Real Estate news – North Africa is a safe investment

The developer behind the Tunis Sports City project, which hosted its Dubai launch on Wednesday, has claimed it is safe to invest in tourism and real estate in North Africa in the current climate.

Sports Cities International (SCI) is a subsidiary of the UAE-based Bukhatir Group. The giant US $4.9 billion (AED17.9 billion) project will be constructed across 2.6 million square metres in the Lac de Tunis area in the northern suburbs of the Tunisian capital.

“This is definitely a great time to invest in North Africa,” Bukhatir Group chairman Abdul Bukhatir said.

“The region has remained unaffected by the global crisis and continues to prosper, particularly in the areas of tourism and real estate.” He added that the move was “certainly aligned with our overall vision.”

According to figures presented by the firm, residential sales within the project have been positive to date.

SCI chief executive Paul Crosetta said the first tower to be available to the market, the Burj Almasa, had received “90% active bookings and continuing overwhelming response” within a week of its release.

Tunis Sports City is planned to include residential towers, business centers, shopping malls, sports complexes, schools, hotels, sports clinics and an 18-hole golf course.

The city also plans to host academies for a range of sports including swimming, track and field, volleyball, and football.

“We are delighted to enter this exciting new market,” Bukhatir said, “and are grateful to the Tunisian government for their confidence in us, lending their support and enabling our vision for Tunisia.”

SCI said it is considering other development opportunities in Sri Lanka, South Africa, Morocco, India and Vietnam.

Article from: www.constructionweekonline.com