Overseas Property in Tunisia with International Hot Property Foreigners were finally allowed to own real estate in 2006, although agricultural land is still off-limits. Since then, foreign investment in the real estate market has been increasing steadily.
News-Antique.com - Nov 18,2008 - Well it’s been a pretty interesting year with the meltdown of the world property markets and with the whole world to choose from its still been hard for experienced international property investors to find somewhere relatively safe to invest but offering real growth potential with certain so called Emerging markets looking doomed before they have even started. So with world is your oyster where do property investors go well in reality the world is a pretty small place at the world and there is only 3 or 4 places that offer real investment opportunities with growth potential and one of those such places is Tunisia according to Simon Jones, market analyst at http://www.internationalhotproperty.co.uk/. “There are several reasons why Tunisia is currently an oasis in the desert. Tunisia’s breath-taking coast is a major destination for European and other holiday makers.
Booming tourism and a strong economy are also boosting the country’s property market.
Several real estate projects by giant Middle East property developers are under way. These multi-billion dollar construction projects include the Century City, Mediterranean Gate, Tunis Sports City, Tunis City Centre and Bled El Ward. Houses, apartments and villas in Tunisia are still much less expensive than in other places along the Mediterranean, such as Italy, Spain, Greece and even Morocco. However, prices are rising due to increased demand from the country’s growing middle class and demand from foreign buyers. On the supply side, rising raw materials and land costs are also pushing up house prices. In 2007, the economy grew 6.3%, up from 5.5% in 2006. Despite the global credit crunch, economic outlook for 2008 is still positive with 5.5% projected GDP growth.” Stated Simon.
Tunisia has been dubbed the next Morocco. It has the same Mediterranean climate, and both countries have common Berber, Arab and French influences – though there are also enormous cultural and political differences. Tunisia has a more self-consciously modern, secular and progressive socio-political tradition. Because the property markets in Tunisia are still relatively inexpensive, it arguably offers potential for high capital gains. Some analysts suggest that Tunisia’s property prices are comparable to Morocco’s prices five years ago. Furthermore, Tunisia outperforms Morocco in the following areas:
Simon also confirmed” Tourism is of vital importance to the Tunisian economy, contributing around 20% of hard currency receipts. In 2007, tourism brought more than 7 million foreigners into the country. Foreign currency receipts from tourism reached TND3.08 (€1.72) billion in 2007, an 8.9% rise from a year earlier. During the first half of 2008, tourist revenues were up another 8.4% on a year earlier. Europeans represent more than half of the total tourists. With the development of medical and golf tourism in the country, the number of tourists is expected to rise further. A sizeable portion of tourists choose to rent while vacationing in Tunisia. Foreign rental demand, mostly from Europe and neighboring countries such as Libya and Algeria, therefore complements strong domestic rental demand.”
These are some of the key factors that make Tunisia much more