In the latest issue of the Official Gazette, Executive Decree No. 24-203, dated June 25, 2024, was published, detailing the conditions and procedures for purchasing housing units funded by public money, banking sources, or other financing methods, within the framework of rent-to-own sales.
According to Article 5 of the decree, the final cost for calculating the price of a rent-to-own housing unit is determined based on the purchase price of the land, the costs of various studies, construction works, road works, and service network developments, in addition to various provided services.
The rent-to-own scheme is available to any applicant who meets specific conditions, such as having a cumulative net income, or that of their spouse, between more than 24,000 DZD and up to six times the national minimum wage. Additionally, neither the applicant nor their spouse should own or have previously owned a plot of land suitable for building or a residential property, whether through possession or ownership, in any form according to applicable legislation.
Every applicant intending to purchase a housing unit under the rent-to-own scheme must pay an initial down payment of 38% of the housing price specified in Article 5, within the designated deadlines.
This down payment is to be made as follows: 10% of the housing price upon the provisional acceptance of the applicant’s request, 7% upon the completion of foundation works, 7% upon the completion of major construction works, 7% upon the completion of all secondary works and roadworks, and service network developments, and 7% upon signing the rent-to-own contract and receiving the house keys.
conditions and procedures for purchasing AADL 3 housing
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