Tunisia has a stable economic and political environment making it a suitable location for foreign investment. Visitors are frequently amazed by the constant changes, especially in the Tunisia property and real estate sectors, as the country goes through rapid modernisation.
The vast majority of the real estate properties, particularly in the capital Tunis, are new developments springing up on the back of consistent economic growth, bolstering the construction industry further as new townships are being built countrywide as well.
Up until fairly recently, the Tunisian government actively discouraged real estate investment, but this policy is being relaxed with foreigners now allowed to purchase real estate and property in Tunisia although all real estate transactions are still subject to official approval.
With regards to leasing in the free market segment, Tunisia's law leans towards being pro-landlord, with rents being agreed freely between landlords and tenants in all segments of the market. As a matter of interest, there isn’t a legal stipulation on the maximum yearly rent increase when it comes to free market tenancies, but all possible increases must be predetermined in the contract. In some specific situations, especially when the tenant happens to be a foreigner, the contract for tenancy will be required to have preliminary authorisation.
Another significant aspect for potential tenants to consider, especially non-nationals, is the fact that during any contractual period, they can seldom be evicted. On the other hand in the case of the rent not being paid, once a practical notice period has elapsed, normally two months, the property’s owner is able to obtain an eviction order through a summary court procedure and would then be entitled to request instant termination of the contract.
Leased properties in Tunisia are liable to real estate tax which is payable on an annual basis by the owner of the property and is charged at 2% on the evaluation per square meter value of a property, which is determined every three years by the law makers in the country.
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