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Fes offers some of Morocco's most affordable property prices, with apartments starting from $20,000 and traditional riads available from $100,000. The city's unique position as both a cultural capital and an emerging investment destination creates compelling opportunities for buyers seeking authentic Moroccan real estate at competitive prices.
Property prices in Fes range dramatically from budget-friendly options in outer districts like Saiss to premium renovated riads in the historic Medina that can exceed $1,000,000. As of September 2025, the average price per square meter stands at $900, making Fes 30-40% more affordable than Marrakech or Casablanca while still offering strong rental yields of 5-8% for well-positioned properties.
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Fes property prices range from $20,000 for basic apartments to over $1,000,000 for luxury riads, with an average of $900 per square meter.
The Medina offers the highest potential returns through renovation projects, while Ville Nouvelle and Agdal provide modern living options for residents.
| Property Type | Price Range | Best Areas |
|---|---|---|
| Basic Apartments | $20,000-$100,000 | Saiss, Bensouda, Agdal |
| Traditional Riads (unrenovated) | $100,000-$200,000 | Medina (Fes el-Bali) |
| Renovated Riads | $300,000-$1,000,000+ | Medina (premium locations) |
| Modern Villas | $200,000-$500,000 | Ville Nouvelle, Hay Riad |
| Luxury Properties | $500,000-$1,000,000+ | Batha, premium Medina |
| Investment Studios | $20,000-$35,000 | University areas |
| Family Homes | $50,000-$300,000 | Agdal, Hay Riad |
What are the current average property prices in Fes by property type?
Property prices in Fes vary significantly based on type and condition, with apartments representing the most accessible entry point into the market.
Apartments in Fes range from $20,000 to $100,000 depending on size and location. A typical 1-bedroom apartment of 60 square meters costs around $54,000, while a 2-bedroom unit of 85 square meters averages $77,000. These prices reflect both older buildings in outer districts and newer constructions in developing areas.
Traditional riads in the Medina present a unique investment category. Unrenovated riads start at $100,000 but can require substantial renovation investments. Fully renovated riads command premium prices from $300,000 to over $1,000,000, depending on size, location within the Medina, and quality of restoration work.
Modern villas in upscale neighborhoods like Ville Nouvelle and Hay Riad start at $200,000 for basic properties and can reach $500,000 for well-appointed homes. Luxury villas with gardens, pools, and premium finishes approach or exceed $1,000,000 in the most desirable locations.
As of September 2025, these price ranges reflect a market that has grown 5-8% over the past year, making Fes an attractive option for buyers seeking authentic Moroccan real estate at competitive prices.
How do property prices differ across Fes neighborhoods?
Fes neighborhoods show dramatic price variations, with location being the primary driver of property values across the city's diverse districts.
| Neighborhood | Price per m² | Character |
|---|---|---|
| Medina (Fes el-Bali) | $600-$2,000 | Historic, tourist appeal, complex ownership |
| Ville Nouvelle | $1,000-$1,500 | European layout, modern amenities |
| Batha | $1,200-$1,800 | Central, prestigious, limited inventory |
| Hay Riad | $800-$1,200 | Planned development, wide streets |
| Agdal | $700-$1,000 | Family-friendly, modern buildings |
| Bensouda | $500-$800 | University area, strong rental demand |
| Saiss | $400-$700 | Budget-friendly, distant from center |
What is the average price per square meter in Fes?
The average price per square meter across Fes stands at $900 as of September 2025, but this figure masks significant variations across property types and locations.
Price per square meter ranges from $400 in budget districts like Saiss to $2,000 for premium renovated riads in prime Medina locations. Modern apartments in developing areas like Agdal average $700-$1,000 per square meter, while established neighborhoods like Ville Nouvelle command $1,000-$1,500 per square meter.
Traditional riads show the widest price spreads, with unrenovated properties in less accessible Medina areas starting at $600 per square meter, while fully restored riads in tourist-preferred locations can exceed $2,000 per square meter. The renovation quality, authenticity of architectural details, and proximity to major Medina attractions significantly impact these valuations.
Modern villas typically fall within $800-$1,500 per square meter depending on neighborhood prestige and amenities. Properties with gardens, pools, or premium finishes command higher per-square-meter prices, particularly in Ville Nouvelle and Hay Riad where land values reflect modern infrastructure investments.
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What are the total purchase costs including fees and taxes?
Total transaction costs in Fes add 8-12% to the property purchase price, making them a significant factor in investment calculations.
Notary fees account for 1-1.5% of the property price and cover legal verification, title transfer, and official registration processes. Registration tax adds another 5% to the total cost, representing the largest single additional expense beyond the property price itself.
Real estate agency commissions typically range from 2.5-4% of the property price, though this can sometimes be negotiated depending on market conditions and property value. Additional miscellaneous costs including legal due diligence, survey fees, and administrative charges add another 0.5-1.5% to the total investment.
Legal due diligence becomes particularly critical for Medina properties where complex ownership histories and traditional property rights can create complications. Professional legal review adds to costs but prevents potentially expensive ownership disputes later.
These total costs mean a $100,000 property purchase typically requires $108,000-$112,000 in total investment, making accurate budgeting essential for successful transactions in the Fes property market.
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What are current mortgage rates and lending conditions in Morocco?
Moroccan mortgage rates currently range from 4.5-5.5% for fixed-rate loans, reflecting the central bank's base rate of 2.25% as of June 2025.
Typical mortgage terms extend 15-20 years with down payment requirements varying by borrower profile and bank relationship. Moroccan residents generally access more favorable terms than foreign buyers, who may face higher down payment requirements and additional documentation standards.
Foreign buyers purchasing properties over 100,000 MAD must establish a Moroccan bank account and demonstrate stable income sources. Banks typically require proof of income, employment verification, and may request additional guarantees for non-resident borrowers.
Credit approval processes emphasize debt-to-income ratios and employment stability, with banks preferring borrowers whose total debt obligations don't exceed 33% of monthly income. Self-employed buyers face more stringent documentation requirements including tax returns and business financial statements.
Pre-approval processes typically take 2-4 weeks for complete applications, making early bank consultation essential for serious buyers planning Fes property purchases in the current market environment.
Which areas and property types work best for primary residence?
Ville Nouvelle, Agdal, and Hay Riad offer the best combination of modern amenities and infrastructure for residents planning to live in Fes full-time.
Ville Nouvelle provides European-style urban planning with wide boulevards, modern shops, cafes, and reliable utilities. Properties here typically cost $50,000-$500,000 for apartments and villas, offering move-in ready options with contemporary amenities that appeal to international residents.
Agdal attracts families with its modern apartment buildings, proximity to schools, and developing commercial infrastructure. Properties range from $60,000-$200,000 for quality apartments that provide comfortable living without the complexity of traditional Moroccan architecture.
Hay Riad represents planned development with wide streets, parks, and modern utilities that create a suburban feel within the city. Villa prices start around $100,000 for basic properties and reach $400,000 for well-appointed family homes with gardens.
Budget-conscious residents can find suitable options starting at $60,000 for basic but comfortable apartments, while those seeking spacious, move-in ready properties should budget $100,000 or more for optimal living conditions in these modern neighborhoods.
What are the rental returns for different investment strategies?
Fes rental market offers yields of 5-8% depending on property type and rental strategy, with short-term rentals in the Medina providing the highest potential returns.
Long-term rental apartments in modern districts like Agdal and Ville Nouvelle generate steady yields of 5-6% annually. A $77,000 two-bedroom apartment might rent for $300-$400 monthly, providing $3,600-$4,800 annual income before expenses and management costs.
Short-term vacation rentals, particularly well-renovated Medina riads, can achieve yields of 6-8% through platforms like Airbnb. Luxury riads may command several hundred dollars per night during peak tourist seasons, though seasonal fluctuations and management requirements must be factored into return calculations.
Student rental properties near universities in areas like Bensouda show strong demand with yields around 6-7%, though this market requires understanding of academic calendars and student tenant management. Properties specifically configured for student housing often outperform general residential rentals in these districts.
Guesthouse operations require proper licensing and regulatory compliance, but established properties with good reviews can generate substantial returns through tourism demand for authentic Moroccan accommodation experiences.
Which areas offer the best appreciation potential for resale?
The Medina and Agdal show the strongest appreciation potential, with annual growth rates of 5-8% expected to continue through the next decade.
Medina properties, particularly riads suitable for renovation, offer exceptional value-add opportunities where strategic restoration investments can multiply property values. Unrenovated riads purchased at $100,000-$200,000 can achieve values of $300,000-$600,000 after professional renovation, though this requires significant additional investment and expertise.
Agdal represents emerging growth potential as infrastructure development continues and the district matures. Properties purchased now at $700-$1,000 per square meter may benefit from ongoing urban development that increases accessibility and amenities over time.
Hay Riad's planned development approach creates potential for steady appreciation as the district builds out with consistent urban planning and infrastructure investment. Early purchases in this area may benefit from completion of planned amenities and transportation improvements.
Ville Nouvelle offers stable rather than explosive growth, with established neighborhoods likely to appreciate at moderate rates of 3-5% annually as they maintain their appeal to residents seeking modern conveniences within Fes.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Morocco versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
Can you provide concrete examples of recent purchase prices?
Recent transactions in Fes demonstrate the wide range of opportunities available across different property categories and price points.
| Property Type | Location | Recent Price |
|---|---|---|
| Studio Apartment | Saiss/Bensouda | $20,000-$35,000 |
| 2-Bedroom Apartment | Agdal | $77,000 |
| Unrenovated Riad | Medina | $100,000-$200,000 |
| Renovated Riad | Prime Medina | $300,000-$1,000,000+ |
| Modern Villa | Ville Nouvelle | $250,000-$500,000 |
| Luxury Townhouse | Batha | $400,000-$800,000 |
| Investment Property | University Area | $35,000-$65,000 |
Which neighborhoods rank as most expensive, emerging, and budget-friendly?
Fes neighborhoods fall into distinct price tiers that reflect their development status, amenities, and investment potential.
Most expensive areas include Batha, premium Medina locations with renovated riads, and luxury sections of Ville Nouvelle where properties exceed $1,200-$1,800 per square meter. These areas command premium prices due to prestige, location, and limited inventory of high-quality properties.
Up-and-coming neighborhoods like Agdal and Hay Riad show strong growth potential with prices currently at $700-$1,200 per square meter. These areas benefit from ongoing infrastructure development, modern planning, and increasing amenities that attract both residents and investors seeking growth opportunities.
Budget-friendly options concentrate in Saiss and Bensouda where prices range from $400-$800 per square meter. These areas offer entry-level investment opportunities, though buyers should consider distance from city center and current amenity levels when evaluating long-term potential.
Outer Medina areas provide middle-ground pricing for buyers seeking authentic architecture without premium location premiums, while still maintaining access to the historic city's cultural attractions and tourism potential.
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How have Fes property prices changed over recent years and what are the forecasts?
Fes property prices have shown consistent growth over the past five years, with acceleration following the post-COVID market recovery beginning in 2023.
One-year growth from 2024 to 2025 reached 5-8%, reflecting increased investor interest and tourism recovery that boosted demand for both residential and investment properties. This growth rate exceeds Morocco's inflation rate, indicating real value appreciation in the Fes property market.
Five-year cumulative growth from 2020-2025 totaled 25-35%, representing average annual appreciation of 4-6% since 2015. The market experienced a plateau during 2020-2022 COVID period, followed by strong rebound from 2023 onward as travel restrictions lifted and investment activity resumed.
Forecasts for 2025-2035 suggest continued growth at 5-8% annually for well-located properties, with strongest performance expected in Medina renovation projects and Agdal development areas. Slower growth of 3-5% is projected for outer districts and budget neighborhoods.
These projections assume continued tourism growth, infrastructure development, and Morocco's overall economic stability, making Fes an attractive long-term investment destination compared to more saturated markets in Marrakech or Casablanca.
How do Fes property prices compare to other major Moroccan cities?
Fes offers the most affordable property prices among Morocco's major cities, typically running 30-40% below Marrakech and Casablanca levels.
| City | Average Price per m² | Market Character |
|---|---|---|
| Fes | $900 | Most affordable major city, cultural capital |
| Tangier | $1,000-$1,500 | Coastal location, European connections |
| Rabat | $1,200-$1,800 | Government center, expat community |
| Marrakech | $1,500-$2,100 | Tourism hub, luxury market focus |
| Casablanca | $1,900-$2,800 | Business capital, coastal premium |
This price positioning makes Fes particularly attractive for investors seeking authentic Moroccan real estate exposure without paying premium prices demanded in more internationally recognized markets. The 10-20% discount compared to Rabat or Tangier, and substantial savings versus Marrakech or Casablanca, create compelling value propositions for both residents and investors.
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Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Fes property market offers exceptional value for buyers seeking authentic Moroccan real estate at competitive prices.
With average prices of $900 per square meter and strong rental yields of 5-8%, Fes presents compelling opportunities for both residents and investors in Morocco's growing property market.
Sources
- Sands of Wealth - Fes Property Analysis
- Trading Economics - Morocco Interest Rates
- Kensington Morocco - Real Estate Investment Guide Fes
- Bewildered in Morocco - Property Buying Guide
- Kensington Morocco - Property Buying Guide
- Global Property Guide - Morocco Price History
- Befez Estate - Fez House Prices
- Rightmove - Morocco Property for Sale