Real estate is one of the flagship sectors of the Casablanca Stock Exchange, but in 2015 it was highly penalizing for the Moroccan market, notably because of liquidity problems
Douja Promotion values ​​(Addoha group), Alliances and Residences Dar Saada. However, real estate could recover this year and generate renewed interest thanks to the attractive levels of its stock market ratios. Moreover, since January, the prices of the three stocks have progressed well. Addoha, which launched the Generation Cash plan to reduce its debt by 2018, reassured investors by publishing the results of the first year ahead of schedule. Although its future publications will be scrutinized by the market, the group is moving in the right direction. Meanwhile, Alliances is lagging behind in its debt reduction and had very poor results last year. However, according to its management, the group should return to the green in 2016: disposals of assets appear to be on the right track, as well as the restructuring of its bond debt. Moreover, the promise of a capital increase of 1 billion dirhams [more than 90 million euros] is another positive point. Finally, Résidences Dar Saada opts for prudence and wishes to respect its objectives despite
Difficult sectoral situation. His reasonable level of debt allows him to approach the future with serenity. This sector will undoubtedly be the most followed of the rating in 2016. If a recovery is expected, it will of course depend on the future publications of the three real estate groups, which must continue their efforts of reorganization and of income generation. “