Faced with a struggling Tunisian real estate sector, the idea of crowdfunding for real estate is gaining ground.
This model, already proven internationally, could offer an alternative to traditional bank loans and give developers and savers alike a boost.
The Tunisian real estate market is going through a period of turbulence, undermined by the continued rise in the Average Money Market Rate (MMR), difficult access to credit, and the erosion of purchasing power. In this context, NEPA Economic Consulting is highlighting a little-explored avenue: real estate crowdfunding.
The principle is simple. Rather than relying on a single bank or a majority investor, a residential or commercial project is supported by a multitude of individuals via digital platforms. Each saver can contribute a limited amount, within their means, while diversifying their assets and participating in tangible projects. For developers,
it represents an alternative source of capital, capable of restarting stalled projects or supporting new developments.
Globally, this approach is experiencing spectacular expansion. After a period of stagnation between 2019 and 2022, investments surged to reach approximately €19.5 billion in 2023. Projections indicate sustained growth between 2024 and 2026, a marked acceleration from 2027 to 2029, and an expected peak starting in 2030, particularly in North America, Europe, and Asia-Pacific.
In Tunisia, such a mechanism could fill the void left by the banking system, which is currently reluctant to support households and real estate operators. But its adoption requires the development of a clear and protective legal framework. Investors will need protection against default risks, while developers will need transparent rules to build trust. In a country where home ownership has become out of reach for a large proportion of households, real estate crowdfunding appears to be a financial innovation capable of reconnecting domestic savings with
housing and urban development needs. It remains to be seen whether the Tunisian authorities will agree to pave the way for this democratisation of property financing.
MK/ac/Sf/fss/as/APA