Housing Loans Decline for the First Time Since 2011 in Tunisia
Source: La Presse – “Banques : net recul des prêts au logement”
Overview
- Total non‑professional credit to individuals: ≈ 30.5 billion TND at the end of 2025 (Central Bank of Tunisia data).
- Housing‑loan portfolio: 13.325 billion TND (Dec 2025) vs. 13.523 billion TND (Dec 2024).
- Net change: ‑197.6 million TND, the first negative balance in more than a decade, according to financial analyst Bassem Neifer (interview on Express FM, Wed morning).
Why Housing Loans Are Shrinking
| Factor | Explanation |
|---|---|
| Real‑estate crisis | Tunisian borrowers face reduced borrowing capacity. |
| Higher acquisition costs | Property prices have risen sharply. |
| VAT on purchases | The introduction of value‑added tax on housing purchases adds to the price burden. |
| Emigration trend | A growing share of the population is moving abroad, lowering domestic demand for mortgages. |
Neifer stresses that the elevated policy rate remains a major obstacle, discouraging new financing and limiting credit expansion for households.
Renovation & Consumption Loans
| Credit Type | Portfolio (TND) | YoY Change | Key Insights |
|---|---|---|---|
| Renovation / improvement loans | 11.27 billion | +315.1 million vs. Dec 2024 | Growth driven by actual renovation projects, though many borrowers also use these funds for consumption. |
| Consumer loans | 5.4 billion | +297.6 million vs. 2024 | Considered modest by Neifer; the high policy rate still dampens demand despite a recent rate cut. |
| Vehicle loans | 443.3 million | +29.6 million | Steady increase reflecting continued demand for cars. |
| University (student) loans | 14.9 million | – | Remains low; reflects families’ investment in private education and a strategic bet on developing human capital for the growing overseas demand for Tunisian talent. |
Analyst’s Bottom Line
- The high policy rate continues to restrict access to financing for Tunisian households.
- While renovation and consumer credit show modest growth, housing‑loan demand has entered a negative net balance for the first time since 2011, signalling a structural slowdown in the real‑estate sector.
Further Reading
Banques : net recul des prêts au logement – La Presse (Feb 20 2026)
Keywords: Tunisia, housing loans, mortgage decline, real‑estate crisis, consumer credit, renovation loans, policy rate, Bassem Neifer, Central Bank of Tunisia.
