Housing assistance causes dissatisfaction

The initiators have many reservations about the housing program, the magazine reports Financial weekly news quoted by Le360. Officials of the National Federation of Real Estate Developers (FNPI) believe that the offer is not interesting and should be adjusted to attract more people. Small developers, who have not benefited from the 250,000 dirham social housing programs, hope to benefit from this new program.

“Currently, not enough offers have been launched in the market under the new program. Most promoters have already received reservations for 2023. Projects are under construction before 2024. The operation has not yet taken off because professionals in the sector do not want to invest in it due to a large inventory that they cannot sell,” explains Mohamed Dahbi, vice president of the National Union of Small Real Estate Developers. UNPPI).

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In other words: a destocking of homes already built under previous programs is necessary. “As long as there is no destocking of already built homes, the new aid program will not be able to reach cruising speed,” says the vice-president of UNPPI. Moreover, “buyers in turn prefer the product of 300,000 dirhams to that of 250,000 dirhams, which is considered less advantageous. The market has been disrupted for both buyers and developers,” the publication explains.

In previous programs, housing assistance was paid to the developer as an advance before the start of construction. The new program will pay direct assistance to buyers once the home is completed. This requires the developer to pre-finance the work, either from its own resources or with a bank loan. An option that does not suit small developers whose financial resources are limited. In addition, since 2023 there has been an obligation to obtain a residence permit before starting work.