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New measures have been introduced in the 2020 corrective finance law in order to encourage construction and real estate and to mitigate the social and economic repercussions of Covid-19 on the sector, in accordance with the High Guidelines of HM King Mohammed VI.
In a press release, the Ministry of National Land Use Planning, Town Planning, Housing and City Policy indicates that these measures, which target both buyers and developers, aim to support the sector construction and real estate, to facilitate the catching up by the sector of the delay experienced since the beginning of the health crisis and to stimulate the market, guarantee its fluidity and create a dynamic of production.
Thus, it was decided to suspend the application of the real estate price benchmark while waiting for the market to resume its dynamic, underlines the ministry, adding that this suspension concerns all real estate sales whose acts are established from the date of the start of the state of emergency and which have not, to date, been the subject of a regularization procedure.
The second measure concerns the total exemption from the registration fee for the benefit of purchasers of social housing at 140,000 and 250,000 DH until December 31, 2020, the same source continues.
It aims, on the one hand, to create a sales dynamic, to ensure the recovery of the market and on the other hand, to reduce the charges for the benefit of households wishing to acquire social housing, the statement said.
For premises for residential use or land intended for the same use provided that the total price does not exceed 2.5 million dirhams, the LFR provides for a reduction in registration fees of 50%, up to ‘as of December 31, 2020, the ministry said.
The law also sets up the extension of the period to 1 year instead of 6 months for real estate developers who have concluded agreements with the State for the implementation of social housing construction programs and who have received the authorization to build before the start of the state of health emergency, indicates the ministry, noting that this decision aims to reduce the effects of the current economic situation on production, in particular with regard to delays in completion, especially as it allows the ‘completion of social housing to make it available to beneficiaries while waiting for their real estate.
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