Emerging Hot Spot – Tunisia

Emerging Hot Spot – Tunisia

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Movenpick-Resort-Jerba-Tunisia Djerba in Tunisia was ranked one of the top 10 emerging tourist destinations for 2008 by Trip Advisor. This alone indicates that Tunisia is hot right now for tourists all over. It is no wonder really, as the country is speckled with spectacular sights. From the Sahara desert to a typical “souk” market, tourists can experience the friendly hospitality of the locals while absorbing the rich culture.

Late in 2007 the NYT ranked Tunisia at third place out of 53 countries worth a visit.

Tourists are attracted by the great weather, awe inspiring landscape and the varied attractions that can be found all around the country. Some 10 million people make up the population and Arabic is spoken widely.

The fact that Tunis the capital city is only a short two hour flight from London and Paris makes Tunisia an increasingly popular destination for European visitors. As it so happens, where there is a lot of tourist activity, usually real estate booms are not far away either.

Developers and overseas buyers are aware of Tunisia’s stable economy, the great health care and the affordable real estate sector and slowly but surely grab bits and pieces of affordable holiday homes in some of the best spots around the country.

Tunis is the primary focus for overseas developers right now with office buildings appearing out of nowhere. One of the major investor groups are those from the UAE. With real estate sectors crumbling worldwide it is only too understandable that people with enough liquidity look for viable and right now stable markets.

Tunis Sport City is going to attract a lot of interest as it will incorporate 49 luxury mansions, an 18 hole golf course, 10 high rise buildings, two residential villages, Olympic swimming pools and gyms, and an indoor and outdoor stadium. This whole project is financed by Emirati Boukhatir Holding.

Unfortunately, one sour aspect of buying property in Tunisia as a foreigner is the rather bureaucratic approach by which overseas investors need to proceed.

The first point of call would be with a local lawyer who is familiar with both the property law and rules and regulations pertaining to overseas citizens. For a more in depth overview, read this Property Law overview for Tunisia.

Photo credits: Greg Macdonald [via flickr] & Mosaïque FM