Published on and written by Cyril Jarnias
Investing in real estate in Tunisia is attracting more and more Tunisians living abroad, as well as foreigners drawn by a still affordable market, strong rental potential, and a Mediterranean lifestyle. However, behind the beautiful photos of villas in Hammamet or apartments at Les Berges du Lac, there is a real administrative, tax, and strategic process to master, especially when buying or renting remotely.
This article details the key aspects for investing in Tunisian real estate as an expatriate. It covers the choice of purchase location, financing options, expected returns, and legal pitfalls to avoid. It also explains how to manage the property, whether for seasonal or long-term rental, especially with the aim of generating a secure supplemental income. The information is based on the most recent data.
Understanding the Tunisian real estate market before buying
Before signing a preliminary agreement, it is essential to position Tunisia relative to other Mediterranean markets and decipher current major trends.
The real estate sector represents approximately 6.6% of Tunisia’s GDP. The country has more than 4.2 million housing units, of which nearly 800,000 are estimated to be vacant. Since 1975, the housing stock has quadrupled, with rampant urbanization: 75% of the population is expected to live in cities by 2030.
Nevertheless, prices remain relatively affordable compared to other Mediterranean shores. In 2025, in urban areas, the average price per square meter for a new apartment typically ranges between 2,500 and 4,500 Tunisian dinars (TND), with, of course, significant disparities depending on the neighborhood.
Market reports indicate an annual increase of around 4 to 5% per square meter for apartments, and a 5% increase in the national average price in 2024. The price of residential land reportedly rose by nearly 9.3% the same year. On the rental side, apartment rents climbed by more than 7% in one year.
The average rental yield in major Tunisian metropolises like Tunis, Sousse, or Sfax is about 7% per year.
Where is buyer and tenant demand concentrated?
Data published by specialized platforms shows that 53% of demand is for purchase, compared to 47% for rental, with marked interest for apartments (about 52% of purchase searches) and villas (nearly 30%). Residential land attracts about 16% of buyers.
On the rental side, long-term leases largely dominate (44% of demand), while seasonal rental still represents only about 3% of searches, even though this segment is developing rapidly in tourist areas.
The preferred configuration remains the 2-bedroom apartment (two bedrooms + living room), which represents over 40% of demand and nearly 39% of supply. The most popular sizes are between 100 and 130 m², a format suitable for both families and expatriate executives.
The most promising cities and neighborhoods
The Tunisian market is very segmented. Investing in a 2-bedroom apartment in La Marsa has nothing to do with buying a traditional house in Djerba or an older apartment in downtown Sfax. Here is an overview of the main hubs, with some typical price ranges.
Greater Tunis and northern suburbs
The capital concentrates a large part of the demand, especially in neighborhoods favored by expatriates, executives, and the upper-middle class.
| Neighborhood / area | Avg. apartment price (TND/m²) | Profile and potential |
|---|---|---|
| Les Berges du Lac | ~5,700 to 6,000 | Premium business and residential district, strong rental demand, +12% price increase in 2024 |
| Les Jardins de Carthage | ~5,100 to 5,200 | Premium residential, highly sought-after, estimated yield 7–8%/yr |
| La Marsa | ~4,500 to 6,000 | Chic coastal neighborhood, villas and apartments, yield 6–7%/yr |
| Ain Zaghouan | ~2,500 to 4,200 | Emerging area, good value for money, strong rental demand |
| La Soukra | ~3,600 | Developing suburb, recent projects, family clientele |
| Ennasr 2 | ~3,200 to 3,600 | Modern, commercial neighborhood, highly sought-after by families |
Les Berges du Lac (1 and 2), La Marsa, Gammarth, and Les Jardins de Carthage constitute the core of the premium segment: high prices but sustained rental demand, particularly from expatriates, businesses, and Tunisians living abroad.
Sousse, Hammamet, Djerba, and tourist areas
Coastal regions are, unsurprisingly, at the heart of seasonal rental strategies.
| City / area | Typical apartment price (TND/m²) | Advantages for the investor |
|---|---|---|
| Hammamet | ~3,000 to 4,500 | Seaside resort, 85% occupancy rate in high season, good seasonal potential |
| Sousse / Kantaoui | ~2,500 and up | High tourist traffic, projects like Folla Resort, Chott Meriem |
| Djerba | ~2,000 to 3,000 | Tourist island, villas with pool between €150,000 and €300,000 with seasonal yields that can reach 8–10% |
For summer rentals, the recorded figures provide indicative price ranges: in El Kantaoui, a villa with a pool rents for between 600 and 1,250 TND per night; in Kélibia, a villa with a pool is negotiated between 470 and 1,000 TND per night; in Djerba, a villa with a pool can be rented for between 350 and 750 TND per night.
Sfax and other cities
Sfax, the country’s second economic hub, offers more contained prices (2,000 to 3,200 TND/m²) but solid rental demand, driven by industrial activity. Neighborhoods like the city center or the industrial zone offer good prospects for long-term rentals to house employees and executives.
Prices, rents, and yields: some benchmarks
Market reports provide several concrete examples:
| Example property | Context / neighborhood | Estimated monthly rent | Illustrative gross yield |
|---|---|---|---|
| 2-bedroom at Les Berges du Lac | Premium neighborhood | Up to 2,600 TND | Up to ~12%/yr in some extreme cases cited |
| 2-bedroom at Les Jardins de Carthage | High-end area | ~1,900 TND | 7–8%/yr on average |
| 2-bedroom at La Marsa | Residential coastal neighborhood | 1,500–2,000 TND | 6–7%/yr on average |
| 2-bedroom at El Mourouj 6 (Greater Tunis) | More affordable sector | ~900 TND | Interesting yield due to lower price |
For an expatriate investor, the key question then becomes: prioritize a “prime” property with high liquidity and decent profitability, or target emerging areas where rental yield and capital gain potential are higher but with greater risk.
The expatriate status and its specific advantages in Tunisia
Investing in Tunisia from abroad is not just a simple remote purchase. The owner’s legal status – foreigner, non-resident, or Tunisian living abroad – significantly alters the tax and administrative framework.
Tunisian living abroad: a status to understand well
The notion of “Tunisian Resident Abroad” (TRA) is central. This refers to a person of Tunisian nationality who:
– habitually resides outside Tunisia for at least two years,
– and does not exceed a certain threshold of days spent in Tunisia (in practice, legal texts set limits of 180 or 183 days per 365-day period depending on the provisions).
This status, akin to that of a “non-resident” under foreign exchange law, entitles one to substantial tax advantages on real estate, provided strict criteria are met:
To invest in Tunisia as a non-resident and later be able to repatriate the capital and capital gain, three conditions are imperative: effectively residing abroad, financing the investment in convertible currencies, and declaring the operation to the Central Bank of Tunisia (BCT) to obtain the required investment form.
Tax advantages for property purchase by a Tunisian living abroad
The preferential regime for property acquisition by TRAs is particularly interesting when compared to the taxation applicable to residents.
For a TRA purchasing a built property intended for housing or economic activity (excluding agricultural land), fully paid in convertible currencies, the main advantages are as follows:
| Cost item | Resident in Tunisia | Tunisian Resident Abroad (TRA) |
|---|---|---|
| Registration tax | 5–7% depending on cases | 1% of value + 30 TND per deed page |
| Supplemental tax (≥ 500,000 TND) | 2% or 4% | Exemption from this supplement |
| Land registry fees | Approx. 1% | In practice, 1% is still due, but the overall regime is lighter |
| Payment conditions | Tunisian dinars, often local credit | 100% in foreign currency, without recourse to local credit |
In practice, this means that a TRA who finances their purchase entirely in foreign currency can significantly reduce the total cost of acquisition-related fees. It is advised to add 10 to 15% to the property price to cover all fees (notary, registration taxes, land registry, possible agency fees, etc.), but this percentage is considerably lower for TRAs compared to a resident buyer.
List of supporting documents needed to benefit from the specific investment regime.
Full copy of passport, foreign residence permit, and consular registration certificate.
Migration movements record and proof of foreign currency transfers (SWIFT, bank certificates).
Proof of origin of the funds to be invested.
For investment projects: copy of the investment declaration.
Investment in foreign currency and the right to repatriate funds
Tunisian exchange regulations require that investments by non-residents financed in foreign currency be declared to the Central Bank via an “investment form.” The funds must be transferred from abroad to a foreign currency account or convertible dinar account opened in a Tunisian bank, or imported in cash and duly declared at customs.
This form has two essential roles:
– it proves that the investment was indeed made in foreign currency,
– it guarantees, upon resale, the right to transfer the sale proceeds (capital + capital gain) abroad, subject to retaining a small fraction of the capital gain in Tunisia (in practice, 10% is often mentioned as needing to remain in a Tunisian account).
Without this document, repatriating funds can become a headache, or even impossible.
Non-Tunisian foreigners: a stricter framework, but real opportunities
Non-Tunisian foreign investors can also purchase real estate in Tunisia, but the process is more regulated, with two major constraints: the prohibition against acquiring agricultural land, and the obligation to obtain authorization from the regional governor.
What a foreigner is allowed to buy (and what is forbidden)
The rule is clear: foreigners are not allowed to become owners of agricultural land. Agricultural land ownership is reserved for Tunisian individuals, cooperatives, certain public entities, or companies entirely owned by Tunisians.
On the other hand, a foreigner can acquire:
– an apartment or house in an authorized urban or tourist zone,
– a premises for professional use or offices,
– non-agricultural land in a designated urban or tourist development zone.
For industrial or tourist projects located in specially developed zones (industrial or tourist zones), the investment law provides a simplified regime. It allows the free acquisition of non-agricultural land without having to obtain prior authorization from the governor.
In most cases for residential property, the foreigner must submit a complete application to the competent governorate. This file includes notably:
– an application form in several copies,
– a bailiff’s report on the condition of the property,
– a recent certificate of ownership from the seller,
– tax compliance certificates,
– the preliminary sale agreement,
– cadastral and architectural plans,
– a certificate of non-agricultural use of the land,
– various identity documents, and sometimes a criminal record extract.
The processing time for an investment authorization application in Tunisia varies considerably by governorate, with an often-cited average of one year. Specific accounts mention timelines of up to 14 months, or a range of 3 to 6 months for a well-prepared file. It is therefore crucial to factor this unpredictable duration into your schedule and to include a protective clause in the preliminary agreement, providing for the refund of the deposit in case the authorization is denied.
Special cases: Algerians, Libyans, French, Italians
Certain nationals benefit from specific regimes based on bilateral agreements.
– Algerians and Libyans can, under conditions, purchase non-agricultural property without prior authorization from the governor, provided payment is made in foreign currency and the property value exceeds a certain threshold (e.g., 200,000 to 300,000 TND depending on the texts and nationalities).
– Conventions concluded with France and Italy provide, for certain properties acquired or built before 1956, flexibility, or even exemption from authorization for owners or their heirs, within a very technical framework linked to post-independence real estate settlement agreements.
Again, the support of a lawyer specialized in Tunisian real estate law is almost indispensable to clarify the regime applicable to one’s situation.
What does a real estate purchase in Tunisia really cost?
Beyond the advertised price of the apartment or villa, a real estate purchase involves a whole series of additional costs: registration taxes, notary fees, land registry fees, VAT on new builds, possible agency commission, etc.
Overview of main costs
According to standard notes from the Ministry of Finance and the Stamp and Registration Tax Code, costs can represent between 7 and 15% of the sale price for a Tunisian resident, all items combined. For an expatriate Tunisian benefiting from the TRA regime, this burden is lighter thanks to the reduced 1% rate for registration and the exemption from certain supplements.
The main items to anticipate are:
Base registration tax rate for a resident purchasing an older home up to 499,999 TND.
– Real estate VAT:
On new builds, VAT is 13% (for 2025, the increase to 19% has been postponed), included in the developer’s advertised all-inclusive price.
– Notary fees:
Generally about 1 to 2% of the property price, depending on the complexity of the file.
– Land registry fees:
Approximately 1% for registration in the land registry (transfer, file fees, stamps, etc.).
– Agency commission:
Between 2 and 5% of the transaction amount, sometimes split between seller and buyer.
– Banking fees (in case of local credit):
Application fees (0.5 to 1% of the amount), borrower’s insurance, mortgage registration fees.
For the purchase of a property worth 250,000 TND, a resident may have to pay about 15,000 TND in registration taxes. In contrast, for a Tunisian Resident Abroad (TRA) making the acquisition in foreign currency, the tax bill at purchase is significantly lower.
Synthetic example of cost structure
| Type of cost | Order of magnitude (resident) | TRA specificities (purchase in foreign currency) |
|---|---|---|
| Registration | 6–10% depending on bracket | 1% + fixed fee per page |
| Land registry | ~1% | Identical in principle |
| Notary | 1–2% | Identical |
| VAT on new builds | 13% (included in all-inclusive price) | Same |
| Real estate agency | 2–5% | Same |
The important thing for an expatriate is to ask their notary very early for a detailed estimate of all these costs and to verify that they indeed benefit from the preferential regimes linked to their status.
Financing your project from abroad: banking solutions for the diaspora
Financing is another crucial aspect for expatriates. Several Tunisian banks offer products specifically dedicated to Tunisians living abroad.
Mortgage loans dedicated to Tunisians abroad
Several institutions are positioned in this segment, with adapted conditions (long term, remote processing, consideration of income in foreign currency).
Among the offers identified:
– Banque de Tunisie with the product « MELEK FI BLEDI »:
– Financing up to 80% of the project cost,
– Minimum personal contribution of 20%,
– Term up to 25 years,
– Preferential rates, especially for terms ≤ 15 years,
– Application can be submitted online and documents sent by email.
BH Bank offers a Home Savings Plan (PEL) over 4, 5, or 6 years, which grants the right to a direct mortgage loan. For a couple holding two PELs, the financing amount can reach 500,000 TND. The credit is granted at a fixed rate of about 5%, with a repayment term that can extend up to 25 years. The bank accompanies this offer with complementary products, such as the « BLEDNA SÉRÉNITÉ » insurance.
– STB – Immo Credit 48h Chrono:
– Financing up to 80% of the project,
– Term up to 20 years,
– Announced response time of 48 hours for a complete file,
– Possible grace periods (up to 6 months for construction, 3 months for acquisition/extension),
– Product specifically targeting Tunisians living abroad with permanent employment or exercising a liberal or commercial profession.
– Wifak Bank (Islamic finance) via « Tamouil Masken » based on Murabaha, possibly preceded by a home savings account « Hissab Iddikhar Masken ».
– Other banks (Attijari, UBCI, TFBank, etc.) offering loans in dinars backed by foreign currency transfers, sometimes with bonus rates and remote services.
For an expatriate, the first step is to clarify whether they will finance in cash from abroad (with the maximum tax advantages for a TRA) or via a Tunisian loan, which limits some preferential regimes but allows for spreading the financial effort.
Typical financing conditions
The broad lines of credit policies are relatively homogeneous:
– maximum debt-to-income ratio around 30–35%,
– minimum personal contribution of 20 to 30%,
– term between 7 and 25 years depending on banks and products,
– obligation to take out life/disability insurance,
– solvency study based on pay stubs, foreign tax notice, bank statements from recent months.
Some banks, like TFBank with its offer « DARI FI TOUNES », also illustrate the possibility of arranging financing entirely in foreign currency (e.g., a €200,000 loan over 15 years, with installments expressed in euros and a fixed APR).
Renting your property from abroad: seasonal or long-term?
Once the property is purchased, the question of its operation becomes central. Should one focus on seasonal rental for tourists or opt for a standard long-term lease? Both strategies have their advantages and limitations.
Seasonal rental in Tunisia: a booming market
Short-term rental is attracting more and more Tunisian owners, particularly in tourist areas and emblematic neighborhoods. The National Tourism Office (ONTT) recorded a 20% increase in international bookings in 2024, a sign of a rebound after the sharp drop linked to the pandemic (in 2020, arrivals fell by nearly 79%).
The typical clientele for short-term rentals consists of: tourists looking for temporary accommodation, business travelers, people traveling for personal or family reasons, and exchange students.
– Europeans (France, Italy, Germany): about 50% of tenants,
– North Africans (Algeria, Morocco): 30%, often for family stays,
– Locals: 20% for weddings, events, etc.
Demand is highly seasonal:
– high season in April-June then September-October,
– low season in July-August (heatwave) and from November to March, except for retirees or certain specific clienteles.
Price levels and possible income for seasonal rentals
Estimates for 2025 show interesting price ranges and potential monthly revenues in several key cities.
| City / neighborhood (seasonal) | Price per night (TND) | Occupancy rate in high season | Estimated monthly income (TND) |
|---|---|---|---|
| Medina of Tunis | 150–300 | 80–90% | 3,000–6,000 |
| Sidi Bou Saïd | 200–400 | 85–95% | 4,000–8,000 |
| Bizerte | 100–200 | 70–80% | 2,000–4,000 |
| Hammamet | 120–250 | 75–85% | 2,500–5,000 |
| Djerba | 180–350 | 89–90% | 3,500–7,000 |
A simple calculation shows that an apartment at 150 TND per night rented for 20 nights a month generates 3,000 TND in gross revenue. After deducting the platform commission (about 15%), cleaning, maintenance, and insurance, there is typically between 2,000 and 4,000 TND of net income remaining, depending on the case.
This figure represents typical monthly expenses for managing a seasonal rental property.
| Monthly expense item | Indicative range (TND) |
|---|---|
| Cleaning (2 visits/month) | 300–500 |
| Minor repairs / maintenance | 100–200 |
| Platform commission (Airbnb…) | 500–800 (≈15% of revenue) |
| Liability insurance | 50–100 |
Platforms and pricing strategies
The main marketing channels are well known:
– Airbnb, with high international visibility but a commission around 14–16%,
– Booking.com, frequented by an “organized” clientele but with 15% commission,
– Facebook groups and local networks, no commission but more time-consuming,
– Personal website, profitable in the long term but demanding in terms of SEO.
A dynamic pricing strategy is highly recommended:
– prices increased by 30% in high season,
– temporary premiums of 20% during events (Carthage Festival, etc.),
– “last minute” discounts of 10 to 20% to fill occupancy gaps.
To maximize positive reviews, small gestures like a welcome basket (olive oil, Tunisian pastries) and quick responsiveness to messages (less than 24 hours) make a real difference.
Legal framework for seasonal rental
Tunisia regulates short-term rentals. The main obligations for the owner are: obtain registration with the competent authorities, comply with safety and hygiene standards, and provide clear information on rental conditions.
To legally rent out your secondary residence on a seasonal basis, you must: declare the activity at the town hall (Decree n°2009-2162), take out rental risk insurance, check and comply with the condominium rules (which may prohibit seasonal rentals), and sign a compliant lease agreement specifying dates, rent, security deposit, and cancellation conditions.
The maximum stay duration for a tourist in a seasonal rental is generally three consecutive months (law n°68-7). Income from this activity must be declared to the Tunisian tax authorities and is taxed under the category of property income or similar, with potential application of VAT on additional services (breakfast, cleaning, transfers).
The market is strongly rebounding after the health crisis, with growth expected around 7% per year until 2029. For an expatriate, seasonal rental is therefore a serious option, especially in coastal cities and charming neighborhoods like the Medina of Tunis or Sidi Bou Saïd.
Long-term rental: stability and simplified management
Classic rental, with leases of one year or more, remains the majority formula in Tunisia. It offers:
The long-term rental option for your property offers several advantages: it generates regular, predictable income; reduces day-to-day management (no permanent check-in/check-out and less cleaning); limits additional costs (cleaning, supplies, regular listings); and benefits from a generally more stable and less restrictive regulatory framework.
Gross yields are around 4 to 6% in standard segments, but can reach 6 to 8% in dynamic or well-targeted neighborhoods. The downside: monthly rents are often lower than what a well-optimized seasonal rental could generate, but with less risk of vacancy and fluctuations.
The main disadvantages:
– risk of unpaid rent, although it remains moderate with good tenant selection and rent guarantee insurance,
– less flexibility: reclaiming the property for personal use requires respecting notice periods,
– less frequent control of the property’s condition.
For an expatriate living far away, this formula is often the most comfortable, especially if they rely on a local agency for management (tenant selection, rent collection, repair follow-up).
Objectively comparing the two strategies
The main trade-offs can be summarized in this table:
| Criterion | Seasonal rental | Long-term rental |
|---|---|---|
| Income level | Potentially higher (8–10% and up) | More moderate (4–6%) but stable |
| Regularity of cash flow | Very variable, depends on season | Predictable monthly income |
| Management time | Significant (welcome, cleaning, messages) | Low once the lease is signed |
| Legal regime | More regulated, declaration formalities | Fewer specific constraints |
| Risk of non-payment | Low (payment before stay) | Present but manageable |
| Rental vacancy | High in low season | Low if property well-located |
| Flexibility for personal use | High | Low (lease in progress) |
| Ancillary costs | High (cleaning, platforms, welcome) | Limited (routine maintenance) |
Nothing prevents adopting a hybrid strategy: seasonal occupancy in high season, then a furnished monthly or annual lease for students, young professionals, or retirees off-season, or even mixing long-term rental on one property and seasonal on another.
Remote management: agencies, concierge services, and digital tools
Investing remotely requires organizing for daily management. The good news is that the Tunisian ecosystem has become highly professionalized.
Entrusting management to professionals
Agencies like Arcane Immobilière or other players present in sought-after neighborhoods (La Marsa, Ain Zaghouan, Les Berges du Lac) offer comprehensive services:
– searching for and selecting tenants,
– lease signing (possibly with electronic signature),
– inventory check-in and check-out,
– rent collection and reminders,
– follow-up on charges and minor repairs,
– assistance in case of dispute.
Some managers offer rent guarantee insurance activated from the first month of delay. They also provide an online portal for real-time monitoring of each property: rent received, works in progress, and documents.
For seasonal rental, specialized concierge services manage:
– creating and optimizing multilingual listings,
– dynamic pricing,
– exchanges with travelers 7 days a week,
– check-in and check-out,
– cleaning and laundry,
– coordinating maintenance interventions.
Fees often revolve around 20% of rental income (excluding cleaning costs billed to guests), which can reduce gross profitability but secures the operation, especially for an owner living far away.
Digital tools and remote viewing
For expatriates looking to buy or rent without being able to travel easily, digital tools have become valuable allies:
Discover our complete range of digital tools and services designed to simplify and secure every stage of your real estate project, from viewing to management.
Explore properties in detail through our interactive 3D virtual tours, accessible from your home.
Tour the apartment in real-time via live video with an agent, to ask your questions immediately.
Sign your offers, preliminary agreements, and leases legally and securely online, without travel.
Make your payments and security deposits with peace of mind via our secure payment platform.
Track rent, charges, income, and tax obligations with our dedicated software (Odoo Real Estate, Rentila, etc.).
Caution is still advised: always request an up-to-date land title, certificates of non-mortgage, non-expropriation, proof of urban planning compliance, and have everything checked by a trusted notary or lawyer. A physical inspection visit before the final signing is always desirable, even if not always possible for an expatriate.
Taxation of rental income, capital gains, and local taxes
Investing in Tunisia implies, for an expatriate, dealing with two tax systems: that of the country of residence and that of Tunisia. However, double taxation treaties signed with many countries (France, Belgium, Italy, Canada, Switzerland, etc.) prevent being taxed twice on the same income.
Tax on rental income
In Tunisia, rental income is taxed as property income, with:
– a progressive scale historically from 0 to 35%,
– but a recent simplification movement provides for applying a flat rate of 15% on rental income, with an exemption threshold raised to 15,000 TND annually to encourage small landlords.
Maintenance costs are deductible on a flat-rate basis up to 30% of the rent, which allows reducing the taxable base. The annual declaration is mandatory even below the exemption threshold, under penalty of fines.
For non-residents, a flat-rate withholding tax of 15% on gross rental income may apply. It is essential to verify, on a case-by-case basis, how this taxation interacts with that of the country of residence via bilateral tax treaties.
Property tax and recurring taxes
Like any owner, the expatriate is liable for the tax on built properties, calculated on the cadastral value, with a rate generally between 0.2% and 0.5% depending on the municipality.
An important new measure is the establishment of an annual tax of 1% of the market value for properties left vacant for more than two years, with possible exemptions for secondary residences actually occupied at least three months a year. The stated objective is to limit speculation and return to the market a portion of the 800,000 vacant housing units recorded.
In addition to the rent or mortgage payment, you must budget for condominium fees, home insurance, and a fund for annual maintenance. These items are essential to maintain the property’s value, especially in a seasonal rental context where tenant turnover is high.
Real estate capital gains
In case of resale, Tunisia taxes the real estate capital gain realized by a non-resident. Recent texts provide:
– a rate of 15% if the sale occurs within five years of acquisition,
– a reduced rate of 10% after five years as part of a reform aimed at making the market more fluid,
– total exemption after seven years of ownership under certain regimes (where previously the period was ten years).
The capital gain is calculated on the difference between the sale price and the acquisition price, justified by official documents. Again, double taxation treaties determine if and how this capital gain will be accounted for in the expatriate’s country of residence.
Buying in Tunisia from abroad: the typical process
For an expatriate, investing in Tunisia generally follows a relatively standard path, with some variations depending on status (TRA or non-Tunisian foreigner) and property type.
The main steps are as follows:
For a successful real estate investment in Tunisia, follow these essential steps: 1. Precisely define your project (secondary residence, seasonal rental, etc.). 2. Choose the area based on your budget, rental demand, and infrastructure. 3. Analyze profitability by comparing rents, costs, and taxation. 4. Check your tax status (non-resident/TRA) and required documents. 5. Find the property via reputable agencies and conduct viewings. 6. Have the file audited by a notary and a specialized lawyer. 7. Sign a preliminary sale agreement with protective suspensive clauses. 8. Transfer funds in foreign currency and obtain the bank investment form. 9. Submit the authorization application to the competent authorities. 10. Sign the final deed at the notary for registration. 11. Organize rental management and comply with Tunisian tax obligations and those of your country of residence.
The overall timeline, from preliminary agreement to final deed, is often around two to three months for a TRA without a governor’s authorization constraint, and can climb beyond one year for a non-Tunisian foreigner subject to this administrative filter.
Tunisia: a promising market for expatriates, provided you get the right support
With expected real estate market growth of about 4% per year until 2030, rapid urbanization, and enhanced tourist appeal (the government aims for 12 million tourists by 2030), Tunisia positions itself as an interesting playing field for expatriate investors.
The advantages are clear:
The Tunisian real estate market still offers moderate prices per square meter compared to the Mediterranean. Rental demand is sustained in major cities and seaside resorts, with an average rental yield of 6 to 8%, potentially higher for seasonal rentals. The tax framework is very favorable for Tunisians living abroad who finance in foreign currency. It is possible to repatriate capital and capital gains by following Central Bank procedures.
Challenges are nonetheless present: administrative complexity, authorization delays for non-Tunisian foreigners, fluctuations in the dinar/euro exchange rate, increasing regulation of seasonal rentals, and risk of vacancy in low season.
The key to success for an expatriate lies in three elements:
For a successful rental investment abroad, three elements are essential: a rigorous choice of location, based on market data (prices, rents, occupancy rates, infrastructure projects); a secure legal and tax structure, with the support of a notary, a lawyer, and, if possible, an accountant familiar with non-resident issues; and finally, delegated management to serious professionals, capable of ensuring viewings, tenant selection, rent collection, repair follow-up, and legal compliance, while offering remote monitoring tools.
Investing in real estate in Tunisia when living abroad is not a “deal” to be taken lightly, but a long-term asset strategy. When well prepared, it allows combining a foothold in the country, asset diversification, supplemental income, and, for Tunisians in the diaspora, a concrete way to keep a foot in their country of origin while benefiting from tax advantages rarely matched in the region.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
