The Tunisian real estate market sends two signals that, at first glance, seem contradictory.
On one hand, housing prices continue to rise. In the fourth quarter of 2025, the built real estate price index increases by 5.6% year on year, with +5.7% for apartments and +5.6% for houses.
On the other hand, transactions remain downward-oriented. In the fourth quarter, their seasonally adjusted volume falls again by 2.9% for residential land, 4.9% for apartments and 2.4% for houses.
But reading only these figures would miss the year’s most important development. The market is no longer contracting at the extremely brutal pace observed in the second half of 2024. In 2025, the decline in transactions persists, but its intensity has clearly eased. It is this combination — resilient prices, transactions still down but declines less sharply — that allows understanding the real state of the Tunisian real estate market at the end of 2025.
In 2024, transactions had fallen by 9% to 12% per quarter
The table from the National Institute of Statistics allows reconstructing the trajectory. In the third and then the fourth quarter of 2024, the volume of transactions had fallen by −11.6% and −12.5% for residential land, −11.6% and −11.5% for apartments, and −11.0% and −8.9% for houses. The drop was particularly severe.
In 2025, quarterly variations remain almost systematically negative, but they clearly shift in magnitude. For residential land, volumes change by −4.3%, −1.7%, −2.4% and −2.9% from the first to the fourth quarter. For apartments: −5.3%, −0.3%, 0% and −4.9%. For houses: −1.7%, −3.0%, −1.3% and −2.4%.
The market thus remains in contraction, but it would be inaccurate to speak of a renewed acceleration of the crisis in 2025: the shock of the second half of 2024 persisted in a much less brutal form.
The shock to transactions has clearly abated
| Type of property | Q3 2024 | Q4 2024 | Q4 2025 |
|---|---|---|---|
| Residential land | −11.6 % | −12.5 % | −2.9 % |
| Apartments | −11.6 % | −11.5 % | −4.9 % |
| Houses | −11.0 % | −8.9 % | −2.4 % |
TN Reading: transactions remain down, but the scale has changed. The declines close to or above 10% observed in the second half of 2024 have given way to markedly more moderate contractions at the end of 2025.
Meanwhile, prices continue to hold
The price trajectory is very different. Between the third and the fourth quarter of 2025, the built property price index rises again by 0.3%, driven by a 1.8% rise in houses and a 0.3% decline in apartments.
On a year-over-year basis, the resilience is much clearer: +5.7% for apartments, +5.6% for houses, +3.9% for residential land in the fourth quarter of 2025.
In other words, the sharp contraction in exchanges observed since 2024 did not translate into a price correction. This is the real starting point for the decryption.
