The Minister in charge of Housing, Mikaïlou Sidibé, announced that real estate developers would now have to advance 250 million FCFA to obtain approval.

“The delivery of approval (for real estate development or social housing cooperative, editor’s note) is subject to a deposit of 250 million FCFA in an account which will be intended essentially for the development of sites intended for the activity of real estate development,” declared Mikaïlou Sidibé, following the council of ministers.

The approval has a validity period of five years, added the minister.

This is one of three implementing decrees taken by the government to operationalize the new law on real estate development, adopted on June 20, 2023.

As a reminder, under the terms of this law, developers will only have to build housing and no longer sell land.

Also, real estate development activity is limited to 5ha with a ban on mobilizing land in rural areas.

Source: Burkina Information Agency