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Economy

Unlocking Doors to Homeownership: Morocco's Direct Housing Aid Program Empowers Thousands"

Friday 24 May 2024 - 09:45

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In a stride towards ensuring accessible housing for its citizens, Morocco's Direct Housing Aid Program has emerged as a beacon of hope, unlocking doors to homeownership for thousands across the nation. According to Mustapha Baitas, the Minister Delegate in Charge of Relations with Parliament and Government Spokesperson, the number of beneficiaries of this transformative initiative has soared to 11,749 as of May 23, 2024, from a staggering total of 73,711 applications received.

Addressing the media during a post-Council of Government press briefing, Baitas shed light on the program's far-reaching impact, revealing that a remarkable 43% of the beneficiaries are women, while 23% are Moroccans residing abroad. This inclusive approach underscores the government's unwavering commitment to ensuring equitable access to housing opportunities, transcending gender and geographic boundaries.

Delving into the specifics, Baitas disclosed that a staggering 57% of the applications pertain to properties valued between 300,000 and 700,000 dirhams, reflecting the program's capacity to cater to a diverse range of housing aspirations.

Notably, the stringent eligibility criteria have not hindered the program's success, with Baitas highlighting that an impressive 90% of the registered applications meet the necessary requirements to qualify for this invaluable assistance.

Examining the regional distribution of beneficiaries, the Fès-Meknès region emerges as the frontrunner, accounting for a remarkable 35.9% of approved applications. Closely following are the Casablanca-Settat region with 34.54%, the Oriental region with 6.5%, and the Tanger-Tétouan-Al Hoceima region at approximately 4%.

Beyond its direct impact on homeownership, the Direct Housing Aid Program has catalyzed a resurgence in the construction sector, as evidenced by a 21.11% surge in cement consumption between April 2023 and April 2024. Additionally, the program's ripple effect has extended to the financial sector, with housing loans witnessing a 1.4% uptick between March 2023 and March 2024, while loans to real estate developers saw a notable 4.2% increase during the same period.

These significant figures, Baitas affirmed, reflect the overwhelming enthusiasm and revitalization sparked by this groundbreaking program, which aims not only to facilitate homeownership but also to contribute to the broader revival of the housing sector.

As Morocco continues to forge ahead in its mission to provide affordable and accessible housing solutions, the Direct Housing Aid Program stands as a shining testament to the nation's unwavering commitment to empowering its citizens and fostering a society where every individual has the opportunity to call a place their own.