Owning real estate exceeds the loans of Moroccans, and men are more indebted

Many question marks have drawn for a long time the “relationship of Moroccans with debt and indebtedness”. mechanisms” of this relationship in an attempt to provide some elements of the answer.

In this sense, the research and market studies group “Sunergia”, within the framework of its series “Market insights”, explored the opinions of Moroccans and their interaction with the issue of indebtedness, formulating the following question (both in Arabic as in French): “Do you currently have a loan or debt with a bank or credit agency?” ?” On a “random representative sample of Moroccan citizens, amounting to 1,057 people interviewed”, representing gender categories (male/female), age group, residence (urban/rural), socio-professional categories, as well as the regional division of the Kingdom.

The opinion poll, whose main conclusions and results were published at the end of last July, revealed the most outstanding “characteristics of Moroccans’ relationship with indebtedness and indebtedness with banks or credit institutions”, with the aim to “identify the characteristics and categories of people who are highly accepting of borrowing” to meet their needs and many purposes; “Housing and Real Estate Ownership” came first.

The opinion survey of the research sample recorded that “the use of bank credit or bank borrowing services by Moroccan families has experienced a notable increase in recent years in various regions and destinations of the Kingdom”, pointing out, among its most outstanding aspects As conclusions, that 17% of those surveyed said they were “indebted.” Through a bank loan (at least) for the time being.”

The same study made an important point that “men are more indebted than women in Morocco, by 22 percent and 13 percent, respectively,” adding that “the age group between 35 and 64 years old, urban dwellers and some socio-professional groups are more likely to seek asylum.” credit and bank debt.

And the percentage of indebtedness among young people, between 18 and 24 years old, is only 3 percent. As for the respondents, who reported having obtained a loan from a banking institution, the results showed that 42 percent of them have a “real estate or home loan”, and 29 percent are indebted through “home loans”. consumption”, followed by 18 percent of the owners of “car loans”, while 10 percent of them resorted to “personal microcredits”.

The opinion poll, which Hespress reviewed, was based on statistical data issued by Bank Al-Maghrib on bank loans and deposits, which estimated the outstanding balance of total bank and bank credit at an amount of 985 billion dirhams at the end of May. of 2022. which represents an “annual increase of 3.6 percent”. While the part of household bank loans and their indebtedness represents 371,500 million dirhams.

The results of the study revealed that 79 percent of those surveyed “do not intend to obtain a bank loan in the coming months”, compared to 11 percent who said they “plan to do so”. And “people who already have a loan are probably the most likely to get into debt and get into debt again”, records the “Sonergia” study, carried out in collaboration with the economic newspaper “The Economist”.

It was notable, in this context, that the study authors concluded that “Moroccan villagers are more willing to take out a new credit loan, at a rate of 18%, compared to only 7% of urban residents” .

It is noteworthy that this study, which was carried out over a period spanning a full month (from May 23 to June 22, 2022), was based on a telephone interview of respondents, with a “maximum margin of error estimated at +/- 3.1 percent, while the interviews were conducted and their opinions were collected through the system of telephone interviews using a computer after verification (commonly known as “CATI”).

In a related context, with an increase of 4.8 percent compared to 2.7 percent in 2020, the public debt of Moroccan families reached 386 billion dirhams in 2021; Of these, 13.3 billion dirhams come from participatory financing, according to data from the ninth annual report on “the stability of the financial system in Morocco” for the year 2021, issued at the end of last July by Bank Al-Maghrib, in partnership with the Insurance and Social Reserve Control Authority (ACAPS) and the Moroccan Capital Market Authority (AMMC).

Data from the same report, a copy of the one seen by Hespress, states that household debt consists of 65 per cent of housing loans, while consumer loans make up 35 per cent of the overall share of household loans. banks and finance companies in Morocco. It is close to “the average growth level of 4.9 percent observed during the 2013-2019 period,” according to this report.