Rabat – The National Council of the Order of Notaries of Morocco (CNONM) is partnering with the digital platform Yakeey to launch a benchmark real estate valuation platform.
The platform will allow users to gain insights about the average real estate prices using data analytics and Artificial Intelligence.
The database will serve as a reliable and transparent resource for buyers, sellers, and real estate professionals, providing them with access to accurate and up-to-date information on property values, the company said in a statement quoted in converging news reports.
Yakeey is a Casablanca-based company that provides real estate transaction solutions. The company’s landmark solution “YakeeyPro” offers personalized support from its network of exclusive real estate advisors.
Yakeey has worked jointly with the CNONM for the technical development of the real estate price reference by providing all its expertise in terms of technology, artificial intelligence, and data science as part of a scientific research partnership.
Morocco’s real estate sector is expected to receive a massive boost from a governmental program aiming to subsidize housing for first-time homeowners.
Under the 2024 budget law, the state will allocate MAD 100,000 ($9,900) to support housing acquisitions valued under MAD 300,000 ($29,800), including fees.
In addition, a targeted aid of MAD 70,000 ($6,900) is designated for homes priced between MAD 300,000 ($29,800) and MAD 700,000 ($69,800).
The program has already caused a boom in real estate development projects, with all major cities in Morocco witnessing a notable spike in housing project construction.
Prior to the decree, the government used to indirectly subsidize housing by offering tax cuts among other incentives to real estate developers who make social housing. However, the policy had many shortcomings, prompting the state to move to offer direct aid to citizens.
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