The formal housing sector in Morocco has changed significantly over the past 10 years, becoming attractive to international investors and local developers. With its economy developing and diversifying, the country’s need for housing translated into actual demand for housing. At the same time, Morocco was becoming more urban and its average household size was decreasing, which meant that the need for new housing units was growing faster than the total population. To support the production and improvement of housing, the Government of Morocco implemented numerous measures, several of which are still ongoing and represent an improvement to the housing investment environment. One of them is “villes sans bidonvilles” or “cities without slums”, a national programme that started in 2004 and aimed at eliminating slums from all Moroccan cities. By May 2018, the programme had improved the living conditions of more than 277 583 households through in-situ upgrading or resettlement into apartment units or serviced plots of land. Fifty-nine cities have so far been declared “without slums”. The Government of Morocco has invested MAD 10 billion (approximately US$1.1-billion) 2in this programme, whose total cost so far is MAD 32 billion (approximately US$3.4 billion), in addition to the provision of land, as an in-kind subsidy that is usually transferred to the households through developers, both private and Government-owned. Another major component of government intervention in the housing sector is all the incentives granted to developers and landlords of affordable housing, commonly called social housing. The most notable of these interventions was enacted in the 2010 Finance Act. It grants significant tax exemptions (see Table 1) to any developer, private or government-owned, national or international, who builds at least 500 units of social housing over a maximum of five years.