Institutional investment
Moroccan OPCIs held MAD 176bn in property assets at end-2025
The 65 OPCIs recorded by the AMMC held 2,778 properties valued at MAD 176.04 billion, with aggregate net assets of MAD 133.97 billion. The figures illustrate the growing scale of institutional real estate in Morocco.
Two figures that should not be confused
MAD 176.04 billion is the gross value of the property portfolio. OPCI net assets total MAD 133.97 billion, while debt stands at MAD 52.27 billion. The headline figure is therefore neither available cash nor investment completed during 2025 alone.
Education dominates the portfolios
Education and training properties represent 50.3% of real estate value, followed by healthcare at 18.5% and administrative buildings at 17.8%. The mix highlights the role of service infrastructure in OPCI strategies.
Almost full occupancy
Average physical occupancy reaches 98.7%, while financial occupancy stands at 98.6%. This rental continuity supports income visibility, although tenant quality, lease duration and expiry profiles still require close review.
A market led by institutions
Banks hold 38% of net assets, insurance companies and pension or social-protection institutions 36.6%, and CDG 9.2%. The OPCI market is therefore primarily supported by long-term institutional investors.
Rabat-Salé-Kénitra ranks first
Rabat-Salé-Kénitra accounts for 30% of held property value, ahead of Casablanca-Settat at 20.2% and Fez-Meknes at 11.2%. This ranking partly reflects the importance of education, healthcare and administrative assets.
The PROFONCIA view
OPCI growth confirms the professionalisation of investment property in Morocco. Value depends less on a simple price per square metre than on use, tenant strength, lease duration, legal and technical quality, and the asset’s ability to produce sustainable income.