MOROCCO Law and Practice Contributed by: Loris Marghieri, Dounia El Aissaoui, Julien Nouchi and Mounia Larhrissi, Gide Loyrette Nouel
• Law No 95-17 dated 24 May 2022 on arbitra - tion and conventional mediation; • Law No 102-21 dated 10 February 2023 on industrial areas; • Law No 69-21 dated 25 May 2023 on pay - ment terms; • Law No 61-00 dated 15 August 2002 estab - lishing the status of tourist establishments; • Law No 01-07 dated 19 June 2008 enacting specific measures relating to tourist property residences and amending and supplementing Law No 61-00 establishing the status of tour - ist establishments; • Law No 80-14 dated 4 August 2015 on tour - ist establishments and other forms of tourist accommodation; • Decree No 2-22-431 dated 8 March 2023 on public procurement; • Decree No 2-16-375 dated 18 July 2016 defining the LAnd Registry rights; • Law No 5-96 dated 13 February 1997 on general partnerships, limited partnerships, partnerships limited by shares, simplified joint stock companies, limited liability companies and joint ventures; • Law No 17-95 dated 30 August 1996 on pub - lic limited companies; • Law No 19-20 dated 14 July 2021 amending and supplementing Law No 17-95 and Law No 5-96; • 2025 edition of the General Tax Code; • Foreign Exchange Instruction dated 2 Janu - ary 2024; • Law No 17-19on the Insurance Code; and • Law No 21-18 dated 17 April 2009 on securi - ties over movable assets. 1.2 Main Market Trends and Deals In 2024, Morocco’s real estate market remained resilient despite global challenges, supported by government initiatives and tourism. Quar - terly reports by Bank Al-Maghrib and ANCFCC
showed a slight 0.4% year-on-year decline in the real estate asset price index (IPAI), with sectoral variations. Land prices rose by 3.4%, reflecting investor interest, while residential and commer - cial property prices fell by 0.5% and 0.9%, cre - ating buyer opportunities. Despite a 13.1% drop in transactions, land sales increased, signalling confidence in urban development. Tourism drove demand, with Morocco welcom - ing 17.4 million visitors in 2024, a 20% increase from 2023. Despite the 2023 earthquake, prime destinations like Marrakech and Agadir remained strong, particularly for luxury and short-term rentals. Major transactions and developments shaped the market, including preparations for the 2025 Africa Cup of Nations and the 2030 FIFA World Cup, driving investments in sports and hospitality infrastructure, exemplified by the FIFA Africa Bureau headquarters in Rabat. Land prices in Casablanca rose by 5%, reflect - ing strong demand for prime locations despite slight apartment price corrections. While con - struction costs and inflation posed challenges, government initiatives such as the Direct Hous - ing Assistance Programme, launched in January 2024, improved financing access. The market demonstrated adaptability and long-term growth potential, driven by strategic policies, infrastruc - ture projects and a thriving tourism sector. 1.3 Proposals for Reform Some key proposals include: • a law regulating the profession of real estate broker; • a draft law on new towns that aims to pro - mote the production and supply of housing and to regulate the procedures for approving and creating new towns;
705 CHAMBERS.COM
Powered by FlippingBook