Tunisia is a country which surprises visitors. A middle income country, it has a stable political and economic environment, suitable for foreign investment. Foreign visitors are also surprised to see constant change, as the entire country rapidly modernizes.

Cities like Sousse, Carthage, Matmata, Hammamet and Mahdia continuously attract tourist crowds for long Mediterranean beaches and ancient Roman ruins. In spite of this, Tunis remains to be the financial capital of Tunisia. A record 6.5 million tourists visited Tunisia in 2005, mostly from Europe. The tourism sector grew 7.6% in 2004 and 7.5% in 2005. The French market with more than 1 million tourists a year rose 21%.

Most real estate properties in Tunis are new developments that sprang alongside with the consistent economic growth of Tunisia. Moreover, the construction industry is booming with many new townships and subdivisions being built countrywide.

Foreigners are allowed to purchase real estate in Tunisia. Until recently, Tunisian government officials discouraged investment in the real estate sector. Nonetheless, this policy seems to be being relaxed, though all real estate transactions are still subject to approval.

The costs to purchase a property in Tunisia are 2500 Dinars (which covers land registry and topography, governor approval, issue and registration of contracts) plus 1% for purchase tax which is payable on completion.

We urge all clients looking at buying a resale (existing / second-hand property) in Tunisia to proceed with caution and only buy from registered estate agents or developers since like in any country there are unscrupulous characters who will help you part with your money quicker than you expect.

Governors Agreement

The Tunisian Governors Agreement is a procedure that every foreign purchaser has to undertake before title deeds can be assigned in their names. For most European passport holders this is simply a formality and that due to the changes that are taking place in Tunisia to increase the number of foreign investors the Tunisian Government is planning to phase these agreements out. The Governors Agreements are simply seen as a way of keeping track of who is buying property in Tunisia.

The Governors Agreements are seen by many as a positive thing since they make sure that every property that is purchased by a foreigner is checked thoroughly giving the purchaser peace of mind.

The documents that are needed for the Government Agreement are dealt with by the developer. All that is needed is a copy of your passport, Promise of Sale and Ground Certificate (which are provided by the developer), and the proof of your money transfer . With this the Local Government instruct the Notary to visit the project to make sure that the ground and the project does exist and that your purchase is being built.

In the unlikely even that authorisation is refused for any reason, any invested funds are returned to the purchasers, which is stated in the purchase contracts.