Casablanca – The Real Estate Investment Trusts (OPCI) (Organismes de Placement Collectif Immobilie) sector in Morocco has reached a major milestone, exceeding $10.3 billion in assets under management for the first time. This achievement marks a significant evolution for a market that has demonstrated steady growth since the launch of the first OPCI management company in 2019. After surpassing $1.03 billion in 2021, the sector stabilized at around $5.15 billion between 2022 and 2023 before entering a new phase of accelerated expansion.
This growth has been fueled by state initiatives leveraging OPCIs to unlock financial capacity and by institutional investors attracted to the strong returns and low-risk opportunities provided by this investment product.
A dynamic and growing market
The OPCI sector now represents nearly one-sixth of the $61 billion Collective Investment Schemes in Transferable Securities (UCITS) market. The Moroccan government has played a pivotal role in this expansion, using OPCIs as a mechanism to diversify its financing strategies. By 2025, the government aims to raise over $3 billion through these funds, enhancing their attractiveness to a broader range of investors.
In addition to state support, declining bond yields have further increased the appeal of OPCIs. These funds often deliver higher returns than treasury bonds while relying on high-quality underlying assets to minimize risk. The combination of secure revenues from reputable public and private entities gives OPCIs a competitive edge over traditional fixed-income products.
A rigorously regulated sector
The growth of the OPCI market is supported by stringent regulations enforced by the Moroccan Capital Market Authority (AMMC). These regulations ensure transparency and stability, making the sector an attractive option for institutional investors. Currently, the market is predominantly composed of qualified investors, though a small number of individual investors are also participating.
High occupancy rates bolster returns
OPCIs are known for their high occupancy rates, which contribute to reliable returns. According to data published by the AMMC as of mid-2024, the physical occupancy rate for managed OPCIs exceeds 96%. Top-performing categories include administrative buildings, tourism and leisure establishments, and educational facilities, all of which boast full occupancy.
Assets with diversified investment strategies have slightly lower occupancy rates, averaging 92.6%, but still demonstrate strong performance. Meanwhile, specialized OPCIs stand out with an exceptional average occupancy rate of 99.7%, underscoring their efficient management and focus on high-demand asset categories.
Outlook for the future
Despite its current success, the OPCI sector still has significant room for growth. The introduction of retail-focused funds could expand the investor base and unlock additional opportunities for market development. With a strong regulatory framework, high-performing assets, and increasing investor interest, OPCIs are poised to remain a key component of Morocco’s financial ecosystem in the years ahead.
This milestone reflects not only the impressive dynamism of the OPCI market but also its critical role in supporting Morocco’s broader economic development.
