Published on and written by Cyril Jarnias
The Tunisian real estate market can no longer be reduced to a simple “price per square meter”. From one city to another, and sometimes from one neighborhood to another, price gaps have become spectacular, for both buying and renting. Between the upscale neighborhoods of the capital, sought-after coastal resorts like Sousse or Hammamet, and the more affordable markets of Sfax, Ariana, or Djerba, Tunisia today offers a highly contrasted real estate landscape.
For an accurate assessment of the markets, it is necessary to examine not only recent figures but also economic, touristic, and financial drivers. The most reliable data come from specialized platforms (e.g., Properstar), cost-of-living aggregators, and official statistics (INS, World Bank, Global Property Guide).
A Nationally Rising Market, But Highly Contrasted Realities
At the national level, prices continue to rise, while showing signs of a slowdown in real terms once inflation is taken into account. Recent figures set the tone.
The following table summarizes the major national trends for apartments and houses.
| National Indicator (Q3 2025) | Average Value | Annual Nominal Change | Annual Real Change* |
|---|---|---|---|
| Average Apartment Price (per sq ft) | 329 TND | +6.82% | +1.71% |
| Average House Price (per sq ft) | 261 TND | +4.82% | −0.19% |
| Average Apartment Price (per m², 2024) | 3,345 TND | +6.4% | n.a. |
| Cumulative Residential Price Increase 2011–2021 | > 100% | — | < 20% |
| Cumulative Apartment Price Increase 2011–2021 | 110% | — | 21% |
| Cumulative House Price Increase 2011–2021 | 102% | — | 16% |
after inflation adjustment
Tunisia has about 794,000 vacant homes, representing a significant surplus relative to the number of households.
We are therefore witnessing a typically Tunisian paradox: a surplus of housing at the macro level, but very marked pressure in urban and tourist hubs where solvent demand is concentrated.
Tunis, Sousse, Nabeul, Ariana, Jendouba: The City-by-City Comparison
Q3 2025 data from Properstar allows for a direct comparison of the median prices of apartments and houses per square foot in several major cities. This provides a clear snapshot of current disparities.
Overview of Median Prices by City
| City | Apartment (TND/sq ft) | Annual Change Apt. | House (TND/sq ft) | Annual Change House |
|---|---|---|---|---|
| Tunis | 377 | +16% | 308 | +19% |
| Sousse | 317 | +12% | 260 | +6% |
| Nabeul | 334 | +1% | 285 | −5% |
| Ariana | 250 | −17% | 203 | +30% |
| Jendouba | 370 | −1% | 370 | −2% |
This table summarizes in one line the main outlines of the price hierarchy: Tunis clearly dominates, Sousse follows at a distance, Nabeul remains well-positioned, while Ariana appears as a more affordable option for apartments but catching up on houses. Jendouba surprises with a high price level relative to its socio-economic profile, likely betraying a narrow market with specific properties rather than a massive volume of transactions.
Tunis: The Capital, Price Locomotive
Tunis and its governorate concentrate the highest price levels in the country for residential property, especially in the northern neighborhoods and coastal areas. Recent figures are explicit:
– Median price of apartments in Tunis city: 377 TND/sq ft in Q3 2025, up 16% year-on-year.
– Median price of houses: 308 TND/sq ft, i.e., +19% year-on-year.
– At the governorate level, Properstar indicates a median of about 336 TND/sq ft for apartments and 302 TND/sq ft for houses.
Converting to the square meter, and looking at typical transaction prices, we see that:
Overview of price per square meter by area and apartment quality.
La Marsa, Carthage, Gammarth, Les Berges du Lac, Tunis Ennasr: prices generally between 3,000 and over 5,000 TND/m², with peaks up to 12,000 TND/m² for very high-end properties.
Iconic high-end neighborhood: advertised price ranges around 4,100 to 5,200 TND/m².
Ain Zaghouan or southern suburbs: significantly lower price levels, between about 700 and 1,500 TND/m².
This internal bipolarization within the capital means the average masks a two-speed reality: a luxury market driven by the affluent classes, expatriates, and some foreign investors, and a much more price-sensitive “mid-range” market dependent on credit conditions and local incomes.
Sousse: Dynamic Coastal Resort, But Cheaper Than Tunis
The country’s second major coastal hub, Sousse displays prices significantly lower than the capital, while still in the upper bracket for Tunisia.
– Median apartment price in Q3 2025: 317 TND/sq ft, i.e., +12% year-on-year.
– Median house price: 260 TND/sq ft, +6% year-on-year.
– At the governorate level, Properstar estimates apartment prices around 315 TND/sq ft and house prices around 262 TND/sq ft.
Per m², typical ranges are between 2,700 and 4,000 TND/m² for houses, positioning Sousse clearly below Tunis but above cities like Sfax or Monastir in some segments.
The coastline (Hammam Sousse, Port El Kantaoui) concentrates the highest values; in Hammam Sousse for example, Properstar indicates about 334 TND/sq ft for apartments and 283 TND/sq ft for houses, with a 2% year-on-year increase.
Nabeul and Hammamet: Cap Bon, Between Moderate Growth and Repositioning
Cap Bon, with Nabeul and Hammamet at the forefront, presents an interesting case of a coastal tourist market in a phase of stabilization.
For the city of Nabeul, it is recommended to focus on its local specifics, such as its pottery and ceramics craftsmanship, its lively markets, or its proximity to the sea and archaeological sites, to create relevant and detailed content.
– In Q3 2025, apartments show a median of 334 TND/sq ft, with a slight increase of 1% year-on-year.
– Houses, however, fell by 5% to 285 TND/sq ft.
Data expressed per square meter confirms this intermediate level:
– The Almindhar index places the median apartment price in Nabeul around 3,540 TND/m², and that of houses around 3,047 TND/m², with variations according to the number of rooms (e.g., around 3,545 TND/m² for a 3-room, 3,488 TND/m² for a 4-room).
– At the governorate level, Properstar mentions about 332 TND/sq ft for apartments (+1% change) and 276 TND/sq ft for houses.
Hammamet, on the other hand, is slightly above Nabeul in many segments:
– Apartments there trade on average around 3,582 to 3,637 TND/m² according to sources, with a slight annual increase.
– Houses are around 3,249 to 3,327 TND/m².
– In terms of square feet, Properstar indicates about 344 TND/sq ft for an apartment and 308 TND/sq ft for a house in Hammamet.
Residences close to the beach or integrated into tourist complexes (notably Yasmine Hammamet) can reach between 2,000 and 5,000 TND/m², placing them in the same league as some high-end areas of Sousse, or even Tunis in the “resort” segment.
Ariana: Apartments Down, Houses Rising Sharply
Ariana illustrates a more contrasted trend. Available figures show a clear divergence between the apartment and house segments.
Average price per square foot for apartments in Ariana in the third quarter of 2025, recording a 17% drop year-on-year.
Per m², a useful order of magnitude for reference: purchase prices in the Ariana governorate are generally between 1,600 and 1,800 TND/m², making it a cheaper alternative to the capital’s core, while still being integrated into the greater Tunis urban area.
Jendouba: High Prices in a Narrow Market
The case of Jendouba draws attention for a simple reason: median prices per square foot are close to those in some neighborhoods of Tunis, while the socio-economic profile and demand are very different.
– Both apartments and houses show a median price of 370 TND/sq ft in Q3 2025, with a slight decline (−1% and −2% respectively).
– Properstar also mentions a level around 372 TND/sq ft for both property types.
A possible explanation lies in a very narrow market, dominated by a few high-quality or strategically located properties, which pull statistics upward. This illustrates well the importance of not reading figures without context: the same average price does not tell the same story depending on the number of transactions and the structure of supply.
Prices by Governorate and Property Type: A Map of Disparities
Properstar data aggregated by governorate gives an even broader picture of territorial disparities, especially for houses, often more representative of “family” housing outside major centers.
| Governorate / Locality | Apartment (TND/sq ft) | Annual Change | House (TND/sq ft) | Annual Change |
|---|---|---|---|---|
| Tunis | 336 | +8% | 302 | +4% |
| Sousse | 315 | +2% | 262 | +1% |
| Nabeul | 332 | +1% | 276 | n.a. |
| Ariana | 273 | −3% | 191 | +5% |
| Ben Arous | 198 | +1% | 176 | −8% |
| Médenine | 313 | −2% | 104 | −2% |
| Monastir* | n.a. | — | 266 | −3% |
| Bizerte* | n.a. | — | 198 | −10% |
| Jendouba | 372 | 0% | 372 | 0% |
insufficient data for apartments in some localities
In price analysis, Tunis and Sousse confirm their leading positions, followed by Nabeul and Hammamet in the Cap Bon region. Governorates in the south and interior generally show lower levels, with Jendouba as a notable exception.
Coastal Cities: When the Sea Dictates the Price Per Square Meter
Tourist coastal cities concentrate a large part of Tunisia’s real estate value. Beyond the median price, price ranges per square meter give a clear idea of market disparities.
| City / Coastal Area | Typical Price Range (TND/m²) | Dominant Property Type |
|---|---|---|
| Tunis (prime neighborhoods) | 3,000 – 5,000+ | High-end apartments |
| La Marsa / Carthage / Gammarth | up to 12,000 | Luxury, villas, residences |
| Jardins de Carthage | 4,100 – 5,200 | Recent apartments |
| Ain Zaghouan & southern Tunis | 700 – 1,500 | More accessible sectors |
| Hammamet | 2,000 – 5,000 | Beach residences |
| Sousse | 2,700 – 4,000 | Villas / houses |
| Monastir | 1,800 – 2,800 | Medium houses/buildings |
| Djerba | 1,400 – 2,700 | Villas, traditional houses |
| Sfax | 1,000 – 1,500 (houses) | Local residential housing |
In this table, a clear hierarchy emerges: the northern strip of Tunis (La Marsa, Carthage, Gammarth) is the most expensive in the country, followed by the major beach resorts (Hammamet, Sousse). Monastir, Djerba, and Sfax position themselves in a more affordable range, making them attractive to local residents and some investors seeking higher rental yields.
Renting in Tunis, Sousse or Nabeul: Different Yields Depending on the City
Comparing sale prices only makes sense if they are put in perspective with rents. This is where data on gross yields (annual rent / purchase price ratio) are essential for investors.
Average Yields by City
Global Property Guide studies for the second quarter of 2025 allow for a comparison of gross rental yields in several Tunisian cities.
| City / Governorate | Average Gross Yield | Observed Range |
|---|---|---|
| Tunis | 7.24% | 5.77% – 8.21% |
| Ariana | 5.40% | 4.95% – 5.99% |
| Ben Arous | 5.15% | 5.14% – 5.16% |
| Nabeul | 3.91% | 3.17% – 4.46% |
| National Average | 5.43% | — |
Tunis stands out clearly, with average yields around 7% and peaks above 8% for some well-located small apartments. Ariana and Ben Arous, more affordable to buy, offer yields in the 5% range, slightly below the national average. In Nabeul, however, the combination of “relatively high purchase prices + more modest rents” leads to yields below 4%, which changes the equation for investors.
Rent Levels in Tunis and Nabeul
Detailed data on rents, compiled by cost-of-living platforms, illustrate well these differences between the capital and a coastal city like Nabeul.
| Housing Type | Tunis (TND/month) | Nabeul (TND/month) |
|---|---|---|
| 1 bedroom city center | ~821–822 | ~688 |
| 1 bedroom outside center | ~543 | ~463 |
| 3 bedrooms city center | ~1,412–1,181* | ~1,125 |
| 3 bedrooms outside center | ~884–804* | ~825 |
*according to two different national datasets
The gap between apartment purchase prices in Tunis and Nabeul is greater than the gap between potential rents. Thus, a more expensive investment in Tunis does generate a higher rent, but not proportionally to the acquisition premium, which can reduce the rental yield.
In Tunis, rental demand is boosted by the concentration of jobs, students, administrations, and corporate headquarters. In Nabeul, the tourist component is strong but more seasonal, which can reduce annual net profitability, especially if relying on vacation rentals.
Sfax, Monastir, Djerba: The Rising “Second-Line” Markets
Behind the trio Tunis – Sousse – Nabeul/Hammamet, other cities stand out for softer prices and interesting profitability prospects.
Sfax: Moderate Prices, Great Re-qualification Prospects
Sfax is often described as one of the cities with the most interesting price / potential ratio in the medium term. Price levels are significantly lower than in major beach resorts and Tunis.
– For houses, prices are generally between 1,000 and 1,500 TND/m².
– An apartment in the city center for expatriates is rather in the 2,500–3,200 TND/m² range.
– Neighborhoods like Route Soukra or Sakiet Eddaier show averages around 1,300–1,500 TND/m².
Real estate levels in Sfax remain lower than in beach resorts like La Marsa or Hammamet. However, rental demand there is supported by a significant economic fabric (industry, services) and urban redevelopment projects, such as the Taparura project on the city’s northern coastline.
Monastir: University Beach Resort with Contained Prices
Monastir is in an average price range, lower than Sousse or Hammamet but with real rental potential thanks to a dual engine: tourism and university life.
– Houses trade between 1,800 and 2,800 TND/m².
– In Skanes or the beach area, seafront apartments are rather between 1,800 and 2,800 TND/m², according to a recent overview of prices by resort.
The presence of several faculties attracts thousands of students each year, generating sustained annual demand for small units. Many developers are now targeting this segment by offering residences with correct finishes and modern standards, while maintaining reasonable prices.
Djerba: The “Dream City” at Still Affordable Prices
Djerba combines a powerful touristic image with a real estate market still relatively affordable compared to resorts on the northern coast.
– Houses and villas are generally between 1,400 and 2,700 TND/m².
– Some programs aimed at European expatriates and retirees, however, go well beyond, especially in seafront locations or complexes with services (thalasso, pool, dining, 24/7 security).
The particularity of Djerba is that its new construction market is well documented: construction costs per m² fluctuate around 1,950 TND for a traditional house and about 2,900 to 3,000 TND for a modern or eco-designed villa, excluding land cost. This allows investors to calculate more precisely a “build-to-rent” or “build-to-sell” project.
City Centers vs. Outskirts: The Center / Outskirts Gap
At the national level, the gap between city center and outskirts remains marked, but relatively controlled compared to other Mediterranean countries. National average prices per square foot for buying an apartment give a good indication:
– In the city center, the average price is about 284.75 TND/sq ft.
– In the outskirts, it falls to about 179.90 TND/sq ft.
The city center costs on average about 60% more per square meter than the outskirts.
The table below summarizes national average purchase gaps between center / outside‑center, across all cities.
| National Indicator (apartment purchase) | City Center (TND/sq ft) | Outside Center (TND/sq ft) |
|---|---|---|
| Average Price Tunisia – all cities | 271.97 | 159.79 |
| Range recorded (min–max) center | 185.80 – 371.61 | — |
| Range recorded (min–max) outside center | — | 74.32 – 260.13 |
At the capital’s scale, other data confirm these orders of magnitude: in Tunis, the square foot costs on average around 314 TND in the city center and 209 TND in the outskirts, according to recent surveys. The gap of nearly 50% between the two zones remains significant but is still far from the differentials seen in other regional capitals.
Economic and Touristic Factors Explaining Price Gaps
Comparing prices from one city to another is not enough: one must understand what underlies them. In Tunisia, three major drivers explain the current hierarchy: local economic dynamics, the weight of tourism, and financing conditions.
Modest but Improving Economic Growth
After several difficult years, the Tunisian economy shows signs of recovery:
– GDP growth of 1.4% in 2024, after near-stagnation in 2023.
– Acceleration to 3.2% year-on-year in the second quarter of 2025.
– World Bank and IMF projections around 2.5–2.6% for 2025.
This recovery remains modest, with unemployment still high (about 15.3% in Q2 2025) and structurally high inflation, even though it has receded to around 5% in September 2025. For real estate, this means solvent demand that is growing slowly, concentrated in areas with the highest average wages: the capital, some coastal areas, and a few regional hubs.
Tourism: The Major Explanation for Coastal Gaps
Tourism is the other major pillar:
Tunisia welcomed nearly 9.7 million visitors in 2024, generating tourism revenues of 7.05 billion dinars.
This weight is directly reflected on the price map: around the major tourist hubs – northern Tunis (La Marsa, Gammarth), Hammamet, Sousse, Monastir, Djerba – property values soar, driven by dual demand: that of high-income permanent residents and that of investors (local and foreign) betting on short-term rentals.
Yields in these beach areas depend heavily on the ability to capture a regular tourist clientele. This is the case, for example, in Hammamet and Sousse for beach apartments, or in Djerba for high-end villas.
Financing: A Constraint That Accentuates Gaps Between Cities
Another structuring factor: access to mortgage credit. The mortgage market remains underdeveloped:
Overview of the main characteristics of the residential real estate financing market in Tunisia, based on available data.
Approximately 70% of housing projects are realized through self-financing, indicating low dependence on formal banking channels.
Only 4% of households use credit to build their house, highlighting a preference for personal savings.
The total outstanding residential mortgage credit is about 12.93 billion dinars, representing less than 10% of national GDP.
Mortgage rates offered on the market vary between 5% and 13%, with a reference market rate around 7.49% (September 2025).
Banks have also limited loan terms: beyond 15 years, access becomes complicated for many households. Result: the market is dominated by buyers with significant equity, which favors demand in the medium/high-end segments and in cities with higher purchasing power – typically Tunis, some northern suburbs, a few beach resorts – to the detriment of less solvent markets.
Cities where average incomes are lower see their market blocked, with demand oriented towards older and cheaper properties, limiting price increases. Conversely, in high-income centers, the relative scarcity of well-located land and the arrival of outside investors create lasting upward pressure.
Attractiveness for Foreign Investors: Winning Cities and Niche Markets
Tunisian legislation allows foreigners to acquire properties intended for economic or touristic use, subject to obtaining administrative authorizations (governorate, Central Bank). The ban on purchasing agricultural land, however, restricts opportunities to certain types of properties and locations.
Despite this constraint, several areas stand out as preferred destinations for foreign buyers, notably European retirees (especially from France, Italy):
The northern coastal strip of Tunis (La Marsa, Carthage, Gammarth, Les Berges du Lac) has the highest prices, sometimes exceeding 10,000–12,000 TND/m² for very high-end properties. In Hammamet and Yasmine Hammamet, villas and beach residences are generally between 2,000 and 5,000 TND/m². In Sousse and Port El Kantaoui, apartments in marinas or on the seafront cost around 2,800–3,800 TND/m². Finally, Djerba attracts a foreign clientele with prices lower than European Mediterranean standards and a mild climate.
For these investors, the comparison between cities is made less on the absolute price level than on the “quality of life / comfort / rental yield” ratio. On this front, northern Tunis and Hammamet retain a clear lead, but Djerba and some pockets of Sousse or Monastir are gaining ground.
What the Figures Say About Affordability: Price/Income Ratios
To measure the pressure on real estate purchasing power, several indicators are used, including the price-to-income ratio and the price-to-rent ratio.
At the national level:
– The average price-to-income ratio is around 12.10, meaning buying an average home represents over 12 years of average net income.
– The price-to-rent ratio is around 19.95 in the city center and 17.58 in the outskirts, corresponding to gross yields of about 5–6%.
In Nabeul, these indicators are even higher:
– Price-to-income ratio around 16.10, a higher relative level of expensiveness.
– Gross yields between 5.55% in the city center and 4.19% in the outskirts.
This data illuminates the comparison between cities: a city like Tunis, more expensive but with higher wages and superior yields, may paradoxically be more “bearable” for a solvent household than a medium-sized city where prices have risen a lot without incomes following in the same proportion.
Towards a New Price Map Among Tunisian Cities?
By gathering all this data, we can outline a typology for comparing real estate prices between cities in Tunisia.
1. National Premium Hubs
The northern strip of Tunis (La Marsa, Carthage, Gammarth, Berges du Lac) and some neighborhoods of the capital form the most expensive core of the country, with prices sometimes comparable to Mediterranean metropolises. Yields remain decent but the entry ticket is high.
2. Major Beach Resorts
Hammamet, Sousse, Monastir and some areas of Djerba occupy an intermediate place: high prices for the country, but still attractive for foreign investors, with a strong touristic dimension. Yields vary depending on the ability to rent in high season and smooth income over the year.
Cities like Sfax and some areas of Ariana or Ben Arous offer lower purchase prices with strong rental demand, driven by the local economy and higher education institutions. Small units there often present particularly attractive yields.
4. Interior Cities and Specific Markets
Jendouba illustrates a more atypical segment, with high prices despite a narrow market. Other interior cities remain below major beach resorts, with potential heavily dependent on infrastructure projects and public investment.
Price comparison in Tunisia reveals a highly segmented market, far from a uniform model. It is crucial to understand disparities, such as the persistently higher price of Tunis compared to Sfax, the different yields between Hammamet and Tunis despite similar prices, and the emergence of Ariana as an affordable alternative to the capital.
In a context where growth is timidly restarting, where tourism confirms its recovery, and where financing remains a bottleneck, these gaps between cities are unlikely to narrow quickly. On the contrary, everything indicates that polarization will persist: cities most integrated into the economic and touristic dynamic will continue to display prices significantly above the national average, while secondary markets will still offer, for a few more years, purchase opportunities at much more accessible levels.
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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.
