Population, households, and housing uses
36.83 million · RGPH 2024. 36,828,330 inhabitants census-counted as of 1 September 2024. The census describes the legal population and helps to understand the scale of the domestic market. The sheet also counts 9,275,038 households and an urbanisation rate of 62.8%. These measures provide different angles: inhabitants, living units and urban distribution. They do not directly reveal budgets, purchasing intentions or missing housing. A household may already be an owner, tenant or accommodated; its existence does not prove a future transaction.
The method in practice
Move from the national level to a usage hypothesis, then to a local survey. For a family apartment, ask about household composition, schools, mobility, accessibility, service charges, and length of occupancy. For an investor, identify the targeted occupants and their documented ability to pay. Look for recent comparables, distinguish listings from transactions, and date field observations. Do not label a neighbourhood as profitable based solely on the country's urbanisation. A large urban population invites the study of local catchment areas; it does not say which building meets the need. Always separate what the census establishes from what your file still has to prove.
Fictional example
In Kénitra, a family request focuses on a lift and a route to school. The adviser transforms the demographic context into practical questions, without announcing a shortage based solely on the number of households.
Move from demographic context to local needs and evidence.
Understand growth and industrial exports
4.9% · Year 2025. Real GDP growth, provisional national accounts. Real GDP growth provides information on national activity corrected for a price effect; provisional status means that the accounts may be revised. It measures neither apartment prices nor individual household income. Automotive exports reached 154.494 billion DH in 2025, falling 2% year-on-year; aeronautics reached 29.087 billion DH, rising 10%. Size and variation must be read together.
The method in practice
An honest argument can present a major industry even when its export value declines. Omitting the decline would transform an observation into cherry-picking. Next, identify the project's economic catchment area, the actually accessible employers, and the desired uses. An export is a sale abroad, not national value added nor the salary of the employees concerned. Avoid multiplying a sectoral growth rate by the price of a property to forecast a capital gain. The professional question is more concrete: which users, which connections, and which services can this activity bring to light? The answer requires local data and a consistent time horizon.
Fictional example
An apartment is presented near an industrial zone. The export figure serves to initiate the study of the employment area; the file must still detail commutes, comparable rents, and occupant profiles.
Distinguish sector size, annual variation, and local consequences to be verified.
Foreign investments: flow, stock, and project
28.39 bn DH (≈ €2.61 bn) · Year 2025 · provisional. Net foreign direct investment flow: 28.392 bn DH (≈ €2.61 bn). The net FDI flow over a year corresponds to inflows minus outflows according to the Office des Changes statistical framework. It does not describe the total stock of foreign capital accumulated in Morocco. An announced project amount belongs to another category: schedule, completion and scope must be examined. FDI combines several sectors; it cannot be presented as solely the amount of property purchases by foreigners.
The method in practice
For an overseas prospect, explain what the indicator demonstrates: a measure of international investment movements over a defined period. Then return to the individual case file. What is the intended use, who is acquiring, what is the budget, where do the funds come from and which stakeholders verify the documents? A macroeconomic indicator constitutes neither a financing agreement nor a transfer authorisation. If a client quotes a project announced in the press, find the announcement, check the responsible body and request the completed steps. In your note, separate the capital actually measured, the programme still announced and the real estate opportunity you are seeking to document.
Fictional example
“MAD 28.392 billion in net FDI in 2025” does not authorise “foreigners bought MAD 28.392 billion worth of apartments”. The second statement changes the scope and must be removed.
Precisely name a net flow and avoid equating it to housing purchases.
Your practical application work
FICTITIOUS CASE · A seller in Casablanca claims that national growth and FDI guarantee a 10% increase in the price of their apartment.
- Separate exact facts from unproven deductions.
- Build a grid to search for comparables and local needs.
- Respond to the vendor by highlighting the context without guaranteeing his price.
Sources and benchmarks
- HCP · General Population Census 2024Population as of 1 September 2024. Accessed: 14 September 2026. Real estate interpretations and exercises created by CBE.
- HCP · National Accounts 2025Publication of 8 June 2026 · provisional accounts. Accessed: 14 September 2026. Real estate interpretations and exercises created by CBE.
- Office des Changes · Trade IndicatorsDecember 2025 · provisional data, publication January 2026. Accessed: 14 September 2026. Real estate interpretations and exercises created by CBE.