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Tunisia: real estate sector poorly regulated and State still absent

In an exceptional geo-economic context, Tunisia is called more than ever to promote the different sectors to ensure the desired recovery in 2013 and achieve a growth rate of about 4.5%, as expected and sought by the authorities.

Among these, the real estate sector seems to augur good prospects of growth in the years to come.

Indeed, this sector is of great importance and is currently enjoying a renewed interest from investors. According to statistics provided by the Foreign Investment Promotion Agency (FIPA) in Tunisia, foreign investment in the sectors of real estate and tourism accounted for 4.5% of the total FDI between January and October 2012, pretty close to the 4.8% rate recorded in 2010.

Though these figures are encouraging, the sector, which employs more than 500,000 people, is now in a phase of review and improvement.

Sector poorly regulated

According to Aymen Zriba, President of the Tunisian Association of Architects, there are many gaps and the real estate sector remains poorly regulated, despite the measures taken over the years. “Despite its potential, the property sector in Tunisia faces several constraints.” He added: “The absence of the state in terms of organization and control has greatly affected the field. Added to this is the high cost of labor, unfortunately deemed unqualified. ”

At a press briefing held Wednesday, January 30, in preparations for the real estate days due on February 5 and 6, 2013, Aymen Zriba raised the issue of real estate prices, which have recently increased dramatically.

One of the reasons most often cited to explain this upward trend is the rise of land prices which have experienced annual increases of 12 to 13%.

Much remains to be done

To address these shortcomings, professionals agree on the importance of reforming the real estate sector in Tunisia. In this regard, the State has a strategic role and must make a great effort to ensure the sustainable development of real estate.

According to participants, the new development model should take into account these changes in real estate to ensure that this sector responds to citizens’ aspirations and further contributes to economic recovery.

To do this, they called for restructuring vocational training, which is considered inadequate to the needs of this market.

Nouri Htira, Director General of the Office of Mines, called in this context, for a better coordination between all stakeholders in order to stimulate a process of training and testing to meet these challenges.

Real Estate Days to boost property sector

For his part, Fawzi Ayadi, editor of the Real Estate Guide, focused on the potential role of the fifth Real Estate Days to be held next February. “This edition is important because it brings together the various stakeholders of the profession. The latter will be able to identify constraints and develop an appropriate strategy to improve the level of real estate, which now has all assets to be one of the most important sectors of our economy.”

This edition will address many topics, including the vision and role of architects in this process, building materials as well as the major contribution of human resources in the field.

As a reminder, this event is held this year under the sign of healthy and sustainable living. It will bring together key players in green building.

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