Tunisia’s Real Estate Market: Between Fear of Proximity to Libya and Spanish Competition
The North Africa Journal | The real estate market in Tunisia is displaying mixed signals. Pockets of growth in the housing market continue to drive prices up, but these houses were designed for foreign investors and wealthy Tunisians. In contrast, the average Tunisian is priced out of these desirable real estate sites as their incomes do not meet the continuously rising prices in regions that have been insulated from the political crisis facing the country for the past two years.
The northern suburbs of the capital Tunis has the most expansive real estate in the nation. The proximity to Mediterranean beaches, vibrant nightlife, and established economy, make places like the mythical Carthage, Sidi Bousaïd, Marsa, and La Goulette some of the most desirable locations in North Africa, with an average price per square meter (psm) hovering between TND 1,160 in Kram and TND 2,600 Sidi Boussaid, representing three times the national average.
These regions have also been benefiting from a boom in construction and so there is no shortage of housing. But construction there focuses on high-end and luxury real estate, preventing any erosion in prices. New neighborhoods are being built, including the Gardens of Carthage (Les Jardins de Carthage), Ain Zaghouan, and the Berges du Lac II.