Buying property

[Simon Diamond]

I'm interested in finding out the price range of houses which I could use as a holiday home to use myself andto rent out. I'm looking for property in Djerba, Sousse and Hamamet mainly. Also how would I go about buying a property, are there many solicitors andestate agents or is it a case of knowing someone who is selling a property?

Or an alternative is land available and what are the building regulations like, would it be difficult to get planning permission for afour bedroom house with pool. Are there many architects, builders and labourers available?

Is commercial property available often and how long would it take for a business to be setup and accepted in Tunisia.

Thanks

Simon Diamond

[UKPhil]

Hi Simon,

we are currently buying a place in Tunisia. Like most places, prices have risen in recent years but Tunisia doesn't yet appear to be on the property radar for UK buyers in the same way as Morocco, Egypt, etc. Prices vary widely, and the "Zone Touristiques (ZT)" (tourist areas like Hammamet) are much pricier, but the legal process is easier. Our place is not in one of these zones, and consequently we have to submit a large portfolio of do***ents to the local Governors office, a comlex process which can take months or years.

We saw some appartments in Hammamet ZT, quite small 2 beds for about £50K. The new Marina at Yasmine Hammamet is probably the most expensive, around £60k fora studio appt! Move away from the Tourist zones and prices drop considerably, but ao does rentability if thats what you're after.

Estateagents are not as conspicuous as in the UK bit they do exist in places like Hammamet.Tunisians do not buy and sell houses all the timelike we do in the UK, they generally buildor inherit a house and never sell it.

The most important thing is toget a good lawyer (english speaking if you'renot fluent in Arabic or French). Get one by work of mouth or a list is available from the British Embassy in Tunis. They also have other info about setting up in business there.

Foreigners can also buy land, as long as its not farmland. Building cost are low compared with the UK but rising. Like anything else involving officialdom, I would expect the planning application process to take quite a long time, though if you dangle the carrot of bringing new business/employment into the local economy then that will probably help!

Information is generally quite hard to get hold of, you pretty much have to get on with it and be prepared to spend a lot of time in official offices, getting things stamped, getting them photocopied, translated, stamped again, etc. etc. They have inherited a lot of French officialdom :-)

That's just a flavour based on our limited experiences, others may say different! Feel free to PM me if you have any questions...

cheers
Phil

[Kris]

This is an area in which is going to become more popular as more foriegn investment comes into Tunisia. Really there is nothing Tunisia doesn't have that say Bulgaria (another emerging property hotspot) does.

However I must admit the wait for the paperwork/authorisation annoys me as i am always one who likes to get a good deal for a quick sale so when me and Hajer look for apartments later this year.

Many aspects of the property buying process in Tunisia a strange not least the practice of the agent charging a fee to both the seller and the buyer!!!

Once we have a selection of information i will create a section on the main site with a guide on the process of buying Tunisian property for non Tunisians.

I will also add information on opening up a Tunisian bank account as i am currently doing this at the moment.

[Kris]

How about this new development?

Emaar Properties PJSC, the world’s number one property developer, has announced its plans to develop the AED 6.7 billion (US$1.88 billion; TND 2.54 billion) Marina Al Qussor project on Tunisia’s eastern coastline. The 442 hectare Marina development is located within the county of Sousse towards the southern end of the Golfe de Hammamet and will offer a mix of living options and tourist attractions with a large Marina Village at its centre.



At a special ceremony in the capital Tunis yesterday, Emaar Chairman Mohamed Ali Alabbar presented the high profile project to the Tunisian President Zine El Abidine Ben Ali. The project will add a premier tourist destination on the southern shores of the Mediterranean away from the hustle and bustle and yet be closely located to Tunisia’s key cultural sites for tourists to explore.



Speaking at the event Mr Alabbar said: “We are honoured to showcase Marina Al Qussor to Tunisia’s President Zine el Abidine Ben Ali today. Tunisia is a country rich in heritage and we look forward to the opportunity of adding to its world class attractions with the development of Marina Al Qussor. This project is a timely addition to Tunisia’s thriving tourism industry which has been attracting the world’s attention.”

“Yesterday’s presentation sees us looking at other parts of North Africa for the development of our master planned communities and lifestyle options that have become synonymous with Emaar. With its thriving tourism industry, Tunisia is a significant market for Emaar to roll out such communities that offer everything from a thriving resort atmosphere to a quiet retreat,” said Mr Alabbar.



Emaar's Marina Al Qusoor development is in line with Tunisia's tourism policy which is currently focused on residence tourism which enables high end tourists to buy homes in areas with beautiful landscape for longer stays. The country attracted 6.4 million tourists in 2005 and is aiming for tourism revenue of close to US$2 billion in 2006.



The various components of Marina Al Qussor range from over 4,000 residential units with villas, townhouses and apartments located on the lakeside, beach, marina and quayside; six hotels ranging from luxury boutique to four star located on the beach and marina; leisure facilities with the marina, yacht club, beach clubs, spa resort, sports club, 18-hole golf course, clubhouse, driving range; and retail space located on the marina and quayside.



The development offers a series of ever changing environments ranging from natural lakes to golf landscapes and olive groves to the existing El Medfoun forest and sandy beaches. In contrast to these natural landscapes, the central marina village area will offer the ideal backdrop to the hustle and bustle of the resort centre. The village will become the heart of the resort with shops, restaurants and apartments surrounding the 400 berth marina that will support boats of all sizes including large private boats that cruise the Mediterranean.



The architectural character of the development is based on numerous distinctive traditional Tunisian elements from building techniques to styles and materials. Low rise buildings add to the charm of the site allowing uninhibited views across the development.





© 2006 Mena Report (www.menareport.com)

[Simon Diamond]

This is something i am going to have to research much more. What worries me is that i wouldn't be in Tunisia for long periods of time so if things do take a long time i feel they would be multiplied by the amount of time i can spend in Tunisia due to work commitments, etc. Ideally having someone in Tunisia that i can talk to regulary that can do much of the paperwork for me.

I look forward to reading the section you are making about buying property in Tunisia kris.

[UKPhil]

Apparently there has been a problem with foreigners buying in the recent past (outside the Zone Touristiques) as there was an incident where a large property in Nabeul was sold to a Libyan who outbid a local Tunisian family. This decision was highly controversial and caused future applications to be vetted by the Interior Ministry in Tunis and not just the local governorate.

However, latest info I have is that there is a project to streamline the process of foreigners buying property again, as this is seen as a way to bring money into the country. Apparently the rules have already been relaxed for the french. "long-term high-end tourism" or something like that...

Phil

[Kris]

Hmm seems a funny situation a but then i understand as at the moment 80% of tunisians apparently have home ownership. I can understand how it is logical to gard against foreign investors pricing locals out of the market as happens in many areas.

[Kris]

I am going back to tunisia the end of next month and i am going to defiantely look at some apartments.

There looks like a wide choice to buy in enasser as the whole place seems to be new. However I am having the thought in my head would paying a bit extra be worth it for say a one bed apartment in hammamet marina? (UKPHIL did you go around the apartments?) For the price you could almost have 2 city centre apartments in Tunis (in a good area) or a larger one in La Marsa and I guess there is always the question of the intensive attention that a holiday rental needs to be productive.

Hmm decisions decisions

[UKPhil]

Didn't look arround the Marina appartments (don't think there were any completed), just popped in the sales office and saw the plans. Looked nice though. I'd stick to the Gulf of Hammamet area for investment/rental, especially with the various developments planned for that region.

[Bigbrother]

Marina Al Qussor project

Has this project already started?

Thanks!