Algeria to reduce prices of lands for housing projects

Algerian president, Abdelaziz Bouteflika, confirmed during the cabinet meeting with the ministers, that new measures will be taken in the future to regulate the benefice of foreign investments from the tax concessions and procedures for obtaining the property and access to land concession, stressing on the need to stabilize the criteria set forth in the register of conditions when the piece of land is granted through a public auction, taking into account the nature of the projects which are described hopefully be completed, in order to encourage real investors and stop the speculative and parasitic capitals.

• The period of granting the concessions has been determined between 33 years subject to renewal as a minimum and 99 years as a maximum, which is an assistant measure on investment.
• The president emphasized that the state could grant the concession by mutual consent, including the reduction in land prices when the project is a priority and public benefit or when it contributes in meeting the national demand of housing, or create abundant opportunities for employment, or value-added, or have a role in developing poor and isolated areas on that the council decides about granting the waiver on through compromise, including the prices reduction which may accompanied it by the national council of investment’s proposal.