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    Amended Finance Bill Provides New Measures to Encourage Housing Sector (Ministry)

    27 Jul 2020

    Rabat - New measures have been introduced in the Amended Finance Law 2020 targeting both buyers and developers, as part of efforts to support the real estate sector to mitigate the social and economic impacts of the spread of Coronavirus, in accordance with the High Guidelines of HM King Mohammed VI.

    In a statement, the ministry of National Territorial Development, Urban Development, Housing and Urban Policy indicated that these provisions are intended to enable the sector to make up lost ground since the outbreak of the health crisis, to stimulate the market, make it more fluid and to produce a positive dynamic of production.

    Thus, it was decided to suspend the application of the real estate price reference framework until the market regains its momentum, the statement added, noting that this suspension concerns all real estate sales whose deeds are drawn up from the date of the beginning of the state of emergency and which have not, to date, been the subject of a regularization procedure.

    The second measure, added the ministry, concerns the total exemption from registration fees for purchasers of social housing at MAD 140,000 and MAD 250,000 until 31 December 2020, aimed, on the one hand, to create a dynamic of purchase to ensure the recovery of the market and, on the other hand, to reduce costs for households wishing to acquire social housing.

    The third new measure provides for the reduction of registration fees up to 50% for premises for residential use or land intended for the same use, provided that the total price does not exceed MAD 2.5 million by December 31, 2020, according to the same source.

    Also, the extension of the deadline to 1 year instead of 6 months for property developers who have concluded agreements with the State for the implementation of social housing construction programs and who have received permission to build before the start of the state of health emergency declared throughout the national territory, said the statement.

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