Cement Sales Surge in Morocco Amid Infrastructure Revival and Rising Construction Loans

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Cement sales in Morocco—a key barometer of construction and public works activity—continued their upward trajectory in early 2025, signalling renewed momentum in infrastructure projects and real estate financing.

According to the Financial Studies and Forecasts Directorate (DEPF) under the Ministry of Economy and Finance, cement sales grew by 4.5% in the first quarter of 2025, marking a recovery from the 0.4% decline recorded during the same period in 2024.

Anis Benjelloun, Vice President of the National Federation of Real Estate Developers, attributed this growth to sustained demand from public infrastructure initiatives. “The link between accelerated public works and the consistent rise in cement consumption is now undeniable,” he stated.

Benjelloun emphasised that the surge is mainly driven by ready-mix and prefabricated cement products used in large-scale infrastructure projects, rather than in residential or commercial real estate development. He also noted that construction activity remains strong despite a 30% increase in labour and service costs, supported in part by improved agricultural performance due to favourable rainfall.

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However, Benjelloun cautioned that while cement sales reflect broader construction trends, the core real estate metric—the number of housing units under construction or completed—has seen a noticeable decline.

An April report from the DEPF highlighted a 16.8% rise in prefabricated concrete shipments and an 18.6% increase in ready-mix concrete deliveries as key drivers of cement sales growth. On the financing front, housing loans increased by 2.1%, up from 1.6% the previous year, while loans to property developers rose sharply by 6.6%, reversing a 0.7% drop in 2024.