Morocco's listed developers lift first-half revenue 8.5% on housing subsidies
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Addoha, Alliances and Residences Dar Saada raised combined first-half revenue by nearly 8.5% to more than 3 billion dirhams, driven by state housing subsidies and resettlement programmes, even as the sector's stock index fell.
The combined first-half revenue of Morocco's three listed developers - Addoha, Alliances (ADI) and Residences Dar Saada - rose by nearly 8.5% to more than 3 billion dirhams, 236 million dirhams more than a year earlier, Telquel reported.
Growth accelerated in the second quarter of 2026, with revenue up 30% at Alliances and 13% at Addoha. Market sources attribute the momentum mainly to housing subsidies announced by the government in late 2023, which had benefited more than 105,000 people by early June 2026, as well as calls for expressions of interest for the rehousing of vulnerable populations.
Addoha's pre-sales rose more than 20% in the second quarter, from 2,110 units to 2,539 units, and were up 11% over the half-year. Units under construction at the end of June stood at 23,791, compared with 19,773 a year earlier. The group said 18% of its pre-sales and 35% of units entering production were in West Africa, with overall production representing potential revenue of nearly 20 billion dirhams.
Alliances' second-quarter revenue jumped 30% to 803 million dirhams, offsetting a 14% decline in the first quarter, taking first-half revenue to 1.4 billion dirhams, up 6.5%. Its pre-sales rose 16% in the quarter to 1,639 units, and 2% over the half-year to 3,267 units.
Residences Dar Saada posted the strongest percentage growth of the three, with consolidated first-half revenue up 25% to 202 million dirhams. Its pre-sales reached 16,168 units for the half-year, largely from an Al Omrane call for expressions of interest in Marrakech covering more than 15,000 units, for which the group signed new agreements in February 2026.
Despite the operational gains, the Real Estate Investment and Development sector index has declined nearly 7.3% since the start of the year, with investors awaiting half-year net earnings before making moves. Market sources say the Moroccan market overall has lacked momentum, with the MASI down 0.46% year-to-date at the close on September 7, an apparent stability driven by mining stocks while the wider market declined.