Buying property

[Kris]

The main issue is that we dont know what is going to happen and you need to know when forking a lot of money out on property.

There was never that many foreign property owners and TBH with corrupt banking system and rampant house price rises in Tunisia made the prices far to high for the normal Tunisian years ago.

I think something will happen in this area property is an emotive subject in Tunisia, the controls they need to put on are expat Tunisians as they earn foreign money, borrow at lower rates and buy in poorer areas as investments etc which foreigners do not do.

 

[caveatemptor]

Yeah I agree too.

It seems you took a long time to make your mind up.lol

 

[Kris]

lol

Been thinking about this subject again today and had a search about it seems that interest has dropped off a cliff if you take articles and updates into consideration. This thread seems to have popped its clogs having been so busy before.

I found this interesting thread on no marmite which has a different point of view to myself which I greatly respect on this subject but again no posts since Nov 2010.

http://www.nomarmiteintunisia.co.uk/apps/forums/topics/show/3706851

Even the great Tunisia forum on skyscraper city once a hub for all the new projects in Tunisia has become a grave yard with only a few posts.

http://www.skyscrapercity.com/forumdisplay.php?f=1478

The prices have not fallen yet overall in Tunisia but surely even if it was a great investment it would be down due to insecurity and lack of knowledge as to where the rights and tax of foreign investors is headed.

Really bizarre market hundreds of empty offices and when you ant to rent them its crazy and some even ask for a FDC.... to rent a never used shop!

 

[caveatemptor]

A tax on empty commercial property and apartment blocks would probably concentrate the minds of the owners into being more realistic. Sousse looks like a half-finished building site right now with even more apartment blocks going up. Will the bubble burst?

 

[Kris]

Wife tells me people are moving their cash into property expecting a further devaluation of the currency.

Property cheaper in £ but more expensive in dinars now.

Crack up boom?

What is a Crack Up Boom?
This first stage of the inflationary process may last for many years. While it lasts, the prices of many goods and services are not yet adjusted to the altered money relation. There are still people in the country who have not yet become aware of the fact that they are confronted with a price revolution which will finally result in a considerable rise of all prices, although the extent of this rise will not be the same in the various commodities and services. These people still believe that prices one day will drop. Waiting for this day, they restrict their purchases and concomitantly increase their cash holdings. As long as such ideas are still held by public opinion, it is not yet too late for the government to abandon its inflationary policy.
But then, finally, the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly. A breakdown occurs. The crack-up boom appears. Everybody is anxious to swap his money against ‘real’ goods, no matter whether he needs them or not, no matter how much money he has to pay for them. Within a very short time, within a few weeks or even days, the things which were used as money are no longer used as media of exchange. They become scrap paper. Nobody wants to give away anything against them.

http://crackupboom.net/2009/03/what-is-a-crack-up-boom/

Tunisia has may of the issues of other countries including the UK large debts especially the rich and companies.

Raising interest rates will reduce the prices for the poor but destroy those with leveraged assets......you see that happening? Me neither lol

 

[Kris]

A tax on empty commercial property and apartment blocks would probably concentrate the minds of the owners into being more realistic. Sousse looks like a half-finished building site right now with even more apartment blocks going up. Will the bubble burst?

It burst ages ago the banks are like in the UK zombied up to the hilt with bad loans or even worse loans to "mafia" families who owned the bank and the project.

They never ment to sell them as it was never a proper business.

I hear on the grapevine "allegedly" that there is another round of corruption investigations incoming as the government have not been seen to do enough.

Some banks are still owned by people who bought them behind the scenes due to assistance from the old clan so more problems ahead.

I used to be a Cebsi fan but my children's doctor is a minister in the CA for Ennahdah and he is a very good man I trust him to a certain extent.

During the last days of Cebsi they passed a rule apparently that inherited wealth was not included.... however some people used that inherited wealth to buy land, banks companies for pennies in the £ of their real value in some cases as wedding presents.

Ergo designed to protect old money which might be impacted.

Its not as simple as you think in Tunisia there are a lot of very rich people who make a lot of money by pandering to the mafia and to steal a phrase are "restored virgins".

This is a lot of money and many of these people where behind the revolution also, its this balance that needs to be found between punishment and forgiveness as in some cases you had to play along to survive....the key info is that its not resolved yet by a long shot if the economy does not turn around people will feel vindictive and want more done.

http://www.africaintelligence.com/MCE/business-circles/2012/05/17/more-businesses-could-be-seized,102035094-ART

http://www.africaintelligence.com/MCE/business-circles/2012/05/17/biat-on-government-s-hit-list,102035106-ART

 

[Kris]

A tax on empty commercial property and apartment blocks would probably concentrate the minds of the owners into being more realistic. Sousse looks like a half-finished building site right now with even more apartment blocks going up. Will the bubble burst?

Good idea we also have to remember that at the moment there is little regulation on building so if you want to build a monstrosity or block another persons view this is the time to do it!

 

[ROULLA]

Buying a property or land in Tunisia is not as hard as some people may think but it is a long process as you have to first find what you are looking for
1. Is it a piece of land and is it residential or agricultural.( Find out everything before even thinking about exchanging money)

2. You need to go to the DAFDER KHANA to see who the property or land belongs too, they will tell you there how big the place is,where and what name it is registered on.

3. Your next step is to go to the ADEL ICHHAD so that you can have papers drawn up, sign it and have it stamped. Once he has drawn up the papers and all the rest is ok that is when you will exchange money to pay for the property or land.

4. You then need to go to the KEBATHA so that you can pay all the tax on the property or land and the tax depends on how much it is worth in other words how much you paid for it.

5. You then need to go back to the DAFDER KHANA to have everything registered and get the certificate to say that the property or land is yours..

Happy property/land hunting

 

[Kris]

I have been told that foreign investors will have to pay a minimum amount for property in Tunisia, in the future.

Apparently this is so that the cheaper property will be available for Tunisian buyers. This is the same law as many other countries have already.

This is a red herring to fool the masses....

• Do you ever see an advert on this site for Tunisian property?
• Have any of the large projects ever been completed?
• How many of your friends own large swathes of cheap Tunisian houses?
• How many British agents are in Tunisia?

The facts are Tunisians buy all the property I am better off than most and I bought in Norwich before Tunisia as Norwich was cheaper for a nice area!
The banks in Tunisia lent to much money and are insolvent like in the UK
Rich Tunisians fiddle their money in property and don't invest in young people
Tunisian dont pay their council tax most of the time ergo property has so little tax on it its horded.
Any rules will be a waste of time if they dont include Tunisians living abroad in this as they are the one buying all the houses only an expat Tunisian would want to own blocks of low priced housing.
15% of the property in Tunis is empty if they want to make property cheaper they need to make sure people pay their council tax or have a property tax and double tax on something empty otherwise people will just leave property empty.

 

[Essem]

Heard today from a reliable source that in Sousse alone at the moment, there is 595 million dinars worth of property built and lying empty. And that's just Sousse!

 

[Aslemma]

That doesn't surprise me Essem as you see empty blocks of apartments everywhere you look, and yet they keep on building.

 

[Trulymadlydeeply]

I know someone that has bought an apartment off plan in Hammamet 2 years ago. It is still to be finished and has had to pay more money 3 times as they said without the extra money they couldn't finish them!!!!! Pictures looked lovely with swimming pools on the roof etc, I wonder if they thought about the weight of all that water sitting on top of the breeze blocks Last I saw last summer they are nowhere near finished!!!!

 

[Kris]

Tunisians are not great fans of buying off plan for obvious reasons.

You all know I think property is in global bubble (aside from Germany and a couple of prudent nations) and is very much so in Tunisia I will consider it so unless an average Tunisian can buy an average house...

Even revolution and economic malaise has failed to take it down thus far (though it does seem to be teetering)

There are new taxes coming in as many people in Tunisia have the same view as myself and as the younger people move into power this will be targeted.

 

[Burton]

Is it actually possible for a UK citizen to buy property in Tunisia i.e. an apartment? My brother and his wife and my 2 sisters thinking of an investment possibly in Tunisia.

 

[Jane BM]

Is it actually possible for a UK citizen to buy property in Tunisia i.e. an apartment?

Sure is.....

 

[Burton]

My brother is concerned about the Tunisian right of land? so it's not impossible then?

 

[Jane BM]

My brother is concerned about the Tunisian right of land? so it's not impossible then?

I think you need to do your homework. But there's quite a few people I know and also people on here who've successfully purchased property over there.

 

[Burton]

I think you need to do your homework. But there's quite a few people I know and also people on here who've successfully purchased property over there.

Yes that's what I am doing, my homework lol.

 

[Burton]

Is £293,000 for a 2 bedroom apartment in Kantaoui a fair price, does anyone know?

 

[Scottochott]

Is £293,000 for a 2 bedroom apartment in Kantaoui a fair price, does anyone know?

Ridiculous, even that price in dinars would be high, Kantaoui has gone downhill, no longer the place to be!