Morocco Opens Registration for Housing Support Program

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Housing support program

The program aims to strengthen support for citizens to access decent housing, fostering better social inclusion.

Rabat – Morocco has officially initiated the direct housing support program, allowing individuals to submit their requests starting from January 2, 2024.

The Ministry of National Territorial Planning, Urbanism, Housing, and City Policy has unveiled a digital platform for this purpose. Prospective beneficiaries, both living inside and outside Morocco, can now use the platform to submit their requests.

After submitting their request, the authorities will verify the applicant’s compliance with the conditions. These include not owning residential property, not benefiting from any state-provided housing aid or privileges, and committing to allocate the purchased property as the primary residence for five years.

Once these conditions are confirmed, the support request is approved within a maximum period of seven days from the date of submission. 

READ ALSO: Homeowners warned of ‘messy’ 2024 as 1.5 million face £1,800 mortgage spike

The subsequent steps involve a notary depositing a copy of the sales promise contract within seven days, along with a housing license.

After the request is approved, the financial aid will be disbursed within 15 days, either through a bank check directly handed to the applicant or a direct bank transfer to the notary’s account. The beneficiary then has 30 days to finalize the property purchase agreement.

As the platform goes live, property developers are conducting studies to identify suitable real estate categories for their projects. 

President of the National Federation of Real Estate Developers Taoufik Kamil told SNRT News that these studies will put into consideration the level of demand, especially in major cities. 

The allocated budget for the program amounts to MAD 9.5 billion, targeting the construction of 70,000 to 100,000 housing units in the first year.

READ ALSO: Homeowners warned of ‘messy’ 2024 as 1.5 million face £1,800 mortgage spike

Kamil anticipates the availability of apartments priced between MAD 300,000 and, with fewer options below this range due to existing social housing projects. 

However, the challenge lies in the scarcity of urban housing options, pushing developers towards suburban areas where demand is lower.

Youssef Benmansour, the former president of the National Federation of Real Estate Developers, expects limited housing availability in major cities compared to smaller ones. He has called for government support through tax incentives and administrative facilitations to ensure the success of the program.

Source: Morocoworldnews

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