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Economy

Over 41,000 Moroccans Apply for Government Housing Assistance

Friday 02 February 2024 - 07:35

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The Moroccan government has received over 41,000 requests for financial assistance to buy homes since launching its housing support program on January 1st, spokesperson Mustapha Baitas announced today.

Speaking at a press conference after the weekly Government Council meeting, Baitas revealed that 41,662 prospective homebuyers have submitted applications via the program's digital platform in the past month. The ambitious initiative, outlined in a royal decree last December, has an allocated budget of 9.5 billion Moroccan dirhams (around $1 billion) to facilitate the construction of 70,000-100,000 affordable housing units in 2023.

The overwhelming response demonstrates high demand for the subsidies on offer, Baitas noted. Applicants can receive 100,000 Moroccan dirhams ($10,300) if buying a property under 300,000 dirhams ($31,000), or 70,000 dirhams ($7,200) if opting for a home priced between 300,000-700,000 dirhams ($31,000-$72,000).

Baitas also provided a demographic breakdown of the applicants so far. An encouraging 81% are Moroccan citizens residing domestically, while 19% live abroad. Thirty-seven percent are women and 63% men. The average applicant age is 40, suggesting the program is successfully reaching young people and families looking to finally attain homeownership.

In a country where affordable housing remains scarce, initiatives like this provide vital assistance to lower-income citizens working to achieve financial stability and social inclusion. The early data indicates this campaign is already proving popular among the key demographics it intends to support. But with the application period open indefinitely, the final participation totals are likely to be far higher.