 No housing crisis in Morocco, but positive shrinkage, official
Rabat - The housing sector was not affected by the world economic downturn, but is witnessing a positive demand shrinkage, which has caused an unprecedented drop in prices, Housing Minister said.
The Central Bank's (Bank Al Maghrib) latest report has shown an increase of credit volume for housing, which proves that the sector is maintaining its momentum, Taoufiq Hjira said at the House of Advisors' question time.
The real estate sector ranks second in terms of job creation, he said, noting that housing regulations are not in phase with the projects undertaken in Morocco.
A new code of town planning will be promulgated to substitute the law in force which dates back to 1914.
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