Since its revolution and opening up to the world, Libya is an excellent option for your next investment! Coming from many years of being closed off to the world, there are needs and desires in many different sectors. The top three that we see as great opportunities for investment in Libya are in the areas of tourism, retail shopping centers and gated communities.
Libya recognizes that it has an amazing treasure in all of its historical sites as well as the natural beauty of the Sahara Desert! With an abundance of ancient Roman sites like Leptis Magna, Sabratha, Cyrene and others, tourism is certainly going to play an increasing role in the economy of Libya. There is certainly a need to the development of this sector.
One major need in terms of tourism is more hotels. Talking with hotel owners in Tripoli, they say that their current occupancy rates are around 80-90%! This is simply since the revolution. Once the security situation improves and more businesses and tourists come to Libya, there simply will not be enough hotel rooms available unless more hotels are built!
Retail Shopping Centers
Another great investment opportunity is in the retail sector. While there are several shops located in areas such as Jaraba Street and Gergaresh Road, Libyans desire newer, bigger and better shopping opportunities. Now that Libya has opened up to the world, Libyans want access to foreign products.
A great opportunity would be to open shopping malls in strategic areas such as along the coast. Other North African countries like Morocco have seen an explosion of growth in shopping as they’ve added several malls in many of their main cities. Libya is an even better market for shopping since it is a wealthier country that is set to become a major hub of business and tourist activity in the near future!
Lastly, Libya is a great market for investment in housing. By housing, we are not talking about simply building more highrise apartment buildings. A more innovative idea would be to build planned gated communities. These would be more exclusive developments with shared shopping areas, swimming pools, parks and security. It would provide a welcomed break for its residents to escape the hustle and bustle of the traffic and congestion that is faced in the cities such as in Tripoli.
These are just a few of the investment opportunities that are available now in Libya. If you are interested in exploring these in more detail or to see possible properties that would be suitable for any of these investment ideas, please contact us at Almanazil Real Estate Company.