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New bill aims to aid Morocco's affordable housing sector
06 Jan 2010
The 2010 Finance Bill is currently being considered in parliament and if it is passed, will grant developers exemptions on corporate and income taxes, as well as from registration fees.
In 2008, the real estate market in Morocco was hit when the government revoked tax breaks for developers.
Only 35,000 new affordable housing units were built in 2009, compared to 129,000 the year before, reports Magharebia.
Youssef Ben Mansour, the chairman of the National Federation of Housing Developers, stated that the proposed changes would be welcome.
"The advantages given [to developers] will allow a return of investment to the construction industry, with all that it entails in terms of opening up new construction sites, job creation and sales of building materials," he said.
In November last year, Nizar Baraka, minister delegate to the prime minister said that Morocco's economic growth in 2010 is unlikely to exceed 3.5 per cent, reported Yacout.
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