Africa > North Africa > Tunisia > Tunisia: Tunis Real Estate Market Overview 2011

Tunisia: Tunisia: Tunis Real Estate Market Overview 2011


 Tunisia: Tunis Real Estate Market Overview 2011

This overview provides highlights of the industrial, retail, office, and residential real estate markets in Tunis, the capital of Tunisia.

Office market

The Tunis office market has performed sluggishly over the last five years, with a combination of limited demand and a high level of new construction activity restricting rental growth. This contrasts with the land market which has seen exceptional increases in value, though this has recently resulted in a reduction of new construction, as the development of new offices has become less economically viable. The locations of choice for international companies remain to the north of the city (City Centre, Les Berges du Lac, Centre Urbain Nord and the Technoparks).

Retail market

The Tunis retail market is relatively sophisticated when compared to other African markets. The French hypermarket chains Géant and Carrefour are among the international retailers who are present in the market and there are a number of destination shopping areas. No new major developments are currently in the pipeline.

Industrial market

There are pockets of industrial property dotted around Tunis with the major new areas generally being located to the south of the city, which is well served in terms of its demographics, public transport and access to the port. There are also a number of areas further out from central Tunis which are designated as being in need of investment and where available land is relatively cheap. These include areas which may benefit from new market dynamics created by the development of the new Airport and Port at Enfidha. The older industrial area around Tunis Airport (Charguia) remains popular but has seen a shift in use towards more call centre activity.

Residential market

Tunis’ mega-schemes, including Sama Dubai’s Mediterranean Gate and Bukhatir Group’s Sport City Tunis, are either on hold or proceeding extremely slowly. Most new significant developments comprise apartment blocks targeted at top-end buyers. There is a major cluster of such property at Les Berges du Lac II. The development at Les Berges du Lac II represents an opportunity to provide wider roads and improved vistas when compared to the original development at Les Berges du Lac.

Related Articles