Tunisia may be a small North African country, but it has a rich history behind it. Tunisia was home to General Hannibal, the scourge of the Roman Empire, perhaps the greatest military leader in history. The ruins of the ancient city of Carthage are still a source of great pride to the people of Tunisia.
Tunisians are equally proud of their lovely weather, bright and sunny, yet cool enough not to make people sweat. The Tunisian beaches are marvelous and the natural scenery here is stunning, with the majestic Atlas Mountains in the background. Many major Hollywood blockbusters were filmed in Tunisia’s amazing landscapes.
Tunisia is also a tourist hotspot. Millions of foreign tourists visit Tunisia each year. The fact that it is so close to Europe really helps. Paris is just a couple of hours away by flight and the Italian border is just at a distance of 50 miles from the Tunisian coast.
This closeness to Europe and lovely climate, as well as the friendly nature of the local population has made Tunisia such a popular country with foreign tourists. Equally, many foreign buyers look to buy property here, usually a second home or a vacation home, to experience the lovely country first hand.
Even as an investment, it makes sense to buy property in Tunisia. The property prices here are quite low, but the rental yields are very high – which is a terrific proposition for a home buyer. A lot of wealthy Arabs are investing in Tunisian property as well, which means the property rates are likely to increase significantly over the next few years.
There is much to be admired about the Tunisian economy as well. Although Tunisia is quite tiny, it is easily one of the most stable countries in Africa, both economically and politically. Tunisia enjoys an excellent GDP growth and a low rate of inflation.
Another thing that goes in Tunisia’s favor is the warm and friendly nature of the local population, who are very cosmopolitan, diverse and modern. The people of Tunisia are almost European in their outlook.
Are You Eligible To Buy Property in Tunisia?
Until recently, foreigners were not allowed to buy property in Tunisia. But with a progressive government now in power, many of the rules have been relaxed. Foreigners can buy real estate in Tunisia as long as it is not an agricultural property. Foreigners need to take permission from the local Governor before buying property in the country. Even before selling the property, it is essential to ask for the Governor’s permission – this represents the biggest disadvantage of buying property in Tunisia.
How Much Does it Cost To Buy Property in Tunisia?
Apart from the price of the property itself, it may cost you an additional 8 to 9% of the property price if you wish to buy property in Tunisia. The property is subject to a transfer tax of 5%, a registration fee of 1%, a contract fee of 0.1% and other miscellaneous charges amount to 0.1%. In addition, you will be required to pay the real estate agent’s commission, which is 3% of the price of the property and the solicitor’s fee.
Buying Property in Tunisia – The Details
It is very important to hire a local solicitor in Tunisia to take care of the property transaction. Please note that you should only hire a Tunisian national as your solicitor. Once you have agreed to buy a property in Tunisia, you will have to first sign a preliminary contract of sale.
You will be required to pay an initial deposit of 10% of the price of the property. Once this is signed, it will be checked if there are any legal issues with the seller’s paperwork. If the contract gets all the approvals needed, then the transfer tax and registration fees are paid, the final payment made and the title deed for the property is handed over to you. With that, you become the official owner of a property in Tunisia.