IMPORTANT INFORMATION WHEN CONSIDERING BUYING PROPERTY IN TUNISIA

When buying a property in Tunisia, whether a new or a completed one, it is important as a foreigner to understand the pitfalls of buying and how Mayfair Developments have ensured that all of our buyers are safely protected when purchasing in this beautiful country. Below you will find some very important information which will ensure that you are fully informed before deciding to purchase any property in Tunisia.

Point 1

In Tunisia all foreigners have to apply for an agreement from the Governor of the region before title deeds are able to be assigned into their names. This is taken care of automatically for all buyers in the Dunes and quite importantly, the fees for doing so are already taken into consideration within the total purchase costs quoted ensuring no nasty surprises upon completion. Additionally, we have placed safeguards within the purchase contract for all of our clients, ensuring that if for some reason the agreement isn’t granted, purchasers are entitled to receive their funds back in full.

Point 2

We can apply for the Governors agreement immediately following signing of the purchase contract since the Dunes has a phase which is built and occupied already. If a development does not have any completed phases then you will need to wait until completion (approximately 2 years in most cases) and then apply for the Governors Agreement. This can take an additional 6 months post completion which means that you may be missing out on potential rental income or holiday use of your property. Considering that with some off-plan developments in Tunisia you may need to part with 90% of your funds prior to completion, some clients see this as a gamble which is not worth taking particularly when no degree of advance payment protection is enforced.

Point 3

The Dunes is the ONLY development in Tunisia which offers security for advance payments paid by purchasers. Funds are transferred into an “Account Indisponible” which works in a similar way to the escrow system widely used throughout the USA and in various other countries. Funds are blocked off in this account which the developer doesn’t have access to, and on the back of this security, the bank lends money to the builder in small increments along each stage of construction. Please note that although the Government of Tunisia stipulates that client fund protection must be used when accepting advance payments from purchasers the penalties are not strictly enforced by law. Therefore it is imperative that buyers do their homework and request confirmation and proof from the developer that a system is in place which will protect you in case of non-fulfilment by the developer.

Point 4

When you purchase in The Dunes there is a very good reason why we have made it obligatory to purchase in Euros as opposed to the local currency, the Tunisian Dinar. All payments are sent in Euros so that upon completion an Investment Certificate is provided stating the currency and amounts invested. This not only protects buyers in terms of currency fluctuations but also ensures that when repatriating the funds back to their home countries no issues will arise. Although Tunisia is expected to open up its currency in the coming years, investors are safe in the knowledge that whether this happens or not, their investment along with profits made can safely and easily be repatriated back to their countries.

Buying property in Tunisia will be the best decision you ever make if you stick to the correct procedures. If you wish to discuss the in’s and out’s of buying in Tunisia please contact us at our Head Office in Tunisia on 00216 723 10 761 or email us on info@mayfairdevelopment.com where we’ll be more than happy to answer any queries that you may have and ensure that whether you buy with us or not, you are fully informed of the buying process!