Mortgage market booming in Morocco
The mortgage market in Morocco is currently experiencing a boom, with the number of loans and consumer credits taken out in the past six months reaching record levels.
According to the nation's Central Bank, the number of mortgage loans that were outstanding rose by nearly 50 per cent in June to 125.9 billion dirhams (£8.8 billion), reports Bloomberg.
Consumer credits increased by 28 per cent in this period, reaching 22.7 billion dirhams, while the overall lending in the country was up by almost a third.
It is thought that the lower interest rates - which have reached 4.5 per cent - in the first six months of the year helped to prompt this surge in borrowing.
In addition, the economy has enjoyed seven per cent growth in the first quarter, compared with three per cent in the same period in 2007.
In related news, a 24-km road connection between Bghagza and Spirada communes in the Tetouan province was opened by King Mohammed VI on August 28th.
Visit our off-plan property Morocco page.
< Back to latest news