Real Estate in Morocco: The Legal Trick to Save Up to 60% on Your Purchase

Nawfal Bellakhdar, CEO of Akare.ma, interviewed by Challenge, confirms the economic attractiveness of the system. The absence of Corporate Income Tax (IS), VAT and developer margin allows these structures to operate "at cost". Members thus benefit from savings of up to 40 to 60% by combining the tax advantage and the pooling of costs. This financial margin often allows first-time buyers to afford a larger or better-located property than what they could obtain through traditional real estate development.

Despite these social benefits, associations are vulnerable. The main factor of mistrust is the systemic risk related to poor management. Nawfal Bellakhdar cites construction delays, dissension between members or the failure of service providers as frequent flaws. He warns that without a developer margin, these structures are exposed to abuse and conflicts, which undermines trust.

To restore the image of the sector, the expert recommends a reform of the legal framework. He considers it essential to limit the size of operations to ensure better governance and to impose maximum deadlines for the completion of construction sites.

He also calls for a differentiation of the rules: housing access operations must be streamlined, while speculative projects, involving changes in members or the construction of investment studios, must be strictly regulated by law. Bellakhdar concludes that, when properly regulated, associations can become a pillar of affordable housing.