MOROCCO Law and Practice Contributed by: Loris Marghieri, Dounia El Aissaoui and Julien Nouchi, Gide Loyrette Nouel
1. General 1.1 Main Sources of Law
• Law No 47-18 dated 21 February 2019 on Regional Investment Centres; • Law No 70-14 dated 24 August 2016 intro - ducing the Organismes de Placement Col- lectif Immobilier (OPCI) investment vehicle dedicated to real estate (similar to a real estate investment trust or REIT); • Law No 62-19 enacting special provisions relating to the acquisition by joint stock com - panies ( sociétés anonymes ) or limited liability partnership ( sociétés en commandite par actions ) of agricultural property or property intended for agricultural use outside urban areas; • Law No 95-17 dated 24 May 2022 on arbitra - tion and conventional mediation; • Law No 102-21 dated 10 February 2023 on industrial areas; • Law No 69-21 dated 25 May 2023 on pay - ment terms ( délais de paiement ); • Law No 80-14 dated 4 August 2015 on tour - ist establishments and other forms of tourist accommodation and its implementing Decree No 2-23-441 dated 13 July 2023 setting out certain provisions of Law No 80-14; • Decree No 2-22-431 dated 8 March 2023 on public procurement; • Decree No 2-16-375 dated 18 July 2016 defining the land registry rights; • the General Tax Code; and • Foreign Exchange Instruction dated 2 Janu - ary 2024. 1.2 Main Market Trends and Deals The real estate sector progressed strongly 2023. In particular, a comparison of the reports for the quarters of 2023 relating to the real estate asset price index (IPAI) published by Bank Al-Maghrib (Morocco’s central bank) and by the National Land Registry Agency shows that:
Several laws and decrees, which are regular - ly amended and supplemented, regulate the Moroccan real estate sector. The main sources of real estate legislation are as follows (non-exhaustive list): • the Code of Obligations and Contracts regu - lating the general rules of contract law dated 12 August 1913 (as amended from time to time); • Law No 39-08 dated 22 November 2011 forming the Real Property Code ( Code des Droits Réels ); • Law No 14-07 dated 22 November 2011 amending and supplementing the Dahir of 12 August 1913 on land titling; • Law No 107-12 dated 3 February 2016 amending Law No 44-00 on off-plan sales; • Law No 18-00 dated 3 October 2002 regu - lating the co-ownership rules applicable to erected buildings, as amended by Law No 106-12; • Law No 12-90 dated 17 June 1992 on urban planning, as amended by Law No 66-12 dated 25 August 2016 on control and infringements in the field of town planning and construction; • Law No 25-90 dated 17 June 1992 on allot - ments, housing groups and subdivisions; • Law No 67-12 dated 19 November 2013 governing contractual relations between land - lords and tenants of premises for residential or professional use; • Law No 49-16 dated 18 July 2016 relating to the leases of buildings or premises rented for commercial, industrial or artisanal use; • Law No 12-03 dated 12 May 2003 on envi - ronmental impact assessments;
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