per cent and ranked among the most actively traded stocks on the exchange, with more than 660 million dirhams in trading volume over three months. By contrast, Alliances and Immorente Invest each fell more than 3 per cent.
"Real estate developers remain cyclical stocks, sensitive to market sentiment and housing subsidies. The variation among stocks reflects uneven recoveries from one company to another," a local analyst told TelQuel.
Construction contractors operate on a different logic, driven less by share prices than by order books. As of the end of March 2026, the combined order books of SGTM, TGCC and Jet Contractors exceeded 77 billion dirhams, up from less than 63 billion a year earlier, yet combined revenue for the three groups rose by only about 6 per cent over the same period.
Listed property companies such as Aradei Capital and Immorente Invest own commercial assets including retail space, offices and logistics hubs leased to major tenants, distributing most of their rental income as dividends. Immorente is targeting a dividend of 5.5 dirhams per share in 2026, a yield of nearly 6 per cent, while Aradei is pursuing a 3.3-billion-dirham investment pipeline through 2030. Syhati Immo SPI, the first investment vehicle dedicated to healthcare real estate, raised more than 1 billion dirhams in record time.