Property for sale in Libya

Is the largest and capital city of Libya. Tripoli has a population of 1.69 million. The city is located in the northwest of the country on the edge of the desert, on a point of rocky land projecting into the Mediterranean Sea and forming a bay. Tripoli was founded in the 7th century BC by the Phoenicians, who named it Oea. Get more information on property for sale in Tripoli.

2/ Country: Libya

Is a country located in North Africa. Bordering the Mediterranean Sea to the north, Libya lies between Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west.

3/ Property for sale in Libya

Once isolated from the realms of international investment due to the 1988 bombing of a PanAm plane above the Scottish town of Lockerbie, oil-rich but still underdeveloped Libya has had United Nations business sanctions lifted in recent years.

And as its relationship with the western world has improved, so the Libyan government, led by Colonel Muammar Gaddafi, has increasingly sought investment from overseas. Over the past year or so, property purchasing laws for overseas nationals in Libya have been greatly relaxed, while increased tourism, especially along the country's Mediterranean coast, is also being targeted.

What's more, over the past month there have been a couple of announcements which could really mark Libya out as a destination with long-term property potential.

Property ownership is a public interest. But private ownership is recognized as long as it is non-exploitative. More than that, property ownership in Libya is prohibited. Libya is normalizing relations with the West and is opening the country to large-scale foreign projects, but so far not to small-scale buyers. In August 2006, Libya issued Decree 21, establishing a new state-owned real estate company to partner foreign and private firms to invest in the real estate sector.

Foreigners can now buy real property for sale in the country, though it is not clear if land is included.

There have been reports that leading overseas developers have been eyeing Libya's potential for some time now, and given the announcements of the past month more may now be tempted to take a punt on the country.