A novel direct financial aid program for prospective homebuyers is being discussed as a preferable alternative to tax benefits for real estate developers. The program’s structure and stipulations have been undergoing negotiation among government officials and industry experts, with consensus seemingly reached and official declarations anticipated in the 2024 Finance Law.
The potential aid program primarily targets the property’s cost, omitting factors such as dimension or quality. Two key cost thresholds have been established: a maximum of 300,000 dirhams for low-income households, and 700,000 dirhams for middle-income households. The program encompasses three tiers of aid, with first-time buyers of properties costing up to 300,000 dirhams receiving 50,000 dirhams in state aid, and middle-income property buyers securing 40,000 dirhams in direct assistance.
This policy shift aims to provide immediate monetary support to homebuyers, fostering affordability in the housing sector. The program’s emphasis on property price over specifications aims to facilitate homeownership for low and middle-income households. The program’s specifics were deliberated in a meeting between the Ministry of National Territorial Planning, Urbanism, Housing, and City Policy and the National Federation of Real Estate Developers.
