Housing Finance in North Africa
Overview
The most recent regional profile for North Africa is from 2019, and is also available in French here.
To download a pdf version the full 2019 North Africa regional profile, click here.
The housing finance sector exists in a regional market with a large unmet demand for financial services and unbanked economic citizens. This suggests that there exists opportunities for financial providers to meet the unmet demand across the Arab world. To close the severe gaps in financial inclusion in North Africa, governments are increasingly starting to develop national financial inclusion strategies driven by evidence-based dialogue among public and private stakeholders.
Africa’s rapid urbanisation and population growth has led to a severe affordable housing shortage and a rise in informal settlements.
All North African countries are suffering from the lack of middle income housing supply and this is considered one of the major challenges facing the real estate industry. As population growth and urbanisation continue, countries across the region are facing growing pressure to accommodate the evolving needs of urban dwellers. This includes the need for more good quality, affordable accommodation within developed communities, for middle income individuals and households.
The bond market is underdeveloped in the North African region except for Morocco and Tunisia, due to financial system reform. Despite that, the market in the two countries is suffering from low volumes, low liquidity and a strong tendency to “buy & hold”.
The socio-economic impact of the housing shortage is clear. It causes overcrowding, increases the incidence of diseases, and hinders the provision of basic social and public services such as water, sanitation, education, and physical safety. In such a situation, high population growth and a youth bulge tend to be liabilities rather than dividends.
This shortage threatens the long-term stability of the region. Governments across the region have acknowledged the seriousness of this problem and have implemented a range of policies to tackle the shortage. However, most of these initiatives are at the early stage of implementation and further efforts are needed to ensure the successful delivery of more affordable projects.
Nevertheless, housing remains at the forefront of the agenda for most North African governments. The link between affordable housing, economic development and social inclusion has been clearly recognised, particularly as many protests across the region have been linked to poor living conditions caused by failures in housing policy.
The North African region needs to have more social housing programmes and give incentives for contractors to build middle income housing. In addition, housing policies need to be shifted from supply-side support to direct demand-side subsidies , although the allocation of government-owned land remains critical to achieving low-cost levels.
To improve the lives of urban dwellers, create jobs, and enhance productivity, North African countries need to reduce the housing backlog. Because of its extensive linkages with manufacturing, the financial sector, and other service subsectors, residential housing construction in developing countries is very labor intensive and has high output multiplier effects.
Find out more about more information on the housing finance sector of the North Africa, including key stakeholders, important policies and housing affordability:
- Macroeconomic Overview
- Access to Finance
- Affordability
- Housing Supply
- Property Markets
- Policy and Regulation
- Opportunities
- Availability of data on housing finance
- Websites
- 2021 Infographic for North Africa
North Africa
Macroeconomic Overview
The North African region is made up of five countries bordering the Mediterranean Sea: Egypt, Libya, Tunisia, Algeria and Morocco. Together, they are home to around 200 million people.
Africa’s economies continue to strengthen, having grown by an estimated 3.5 percent in 2018, up from 2.1 percent in 2016. With a 4.9 percent gross domestic product (GDP) growth in 2018, North Africa is leading the continent’s recovery, accounting for 40 percent of the continent’s four percent expected growth in 2019.[1]
The growth prospects are positive in the region. North Africa is expected to grow by 4.4 percent in 2019 and 4.3 percent in 2020.[2] However, drivers of growth differ across countries.
Egypt, home to 100 million people, had GDP growth of 5.6 percent in Fiscal Year (FY) 2018/19, up from 5.3 percent in FY2017/18 on the back of stronger oil production, revitalised tourism, and higher government investment spending.[3][4] Tunisia’s GDP grew by 2.6 percent in 2018 from two percent in 2017, owing to a favorable tourist sector and good harvest.[5]
The Organization of the Petroleum Exporting Countries (OPEC) member country, Algeria, home to 42 million people, achieved a growth of 2.3 percent in 2018, up from 1.4 percent in 2017. Still highly dependent on the hydrocarbon sector, oil and gas contributed 60 percent of the budget and 94 percent of total exports revenue; while the non-hydrocarbon sector grew by only four percent in 2018, up from 2.2 percent in 2017.[6] Libya’s GDP also increased in 2017 and 2018 due to higher oil production.[7]
Meanwhile, growth in Morocco slowed down in 2018, reaching three percent in 2018, compared to 4.1 percent in 2017, due to weakened agricultural and tertiary sectors.[8]
In Africa, average inflation fell to 10.9 percent in 2018 from 12.6 percent in 2017, and is estimated to reach 8.1 percent by 2020.[9] In North Africa, annual inflation rates have abated in Morocco (0.2 percent as of June 2019)[10]and Algeria (3.1 percent as of June 2019),[11] but remain persistent in Egypt (8.9 percent in June 2019)[12] and Tunisia (6.8 percent in June). [13]
The prospects of inflation remain mixed in the region. Inflation is likely to remain under control in Algeria and Morocco, however, inflationary pressure in Egypt is likely to continue after surge in fuel prices.[14]
Meanwhile, Morocco’s monetary policy has remained accommodative, with policy rates kept at 2.25 percent since its last reduction in March 2016.[15]
In Egypt, the Central Bank of Egypt (CBE) reduced policy rates by 150 basis points last August (15.25 percent).[16]Meanwhile, monetary authorities in Tunisia increased policy rates by 100 basis points (7.75 percent) and further hikes in policy rates remain feasible if disinflation stalls.[17]
Despite improved economic momentum (except in Libya), growth remains insufficient to address structural challenges. Besides, the positive outlook is clouded by political instability in Algeria and Libya, reform slippages leading to lower growth in Tunisia and Morocco, vulnerable tourism in Egypt and Tunisia, as well as insufficient inclusive growth in all countries.
[1] African Development Bank Group (2019). North Africa Economic Outlook 2019. Pg. 13.
[2] African Development Bank Group (2019). North Africa Economic Outlook 2019. Pg. 7.
[3] World Bank (2019). Egypt’s Economic Update 2019.
[4] Egypt State Information Service (no date). http://www.sis.gov.eg/Story/140759/Finance-Ministry-Egyptian-economy-achieved-5.6%25-growth?lang=en-us (Accessed 19 July 2019).
[5] International Monetary Fund (IMF) (2019). 2019 Tunisia Fifth Review. IMF Country Report No.19/223. Pg. 5.
[6] Reuters. Algeria economic growth up to 2.3 percent in 2018-fin min. 24 January 2019.
[7] African Development Bank Group (2019). North Africa Economic Outlook 2019. Pg. 5.
[8] World Bank. (2019). Morocco’s Economic Update 2019.
[9] African Development Bank Group (2019). North Africa Economic Outlook 2019. Pg. 11.
[10] Haut Commissariat au Plan (HCP) (2019). L’indice des prix à la consommation (IPC) du mois de Juin 2019.
[11] Office National des Statistiques (ONS). (2019). Indice des Prix à la Consommation-Juin 2019..
[12] Central Agency for Public Mobilization and Statistics (CAPMAS) (no date) https://www.capmas.gov.eg/ (Accessed 19 July 2019)
[13] National Institute of Statistics (no date). http://www.ins.nat.tn/ (Accessed 19 July 2019).
[14] Ahram Online (2019). Egypt raises fuel prices in fifth and final take.
[15] International Monetary Fund (2019). Article IV Consultation – Press Release. Staff Report and Statement by the Executive Director of Morocco. IMF Country Report No. 19/230. Pg. 5.
[16] Central Bank of Egypt (2019). https://www.cbe.org.eg/en/Pages/HighlightsPages/MPC-Press-Release-22-August-2019.aspx(Accessed 9 September 2019).
[17] International Monetary Fund (2019). Tunisia Fifth Review. IMF Country Report No.19/223. Pg. 12.
Access to Finance
The banking sector in North Africa is one of the most advanced in Africa despite some persistent gaps. In 2017, the share of adults with an account was 34.7 percent in North Africa. However, it remains uneven across countries. The share is relatively high in Algeria (42.8 percent) and Tunisia (36.9 percent), while rates are moderate in Egypt (32.8 percent) and Morocco (28.6 percent).
A large percentage of adults borrow from financial institutions in Tunisia (8.5 percent) and Egypt (6.3 percent) against three percent in Algeria and 2.6 percent in Morocco. The overall rate in North Africa is 5.4 percent. The proportion of adults with outstanding housing loan is 4.8 percent in North Africa. The highest rate is in Tunisia (eight percent), followed by Algeria (4.7 percent) and Egypt (3.9 percent).[1] However, non-banking financial institutions are still at an early stage of development.
Despite being relatively large and well regulated, the region has a high level of concentration. In Egypt, the three state-owned banks control 40 percent of the banking sector.[2] In Morocco, 81 percent of the assets are captured by three banks.[3] In Algeria, six state-run banks account for around 90 percent of the sector’s asset, as of 2017.[4] The sector is fragmented in Tunisia with four banks sharing 47.5 percent of total deposits. [5]
Despite the region’s complicated context, North African banks continue to show strong performance. Egypt has the lowest non-preforming loans (NPLs) ratio in the region, standing at 3.9 percent as of December 2018.[6] Bank capitalisation in Morocco is adequate, and relatively high NPLs (7.7 percent) are mitigated by comfortable provisioning levels (70 percent).[7] In Tunisia, NPLs dropped to 13.4 percent in December from 14.2 percent in September 2018 with a well-capitalised banking sector.[8] In Algeria, the NPLs stood at 12.3 percent in 2017.[9]
With the exception of Morocco and Tunisia, housing finance markets remain small and underdeveloped. In Egypt, during 2018, mortgage finance increased by 57 percent.[10] However, mortgages still represent less than one percent of GDP, despite the presence of 15 mortgage finance companies. [11]
In Algeria, there has been a considerable increase in state-subsidised mortgages, whose rates are capped by the CBE at 7.5 percent. The Caisse Nationale d’Epargne et de Prévoyance mainly dominates this segment. [12]
[1] European Investment Bank (2018). Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability 2018. Pg. 150.
[2] Brussels Research Group (2019). Egypt’s Banking Sector Remains Resilient 2019.
[3] European Investment Bank (2018). Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability 2018. Pg. 155.
[4] Oxford Business Group (2018). The Report: Algeria. Pg. 48.
[5] European Investment Bank (2018). Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability 2018. Pg. 155.
[6] Central Bank of Egypt (2019). Monthly Statistical Bulletin June 2019.
[7] International Monetary Fund (2019). Article IV Consultation – Press Release, Staff Report and Statement by the Executive Director of Morocco. IMF Country Report No. 19/230. Pg. 6.
[8] International Monetary Fund (2019) Tunisia Fifth Review. IMF Country Report No.19/223. Pg. 11.
[9] Oxford Business Group (2018). The Report: Algeria. Pg. 49.
[10] Financial Regulatory Authority in Egypt (no date). http://www.fra.gov.eg/content/efsa_en/mf_pages_en/main_mf_page_en.htm(Accessed 21 July 2019).
[11] American Chamber of Commerce (2019). Real Estate Industry Insight 2019. https://www.amcham.org.eg/publications/business-studies/17/industry-insight (Accessed 21 July 2019).
[12] Oxford Business Group (2018) The Report: Algeria 2018. Pg. 50.
Affordability
Affordability remains a major challenge in North Africa for the region’s young and growing population, exacerbated by weakened purchasing power in Tunisia and Egypt, and inadequate economic growth in Algeria and Morocco. Despite a growing real estate sector, developers focus on building for the top income earners, while middle and low income earners are left with inadequate access to mortgage finance and limited affordable supply.
According to the World Bank, Libya has the highest GDP per capita in the region at US$7 235, followed by Algeria at US$4 278, then Tunisia at US$3 446 and Morocco at US$3 237. Egypt has the lowest GDP per capita at US$2 549.[1]
Poverty and unemployment remain a key challenge, exacerbated by instability (Algeria and Libya) and insufficient private sector led growth (Algeria, Egypt and Tunisia). According to the World Bank, 60 percent of Egypt’s population is either poor or vulnerable with inequality being on the rise.[2] In Tunisia, a loss of purchasing power on the back of price hikes has affected the population. Fifteen percent of Tunisians live below the poverty line.[3] Similarly, Algeria’s austerity policy in 2017 has further reduced standards of living.
In terms of inequality, it remains considerably moderate in North Africa. The average Gini index level dropped from 40.3 during 1990-1994 to 33 during 2010-2015, lower than Sub-Saharan Africa (45.5). But disparities exist among countries. During 2010/15, the highest Gini index in the region was registered in Morocco’s index (41.2), which was far above Algeria (24.1), Egypt (31.3) and Tunisia (35.8).[4] However, reform programmes with the International Monetary Fund (IMF) could have worsened inequality in Egypt and Tunisia.
Wealth distribution remains largely similar in the region. In Egypt, income share held by the highest 20 percent was 41.5 percent while the lowest 20 percent held 9.1 percent of the income in 2015. Morocco had similar rates in 2013, with 47 percent of the income held by the highest 20 percent while the lowest 20 percent held 6.7 percent of the income.[5]
[1] World Bank. World Bank Open Data (no date). https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=EG (Accessed 22 July 2019).
[2] World Bank (2019). World Bank Group to Extend Current Strategy in Egypt to Maintain Momentum on Reforms.
[3] International Monetary Fund (2019). 2019 Tunisia Fifth Review. IMF Country Report No.19/223. Pg. 15.
[4] AUC/OECD (2018). Africa’s Development Dynamics 2018: Growth, Jobs and Inequalities, OECD Publishing, Paris/AUC, Addis Ababa. https://doi.org/10.1787/9789264302501-en (Accessed 22 July 2019).
[5] World Bank (no date). Poverty and Equity Data. http://povertydata.worldbank.org/poverty/region/MEA (Accessed 22 July 2019).
Housing Supply
Population growth remains considerably moderate in North Africa compared to Africa’s other regions. During 2010/15, Northern Africa had an annual rate of population change of 1.96 percent. However, disparities strongly exist among countries. Egypt’s rate of 2.21 percent puts the country above Algeria (1.98 percent), Libya (0.70 percent), Morocco (1.39 percent), and Tunisia (1 percent).[1]
Urbanisation levels in North Africa have outstripped other regions. In 2015, Northern Africa had an urbanisation level of 51.6 percent, only below Southern Africa (61.6 percent). Libya’s urbanisation level (78.6 percent) was higher than that of Algeria (70.7 percent), Egypt (43.1 percent), Morocco (60.2 percent), and Tunisia (66.8 percent).[2]
These demographic factors coupled with lack of proper urban planning have caused large housing deficits. In Egypt, the housing backlog is estimated to be 3.5 million housing units, while Algeria has a backlog of 1.2 million housing units. Morocco is estimated to need 600 000 units, while Libya with a population of 6.37 million (2017), and a high urban share of 78.6% as of 2015, needs 350 000 units.[3]
To deliver affordable housing, governments in North Africa have launched several initiatives. In 2014, Egypt launched the Social Housing Program to provide a million subsidised housing units over five years.[4] According to the World Bank, a total of 241 517 families from the bottom 40 percent of the population have benefited.[5]
In Morocco, housing deficit dropped to 400 000 units in 2017 from 1.24 million units in 2002. “Villes Sans Bidonvilles”, launched in 2004, eradicated slums in 59 of the 85 targeted towns by 2018.[6]
Algeria built 3.6 million units between 1999 and 2018. The government plans to add 200 000 public housing units in 2019. However, the country’s rate of construction necessitates the involvement of private developers which are focused on high income brackets.[7]
In Tunisia, the state-owned Société Nationale Immobilière de Tunisie built 260 000 units between 1957 and 2012. Together with Société de Promotion des Logements Sociaux, 4 000 units were produced annually during the 1990s. However, this figure has substantially dropped without being offset by the private sector.[8]
[1] United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, Online Edition.
[2] United Nations, Department of Economic and Social Affairs, Population Division. (2018). World Urbanization Prospects: The 2018 Revision, Online Edition.
[3] Bah, El-hadj., Faye, Issa and F. Geh, Zekebweliwai. (2018). Housing Market Dynamics in Africa. 10.1057/978-1-137-59792-2. Pg. 6.
[4] World Bank Group (2015). Press Release: A Housing Project to Benefit 1.6 Million Poor Egyptians, Improve Access and Finance, Boost Economic Growth and Job Creation. 5 May 2015.
[5] World Bank Group (2019). Providing Low Income Egyptians with Affordable and Convenient Housing. 10 July 2019.
[6] Ministry of Economy and Finance (2019). La politique publique de l’habitat. Pg. 17.
[7] Oxford Business Group (2018). The Report: Algeria. Pg. 152.
[8] Oxford Business Group (2017). The Report: Tunisia.
Property Markets
According to the World Bank Doing Business 2019 report, all countries in North Africa have improved their positions, except Libya which slightly slipped from the 185 to the 186 in ranking.[1]
Morocco, first in the region and third in Africa after Mauritius (20) and Rwanda (29), jumped from being ranked at 69 to being ranked at 60. Three sub-indicators including ease of doing business had noticeable improvements. A highly improved sub-indicator was registering property, which jumped from 86 to be ranked at 68. Morocco streamlined the process of starting a business by abolishing the stamp duties and registration fees. Also, Morocco streamlined administrative procedures, which resulted in increased transparency of the land registry.
Tunisia, second in the region, improved its position from 88 to 80, with improvements in four sub-indicators including starting a business and registering a property. Tunisia combined different registrations together at the one-stop shop, streamlining the process of starting a business. Also, the country increased the transparency of the cadaster, making registering a property easier.
Egypt jumped eight positions from 128 in 2018 to 120 in 2019. Remarkable improvements were achieved in four sub-indicators including starting a business. Getting credit remarkably improved (jumped in the ranks from the 90 to 60). However, its position on dealing with construction permits slightly worsened from 66 in 2018 to 68 in 2019, and its position for registering property dropped from 119 to 125. Egypt streamlined the process of starting a business by introducing a one-stop shop and removing the requirement to obtain a bank certificate.
Algeria was ranked 157/190, having jumped from 166 in 2018. The sub-indicator of dealing with construction permits jumped from 146 in 2018 to 129 in 2019, driven by a noticeable reduction in days needed and improvement in the building quality control index. However, the sub-indicator of registering property slightly worsened from 163 to 165.
Property markets are buoyed by favorable demographics especially in Egypt, Algeria and Morocco. Egypt’s growing and young population with high marriage rates, coupled with investment-driven buying, is driving demand for primary residences and ownership over rentals.[2] Similarly, in Morocco, middle income housing is the fastest growing segment with around 67 percent of Moroccans owning their homes, but housing is mostly self-built. Twelve percent buy from private developers while two percent buy from a public developer. A similar pattern of ownership exists in Tunisia, where 79 percent of construction permits were issued for individuals while the private sector had 19 percent of issued permits in 2017. [3] These self-build units are mostly informal in Tunisia, accounting for around one-third of total new constructions.[4]
In Algeria, housing developments account for the majority of construction projects, buoyed by a growing population and urbanisation. Besides the predominance of the informal market, estimated to make up 80 percent of the sector, the state remains the most prominent player in the market, owning almost half of the country’s stock in 2017.[5]
People finance their costs differently in North Africa. In Egypt, with high interest rates, well-off consumers buy directly from private developers, which offer installment payments up to 10 years to offset the affordability crunch. In turn, this pressures the country’s secondary market.[6] On the contrary, Morocco has the most diverse housing finance market. Real estate loans increased by 4.2 percent year-over-year (y-o-y) in May 2019.[7]
In terms of prices, the region has witnessed different trends. In Morocco, the real estate asset price index for residential properties declined by 0.3 percent y-o-y. However, the number of residential transactions increased by 4.5 percent (y-o-y).[8]
In Tunisia, the residential property price index only rose by 0.47 percent (y-o-y), a sharp decline from y-o-y rises of 10.23 percent in 2017. Also, the total volume of transactions fell by 13.3 percent during the fourth quarter of 2018 (y-o-y). However, the decline in prices and transactions is evident in the apartment rather than house segment.[9]
Egypt’s unofficial Aqarmap price index witnessed a growth of 22 percent in June 2019, mainly driven by demand from Egyptian expats,[10] despite a drop of 11.7 percent during the first quarter (y-o-y).[11] Egypt’s real estate sector witnessed a strong performance in sales and prices in 2018. Cairo’s residential housing supply totaled 155 000 units by the end of 2018 (29 percent y-o-y growth).[12]
[1] World Bank (2019). World Bank Doing Business 2019: Training for Reform.
[2] American Chamber of Commerce in Egypt (2019). Real Estate Industry Insights.
[3] Programme for Energy Efficiency in Buildings (2019). Building Sector Brief: Morocco.https://www.peeb.build/imglib/downloads/PEEB_Morocco_Country%20Brief_Mar%202019.pdf. (Accessed 26 July 2019).
[4] Oxford Business Group (2017). The Report: Tunisia.
[5] Oxford Business Group (2018). The Report: Algeria. Pg. 150.
[6] American Chamber of Commerce in Egypt (2019). Real Estate Industry Insights.
[7] Bank Al-Maghrib (2019). Statistiques monétaires 2019.
[8] Bank Al-Maghrib (2019). Real Estate Price Index. http://www.bkam.ma/en/content/view/full/14464 (Accessed 26 July 2019).
[9] Global Property Guide. Property Guide Tunisia. https://www.globalpropertyguide.com/Middle-East/Tunisia/Price-History (Accessed 26 July 2019).
[10] Aqarmap Real Estate Index. https://index.aqarmap.com/.
[11] Global Property Guide. Property Guide Egypt.
[12] American Chamber of Commerce in Egypt (2019). Real Estate Industry Insight. https://www.amcham.org.eg/publications/business-studies/17/industry-insight (Accessed 26 July 2019).
Policy and Regulation
In North Africa, governments’ policies have a prominent role in the housing sector.
Egypt’s system of auctioning off land plots to the highest bidders pushes developers to focus on the luxury niche market to cover rising costs. Accordingly, the state has adopted several programmes for the low and middle income household. The government has tapped into the high income brackets through City Edge Developments, a real estate developer jointly established by the Housing and Development Bank (public sector) and the government’s urban planning arm, New Urban Communities Authority.[1] Besides, the CBE will subsidise middle income housing mortgage.[2]
In Algeria, the government runs programmes for all income levels. It provides affordable renting for people earning less than 1.5 times the minimum wage. For the middle class, which makes between 1.5 and six times the minimum monthly wage, the government runs the Assisted Housing Programme, which provides grants to assist with down payments[3]
Tunisia’s relatively small market, coupled with the predominance of self-build, has hindered private sector development. The government’s policy has focused on facilitating financing through direct loans. To cater for Tunisians earning less than 4.5 the national minimum wage, the Fonds Pour La Promotion des Logements aux Salariés initiative was introduced in 1977 and is managed by Tunisia’s state-owned Housing Bank. However, the recent economic pressure, especially on the middle class, prompted the government to launch the First Home Programme (Programme Premiere Logement) in 2017 to help the middle class.[4]
Morocco’s programmes have been effective. Since its launch in 2004, more than 160 000 household have had access to housing through the credit programme FOGARIM. For the middle class, the government introduced several incentives in the Law of Finance 2013 and 2014.[5] The government also adopts a policy focused on harnessing the private sector to provide affordable housing through fiscal incentives.[6]
[1] American Chamber of Commerce in Egypt (2019). Real Estate Industry Insight.
[2] Enterprise news (2019). Central bank to subsidize middle-income housing mortgage with EGP 50 bn.
[3] Oxford Business Group (2018). The Report: Algeria. Pg. 152.
[4] Oxford Business Group (2018). The Report: Tunisia.
[5] Ministry of Economy and Finance (2019). La politique publique de l’habitat. Pg. 14.
[6] Oxford Business Group (2019). The Report: Morocco.
Opportunities
Despite some downside risks including instability, reform slippage and inadequate growth, the prospects for the North African region are positive, given their growing economies and the reform programmes in Egypt and Tunisia. Government projects, especially in Egypt and Algeria, are likely to support the real estate sector, while growing populations and high urbanisation rates will drive demand for housing. However, access to affordable housing remains a major challenge, especially with high inflation rates and weakened purchasing power in Egypt and Tunisia. Moreover, the external pressure on Algeria’s revenues could hamper the government’s projects. A shift in government policies to engage private developers is needed. Enhancing access to finance is also essential especially in Egypt and Algeria. With untapped potential, the region offers diverse opportunities in the housing sector. Egypt’s various new cities have good prospects. Algeria’s new city of Hassi Messaoud, the sector’s main development, associated with the government efforts to diversify the economy will enhance the sector. In Tunisia and Morocco, a growing young and educated population needs access to middle income housing.
Availability of data on housing finance
Availability of data varies across the region’s countries. Considerably good data is found in Morocco and Tunisia, while data in Algeria and Egypt is less available.
In Morocco, the country’s Central Bank, Bank Al – Maghrib, publishes real estate price index on quarterly basis. Quarterly lending rates and real estate loans are also published by the bank and monthly information on real estate loans is also available in the key monetary statistics report. The High Commission of the Plan of the Kingdom of Morocco publishes diverse studies and indicators, one of which is the quarterly production by sector including construction. Moreover, the Ministry of Economy and Finance published a comprehensive study on the housing sector in 2019.
In Tunisia, the National Institute of Statistics publishes an index by property type on a quarterly basis. The Central Bank includes housing loans statistics in its annual reports. Information on social housing programmes are available on the website of the Ministry of Equipment, Housing, and Territorial Development. A study on consumption loans was published in 2018 by the National Institute of Consumption.
In Algeria, there is no real estate price index, however, the monthly consumer price index includes a housing subcategory by the National Office of Statistics. Data on housing, however, remains outdated. The Bank of Algeria publishes data on mortgage loans in its monetary and financial trends reports.
In Egypt, the Central Agency for Public Mobilization and Statistics publishes an annual bulletin on housing and the monthly inflation rates. The CBE publishes inflation figures, however, there is no officially published real estate price index. Besides, CBE does not publish a consolidated figure of mortgage loans, only credit extended to the household sector is included. The government’s various housing programmes are published on the website of the Ministry of Housing, Utilities, and Urban Communities.
Websites
American Chamber of Commerce in Egypt https://www.amcham.org.eg/
Aqarmap https://egypt.aqarmap.com/en/
Bank Al-Maghrib http://www.bkam.ma/
Central Agency for Public Mobilization and Statistics https://www.capmas.gov.eg/
Central Bank of Egypt https://www.cbe.org.eg/en/Pages/default.aspx
Egypt State Information Service http://www.sis.gov.eg/?lang=en-US
European Investment Bank https://www.eib.org/en/index.htm
Financial Regulatory Authority (Egypt) http://www.fra.gov.eg/jtags/efsa_en/index_en.jsp
Haut Commissariat au Plan (Morocco) https://www.hcp.ma/
Housing Market Dynamics in Africa https://www.econstor.eu/handle/10419/181951
Ministère de l’Economie et de Finances (Morocco) http://depf.finances.gov.ma/
National Institute of Statistics http://www.ins.tn/en/front
Office National des Statistiques (Algeria) http://www.ons.dz/
Programme for Energy Efficiency in Buildings https://www.giz.de/en/worldwide/63939.html