Morocco’s three largest listed property developers, Addoha, Alliances and Résidences Dar Saada (RDS), increased their combined revenue by 8.5% to more than 3 billion dirhams in the first half of 2026. Growth came from direct housing aid, rehousing programs and new project launches. Their shares have not followed, however: the Casablanca Stock Exchange’s real estate sector index is down 7.3% since January. Investors are watching the half-year net results to see whether stronger sales are turning into profits and cash.
Combined revenue rose by 236 million dirhams compared with the first half of 2025. The improvement comes as Casablanca-listed companies as a whole grew their combined revenue by 10.8% to 192 billion dirhams.
What is driving demand
The direct housing aid program is one of the main drivers. By early June, it had more than 105,000 beneficiaries, boosting demand for housing units that qualify for the subsidy. Developers also benefited from calls for expressions of interest linked to rehousing programs, and from better prospects for the sector thanks to the construction projects and investments tied to preparations for the 2030 FIFA World Cup.
Developers are also changing how they approach the market. Project launches are now more closely linked to actual demand, price levels, purchasing power, sales speed and existing stock. According to industry professionals, this reduces the risk of unsold units piling up and better matches supply to buyers’ needs.
Addoha: strong presales and a growing West African business
Most of the momentum came in the second quarter. At Addoha, presales rose more than 20% in the quarter, from 2,110 to 2,539 units, and 11% over the half-year to 5,557 units. Consolidated revenue reached 1.408 billion dirhams in the first half, up 9%, including 650 million dirhams in the second quarter, up 13%.
The figures reflect changes to the real estate sector’s accounting rules, in force since January 1, 2025, which affect how developers recognize revenue. Under the previous method, Addoha’s first-half revenue would have reached 1.98 billion dirhams.
The number of units under construction rose 20% to 23,791 at the end of June, compared with 19,773 a year earlier, representing potential revenue of 19.8 billion dirhams. The group’s secured revenue stands at about 12.1 billion dirhams, of which 8.9 billion in Morocco and 3.2 billion in West Africa.
West Africa now accounts for 18% of Addoha’s presales and 35% of the units entering production. Market observers see this expansion as a search for additional growth in markets with fast-rising housing needs. Net debt reached 5 billion dirhams at the end of June, up from 4.6 billion at the end of March, as production accelerated, with gearing kept below 30%.
Alliances: second-quarter recovery and higher profit
Alliances made up for a weak start to the year. Its revenue fell 14% in the first quarter to 615 million dirhams, then rose 30% in the second quarter to 803 million dirhams. Half-year revenue reached 1.418 billion dirhams, up 6.5%, and presales totaled 3,267 units. Second-quarter presales rose 16% to 1,639 units, and 6,312 units were under construction at the end of June.
Alliances has already published its half-year results. Consolidated net profit rose 6% to 229.6 million dirhams, from 215.7 million a year earlier. Operating profit grew to 409.7 million dirhams from 320.5 million, but non-recurring items weighed on the bottom line, at minus 105.7 million dirhams compared with minus 21.4 million in the first half of 2025. Net debt fell 8% over the quarter to 1.179 billion dirhams.
RDS: fastest growth, driven by Marrakech rehousing
RDS posted the fastest revenue growth of the three developers, up 25% to 202 million dirhams according to its quarterly indicators. Its presales jumped to 16,168 units, compared with 1,132 a year earlier. Most of this came from agreements linked to a call for expressions of interest launched by Al Omrane Group in Marrakech, covering 15,400 units. Just over half will be built through the subsidiary Résidences Dar Saada X, which is due to be consolidated into the group’s accounts from this year. RDS estimates its total revenue potential under development at 12.5 billion dirhams, of which 7.5 billion has already been presold, to be delivered over the next three years.
The company’s half-year accounts, approved by its board on September 29, show consolidated revenue
