Miles of sparkling beaches on the northern coast. Romantic oases of the Sahara desert in the south. A mix of healthy weather, an exotic ambience, ancient medinas and the ruins of Punic and Roman empires. These have made Tunisia one of the fastest growing tourist destinations in the world.
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.
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. 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.
