he Moroccan Capital Market Authority (AMMC) published on Tuesday, October 6, its half-yearly indicators for real estate investment funds (OPCI), as of the end of December 2025. Sixty-five OPCI, run by eight management companies, held net assets of 133.97 billion dirhams, up from 109.62 billion at the end of the third quarter, when there were only fifty-eight of them. Their portfolio comprised two thousand seven hundred and seventy-eight properties, valued at 176.04 billion dirhams, against total debt of 52.27 billion. Education and training buildings alone accounted for 50.3% of that value, ahead of health facilities (18.5%) and administrative buildings (17.8%).
The portfolio is almost fully let: the average physical occupancy rate stood at 98.7% and the financial occupancy rate at 98.6%. The Rabat-Sale-Kenitra region held 30% of the properties, ahead of Casablanca-Settat (20.2%) and Fes-Meknes (11.2%). As for unitholders, banks held 38% of net assets, insurance companies and pension bodies 36.6%, and the Caisse de Depot et de Gestion 9.2%. A property market that, for now, is played among institutions.
Photo: Ftpmail, CC BY-SA 4.0. The Mohammed V University presidency in Rabat, illustrative image.
Autorité marocaine du marché des capitaux - Indicateurs semestriels des OPCI, 2e semestre 2025
