North African Real Estate: Libyan, Tunisian stakeholders work together to boost region's sector

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02:05

Tunisia is hosting a Libyan real estate development forum. Industry experts and government officials from the two North African countries are discussing how to grow the regional housing sector. Libyan representatives say both economic and security conditions in their country have improved. CGTN's Adnen Chaouachi has more from Tunis.

Libyan and Tunisian government officials, businessmen and representatives from the Libyan Economic and Social Development Fund are discussing how to expand the regional real estate industry.

TAHAR AL JHIMI PLANNING MINISTER, LIBYA "Our goal is to rebuild Libya. It's not only the responsibility of the state and the public sector - we want to facilitate private investment in real estate and infrastructure development. It's a huge market, worth billions of dollars. And our Tunisian partners are welcome."

Tunisian authorities have offered the services of the country's real estate and development expertise to Libya.

MOHAMED SALAH ARFAOUI HOUSING & DEVELOPMENT MINISTER, TUNISIA "All Tunisian real estate developers, engineers, architects and other professionals are willing to participate in the rebuilding of Libya."

Libyan authorities say the real estate market is on the rise, thanks to public-private partnerships.

RAMADAN AL ARANOUTI ECONOMIC & SOCIAL DEVELOPMENT FUND HEAD, LIBYA "There is a favourable social climate and high demand for new housing units and more modern infrastructure."

NOOMAN AL BOURI TADAWUL REAL ESTATE FUND, LIBYA "It high time for the private sector to get involved in real estate Libya. This has been impossible for the past 47 years because these projects were financed by the state."

At the Tunis meeting, Libyan entrepreneurs have launched a private sector real estate investment fund worth 180 million dollars.

ADNEN CHAOUACHI TUNIS, TUNISIA "Experts in Libyan affairs maintain post-conflict reconstruction efforts could last up to 10 years. However, the success of any project depends on the security situation in the North African state. AC. CGTN. TUNIS."