Saham Capital Bourse Turns Bullish on Morocco’s Listed Real Estate: Buy Alliances, Hold RDS, Sell Addoha

After years of contraction, Morocco’s listed real‑estate sector is showing signs of a new upward cycle, driven by a more favourable macro‑environment and renewed public‑housing programmes. Saham Capital Bourse has started coverage of the sector and highlights three listed developers – Alliances, Résidences Dar Saada (RDS) and Addoha – each with markedly different growth prospects and valuation levels. The research house forecasts a total construction output of over one million units between 2024‑2030, backed by the government’s “Villes Sans Bidonvilles” and “Daâm Sakane” initiatives. Alliances is positioned in the premium mid‑to‑high‑end market and is recommended as a buy, RDS’s social‑housing exposure is already priced‑in and is rated as a hold, while Addoha’s multi‑segment model appears over‑valued and is given a sell recommendation.

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