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Decline in Cement Sales in February Amid Rising Real Estate Financing
Cement sales in Morocco experienced a notable decline during February 2026, dropping by 12.6% compared to the same period last year, as revealed in a new report by the National Fund for Economic and Social Research and Planning (DEPF). This decrease was attributed to unprecedented heavy rainfall during January and February, as well as a slowdown in construction activity coinciding with the start of Ramadan, which fell at the end of February.
Despite the overall drop in cement sales, deliveries directed towards infrastructure rose by 5.4%, reflecting continued large-scale projects in the sector despite the climatic and religious factors affecting activities in other areas.
Conversely, financing for the real estate sector showed positive momentum at the beginning of 2026, with mortgage loans growing by 3.5% at the end of January, up from 2.8% a year prior. This growth was driven by a 3% increase in housing loans and a 5.1% rise in loans allocated to property developers during the first month of the year.
These figures highlight a disparity between weak demand for building materials in traditional markets and improved financing capabilities in the real estate sector, indicating the market’s ability to respond to climatic and religious fluctuations while maintaining major development projects and the continuity of real estate financing.
