7/27/2019 Lettre n 248 Centre Marocain de Conjoncture sur l'Immobilier - www.metrecarre.ma

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@gttrg a >5=

Dgatrg Lcrhdcka eg Dhajhadturg

Gekth:Dhatrcdtkha

@g dhatgxtg eg drksg cdtug`g c lks ga vkegadg `gs bckn`gssgs eg ahlnrgux sgdtgursecdtkvkt cu Lcrhd ehat dg`uk eg kllhnk kgr! @c pgrtg eg eyaclkslg qug vktcdtug`glgat dg sgdtgur ag sgrckt qug g rv`ctgur egs eysbhadtkhaaglgats p`usprhbhaes ehat shubbrkrckt dgttg dhlphscatg klphrtcatg eg dhahlkg actkhac`g!

Cu p`ca strudturg , ecnhre, gt ga epkt egs gbbhrts ep`hys cu dhurs egs ekxegrakrgs caags phur ga cssurgr `c lhegraksctkha, `g sgdtgur sg dcrcdtrksg pcr `cpgrskstcadg eg ahlnrgusgs bckn`gssgs! Kacecptctkha eg hbbrg ga higlgats cuphuvhkr ecdmct egs lacigs sgrckt `g prglkgr hnstcd`g lcjgur quk iag `c lcrdmgeu sgdtgur vgrs p`us eg lcturkt! @cnsgadg eua riu`ctgur bckt qug gs prkx eubhadkgr gst ga edhaagxkha dhahlkqug vksvks eg `c rcrgt eu bhadkgr urncakscn`g!@gs p`cas eclaciglgat, rgaeus dceuds gt hnsh`tgs pcr `c drhksscadgspgdtcdu`ckrg quk dcrcdtrksg gasgln`g egs ircaegs vk `gs eu pcys hat kadkt `gsrgsphascn`gs ga dmcrig eg `c igstkha eu sgdtgur rgdhurkr, eg lcakrgsystlctkqug, cu riklg erhicthkrg! Ha ahtgrc ga pcrtkdu kgr qug gs edkskhas galctkrg urnckag shat, ecas gur ircaeg lcjhrkt, hrkgatgs pcr gs hpphrtuaktsbhadkrgs gt pcr gs erhictkhas celkakstrctkvgs! Ecutcat qug gbbhrt eg lksg akvgcu egs ahrlgs eg urncakslg ga rcpphrt cvgd gs ahuvg`gs gxkigadgs

klphsgs pcr `c eyaclkqug shutgaug eg urncaksctkha eu pcys rcjhutg cu dht ej`gv eu bhadkgr, rksqucat eu llg dhup eg pac ksgr kavgstkssglgat ecas dgdragcu!Cu p`ca dhajhadturg , gasuktg, g sgdtgur c cddus uag bhrtg dhatrcdtkha cu prglkgrtrklgstrg eg >?34! Ga cttgstgat puskgurs kaekdctgurs! @c nrcadmg eu NU_ c gargikstruag eklkautkha skiakbkdctkvg eg sc vc`gur cjhutg gt ua ebkdkt klphrtcat cu akvgcu eghbbrg ehpphrtuakts eglp`hks! Ecas g llg hrerg ekegs, c nckssg mksthrkquggargikstrg cu akvgcu egs vgatgs eu dklgat egs quctrg prglkgrs lhks eg caag gadhurs sgrckt `c dhasqugadg `hikqug egs mcussgs klphrtcatgs survgaugs cu akvgcuegs prkadkpcux katrcats -dklgat, scn`g gt dcrnurcat+! Dg lhuvglgat eg mcussg egs

dhts eg prheudtkha gstkl >7' c etgkat sur `c eyaclkqug eg `c eglcaeg! Krgsshrt, ga gbbgt, eg kaekdg egs prkx egs cdtkbs kllhnk kgrs `cnhr pcr Ncaf C`Lcimrkn dhuvrcat `g prglkgr trklgstrg eg >?34, qug `gs trcascdtkhas kllhnk krgs hatgargikstr uag nckssg eg 2!9', cddhlpciag eg c stciactkha rg`gvg cu akvgcu egsprkx egs cdtkbs rskegatkg`s!Lcks cueg` eg dgs ekbbrgatgs dhastctkhas quk lhatrgat qug dg sgdtgur, bhrtglgateyaclkqug jusqu uag ectg rdgatg, cddusg uag nckssg egatrcka cssgz klphrtcatg kastcr, eck `gurs, ecutrgs pcas eg dhahlkg actkhac`g: c qugstkha cadkacatg gstdg`g eg dhaacktrg sgs pgrspgdtkvgs evh`utkha buturgs! @g sgdtgur vc tk sg rgprgaerggt rgtrhuvgr sgs rgsshrts ecatca hu cu dhatrckrg c drksg gst tg`glgat prhbhaeg qug

>?34 dhastktugrckt ua phkat ekabgxkha krrvgrskn`g, caahadkctgur evh`utkhasklprvugs 8

7/27/2019 Lettre n 248 Centre Marocain de Conjoncture sur l'Immobilier - www.metrecarre.ma

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Katgractkhac` :@c Drksg Kllhnk`krg cux WTCSug`s gasgkiaglgats 8@gbbhaerglgat spgdtcdu`ckrg, ga >??9, eu lcrdm kllhnk kgr clrkdcka cprhvhqu ua skslg ehat haeg eg dmhd c dhatclka gasgln`g egs dhahlkgsevg`hppgs prhvhqucat uag drksg dhahlkqug gt bkacadkrg scas prdegat! Dgttgdrksg lhaekc`g puksg sha hrkikag ecas `c bclgusg drksg ektg egs sunprklgs! Dkaqcaags cprs dgttg drksg prhbhaeg, quk sgst prhpcig eg kllhnk kgr vgrs `cspmrg bkacadkrg gt `g rgstg eg dhahlkg, `c rgprksg agst pcs gadhrg cssurg!@gs dmkbbrgs eg dhahlkg lhatrgat qug `c drksg p`cag thujhurs sur dhahlkgclrkdckag gt qug kllhnk kgr gst gadhrg ga shubbrcadg!Eyaclkqug dhahlkqug :D`cssgs LhygaagsDhaektkhas eg `higlgat rg`ctkvglgat ebcvhrcn`gsAhlnrgux shat dgux quk dhaskergat `c d`cssg lhygaag dhllg `c brcaig eg `cphpu`ctkha quk jhug `g r`g eg `gvkgr csdgaecat, phur gatrgtgakr `g dgrd`g vgrtugux egcl khrctkha egs dhaektkhas shdkhdhahlkqugs gt gxc tgr cspkrctkha `c lhegraktqug `ckssg gatrgvhkr huvgrturg cehptg pcr `g Lcrhd ecas sgs rcpphrts cvgdgxtrkgur! @cac`ysg, egs ehaags eksphakn`gs dgt icre, bckt rgsshrtkr qug `gsd`cssgs lhygaags quk shat dhastktugs euag phpu`ctkha quk jhukt eua akvgcueeudctkha cpprdkcn`g, eua scvhkr, eua scvhkrbckrg gt eua scvhkrtrg bhrlgathsscturg slk `catg eg dhahlkg gt eg `c shdkt! C dg tktrg, g`gs rgprsgatgat ua

bcdtgur dcpktc eg stcnk kt dhahlkqug, shdkc`g gt du turg`g!_grspgdtkvgs Tgdthrkg``gs :Bksdc`kt Kllhnk`krgSug``g rbhrlg 8

@c bksdc kt gst ua egs kastrulgats ekatgrvgatkha prkvkik pcr Gtct cu vu eg shagbbkdcdkt, rg`g hu supphsg, ecas `c prhlhtkha eu sgdtgur kllhnk kgr! Dgst uakastrulgat uakvgrsg cehpt pcr eg ahlnrgux ihuvgracats, ahtcllgat ecas `gspcys evg`hpps, phur riu`gr `g lcrdm kllhnk kgr! Cu Lcrhd, dg ldcakslg

dhllgadg sg sunstktugr prhirgsskvglgat gasgln`g egs dcacux gt hutk s trcvgrs `gsqugs Gtct katgrvkgat phur cppuygr `c eglcaeg egs lacigs hu stklu`grkavgstkssglgat prkv ecas `g sgdtgur eu `higlgat! _rs euag dkaqucatckag egeksphsktkhas bksdc`gs, cddulu`gs thut cu `hai euag gxprkgadg eg p`us euagtrgatckag ecaags, shat cpp kdcn`gs cdtkvkt kllhnk krg! Dg bhkshaaglgat eglgsurgs trceukt klphrtcadg cddhre dg sgdtgur ecas )dhahlkg gt `c qutgpgrlcagatg eg lgttrg ga uvrg uag ph ktkqug bksdc`g gbbkdkgatg phur shacelkakstrctkha! Cussk, cac`ysg eg `c bksdc kt, eg sgs ldcakslgs gt egs dcacux egtrcaslksskha eg `c ph ktkqug bksdc`g dhastktugg`g uag shurdg ed`ckrcigkadhathuracn`g phur dhlprgaerg `gs shuncssglgats eg vh`utkha eu `higlgat cuLcrhd!

7/27/2019 Lettre n 248 Centre Marocain de Conjoncture sur l'Immobilier - www.metrecarre.ma

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Gatrgprksgs gt lcrdms : _rkx eg `kllhnk` kgr@gs etgrlkacats eg `c mcussg@g lcrdm kllhnk kgr lcrhdcka c gargikstr egs dmcaiglgats prhbhaes dgs ekxegrakrgs caags shus gbbgt eg p`uskgurs bcdtgurs! Wag prglkrg dhlphscatg egdgs bcdtgurs gst kg gavkrhaaglgat dhahlkqug iarc eu pcys, vh`utkhaelhircpmkqug gt sha klpcdt sur vh`utkha urnckag! Wag eguxklg dhlphscatgsg rcpphrtg cu prhdgssus ehuvgrturg eg dhahlkg actkhac`g sur `g ^gstg euLhaeg, cvgd ua gbbgt egatrcaglgat k dgttg huvgrturg sur c kiaglgat egs prkxegs cdtkbs kllhnk kgrs katgractkhac ! @)cdtkha eg Gtct cu akvgcu eg dg sgdtgur tgaevgrs p`us eg rctkhac kt gt egbbkdcdkt, irdg cux ekvgrsgs lgsurgs ahvctrkdgs gt cuxekbbrgats dmcatkgrs quk vksgat `c eyaclksctkha eg `c prheudtkha ga `higlgat! Dgttgsktuctkha gst dhabhrtg pcr `c lksg ga p`cdg e)hutk s vkscat cl khrgr `g bkacadglgateg mcnktct shdkc egstka cux lacigs rgvgaus klkts, gssgatkg`glgat trcvgrs

`g dhadgpt eg vk `gs ahuvg `gs quk skasdrkt ecas uag `hikqug ecatkdkpctkha gt egrshrptkha eu ebkdkt ga `higlgat!_rvkskhas :Tgdtgur eg `kllhnk`kgr^gp`k c`crlcat@g sgdtgur eg kllhnk kgr c gargikstr uag bhrtg dhatrcdtkha cu dhurs eu prglkgrtrklgstrg eg >?34! _`uskgurs bcdtgurs gxp kqugat dgttg sktuctkha pcrlk `gsqug`s hapgut dktgr: `g lcaqug eg vksknk kt eu ihuvgraglgat gt eu sgdtgur pun kd ga iarc ,

`gs lgsurgs bksdc`gs kacpprhprkgs katrheuktgs `hrs eg `c `hk eg bkacadgs eg >?34 gtcttgatkslg quk dcrcdtrksg `g dhlphrtglgat egs lacigs gt egs kavgstkssgurs!