Property Market in Tunisia

[KrisAziz]

Hi all Kris here from tunisia.com firstly i would like to say hello and that I have enjoyed reading the threads here and amire the dedication that you have for getting the latest information and images about all the great things beeing done in Tunisia at the moment.

I live in Bizerte at the moment and the wife is Tunisian and together we run the english language Tunisia.com. I wanted to pick the brains of you guys and ask you guys couple of questions about the tunisian property market generally as it is somthing that I am geeting asked a lot.

Firstly and in all honesty how do Tunisians buy a house I do not mean the technical process I mean pay the actual prices!

For example i have asked everyone I know here and nobody has bought a house under 40 years old. Also from what i can see not many people earn over 4000 dinars per month (even 1500 is rare andthose older managers have a house already).

When chatting to a bank manager I asked him this and he said that in tunisia its 20 percent down min and then the restover 25 years max at rate over ( percent.

I apply this to the houseI rent in Bizerte which I have been told is worth 200,000 dinars (95000 pounds) it is not a palace and prices in the corniche of Bizerte go up to 650,000.

so 30 percent is 60,000 dinars with 170,000 to pay over 25 years which is over 1000 dinars permonth!

I rent this house for 400 dinars a month!!!!

With the uk now having a property crash (15 precent down since last september) and the relative values higher in Tunisia do you think that we could get falls here.

I say this as the propblem with the UK was only people with homes could buy homes and with no new buyers the prices rose and then collapsed ( a pyramid scheme).

I just find this really interesting as people want to buy houses in tunisia but then realise that Tunis especially is more expensive than many uk cities (especially with prices falling and the pound dropping).

From an outsiders point of view it looks like people with houses buying more leaving loads ofempty apartments and thismay also explain the hopefulpriceing of some rents and the problem of people preferring tol eave student rents empty and take the profitfrom the price rise rather than have a person atually rent the property out (called buy to sit in the uk and the last stage before the fall)

Thanks in advance

Kris

[marksageeza]

interesting topic as Ive looked into this and have wondered the same thing... regarding salaries, apart from very good jobs, 1000 dinars is above average... although many new flats are popping up.

[KrisAziz]

I agree I think like every place cheap money raised the prices of houses.

Shame as it means people paying more for the same thing their parents bought.

It will be interesting to see if prices come down as I have already seen this start to happen in Nasr and some of the other parts.

Unfortunately I think the market will be slow to come back to reality as it is cheap to leave property empty in Tunisia (12%of new projects empty apparently) and wait for the inflation to catch up

[KrisAziz]

Hi all just to update

Been to a few places and spoken to some majour immo offices.

It seems that everyone has the same problem the prices are just to high.

Now in hammamet it is difficult to find a nice place to rent:commercial as all the owners want to sell and in the Marina they want 190000 for a 30m office as you expect 95% empty.

One agent even told me that they have had to loose people as foriegners have gone from the buyers market overall and vendors asking for price that are ubsurd.

I literally think that Tunisian property is on the edge of a large popping point which like other bubble property markets is centred on the new developments.

Most things I saw for sale - months ago are still for sale

I have also noticed that the central bank has lowered the rate if this is for homowners getting finance then it is a mistake as it will like in the Uk/US delay the inevitable.

For me I just rent but for the normal haed working tunisian I cannot understand why they are paying more for the same thing their parents had.

Tax more and get the money into productive things in the real economy!

[Magnus01]

Why wont you search in google?
Its a good place

[Emasozz]

awesome

[fillthetank]

Mahlak ya tounes el khadra