Introduction
Tunisia real estate industry encompasses everything from the development of domestic real estates to commercial structures. Tunisia real estate industry is gradually advancing towards prosperity.
Tunisia real estate market potentiality
For the last couple of years, real estate industry in Tunisia is experiencing sluggishness in the real estate market. In 2004, annual growth rate of real estate industry was 5%, which reduced to 3.5% in 2005. Step by step, real estate industry in Tunisia is becoming a profitable industry with sustainable growth rate. In 2006, more than $20bn worth of contracts had been signed. One of such major dealings was Dubai Holding's multi-billion dollar deal, which was signed to reinstate Lac du Sud. Maghreb highway in Tunisia is reaching towards completion. New airports and industrial zones are also developing.
Present market scenario of Tunisian real estate industry
Government of Tunisia offers extensive support to the private construction companies, specifically gulf-based companies, and encourages them to invest in the real estate industry of Tunisia. Eventually land price in and around Tunisia is also rising. In 2005, government of Tunisia implemented a new law, which facilitated foreigners to purchase and own property in major locations of Tunisia, which were specifically designated for "economic and tourist purposes".
Domestic real estate industry is fast developing near the Tunis lakes areas of Tunisia, because of its natural attraction. Commercial real estate prices are relatively low in Tunisia.
Real estate prices in Tunisia
Real estate prices, specifically domestic real estate prices in Tunisia vary according to the location and quality of the apartment. Average price for a domestic apartment located in Hammamet North region of Tunisia is $112,000 USD, rent price for an office space of 400 Sq.m. to 500 Sq.m. is $7.50 USD per month, and a hotel with modern amenities costs to €17,000,000 EUR.
