Land and real estate investment by foreign investors is not permitted, unless for business purposes and under a leasehold term: "The ownership of real estate in Libya is restricted to Libyan nationals and wholly owned Libyan companies. There are two exceptions to this rule. First, real estate may be owned by nationals of countries that Libya has a treaty in place with that permits this. At present, this is limited to nationals of or Libyan companies in which nationals of Malta, Egypt and Tunisia hold shares. Secondly, the Libyan Encouragement of Foreign Direct Investment Law (Law No.9 of 2010) permits the ownership of real estate in Libya by locally established project vehicles of foreign investors. However, such ownership is limited to leasehold ownership only." (Hogan Lovells, 2019). 
"[...] Article 17. Rental of estates
As an exemption from the effective legislation related to privatization, the investor shall have the right to rent the necessary properties, in order to set up or operate the project, either public or private properties, which shall be according to the conditions and stipulations specified by the Executive Regulation. [...]" (Law No. 9, 2010 on Investment Promotion)
Law No. 9, 2010 on Investment Promotion
[<a href="https://investmentpolicy.unctad.org/investment-laws/laws/193/libya-law-on-investment-promotion">Law</a>],[<a href="https://iclg.com/alb/special-report/libya">Other</a>]