Real Estate Equity Correction?

While we remain bullish on Moroccan stocks and the wider economy, the idiosyncrasies of certain sectors of the equity market have resulted in some major over-valuations, in our view. The property market is growing at a very fast pace in Morocco, with billions of dollars worth of investment flooding in from the Gulf region and elsewhere in order to develop the growing tourism sector and cater to rising interest in property from foreign, particularly European, investors. As a result, the real estate index on the Casablanca Stock Exchange has seen a significant increase in value (280% over 2006). In our

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