Authored by the expert who managed and guided the team behind the Morocco Property Pack
Yes, the analysis of Fes' property market is included in our pack
You're thinking about buying property in Fes, but you want to make sure you're not overpaying or buying at the wrong time.
This blog post breaks down the real data on Fes housing prices in 2026 and whether the market favors buyers or sellers right now.
We constantly update this article with the freshest numbers we can find, so you always get the latest picture.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Fes.
So, is now a good time?
As of early 2026, the answer is "rather yes" for buying property in Fes, because prices are stable while transaction volumes have dropped, which typically gives buyers more negotiating power.
The strongest signal is that Morocco's official price index shows flat prices combined with a sharp decline in sales, which is the classic pattern of a buyer-leaning market where sellers have to compete for fewer buyers.
Another strong signal is that mortgage rates in Fes remain around 5%, which is supportive enough to keep the market functioning but not so cheap that it's driving a buying frenzy.
Other signals include growing tourism demand that supports rental income potential, ongoing housing programs from the government, and household income levels that make Fes more affordable than cities like Casablanca or Marrakech.
The best strategy in Fes right now is to focus on apartments or houses in well-serviced areas like New City or Fes City Center, negotiate hard since you have leverage, and plan for a medium-to-long hold of at least 5 years to ride out any short-term softness.
This is not financial or investment advice, we don't know your personal situation, and you should always do your own research before making any property purchase.
Is it smart to buy now in Fes, or should I wait as of 2026?
Do real estate prices look too high in Fes as of 2026?
As of early 2026, property prices in Fes do not appear significantly overvalued because the official price index has been mostly flat while transaction volumes have dropped sharply, which usually signals that prices have limited room to rise further rather than being at a bubble peak.
One clear sign that Fes prices are not stretched is that sellers are competing for fewer buyers, and properties that are priced too aggressively tend to sit on the market longer, with asking prices often getting adjusted downward before a deal closes.
Another signal is that the estimated price per square meter in Fes in January 2026 sits around 6,700 MAD for apartments and 7,750 MAD for villas, which are levels that have not climbed significantly over the past year, suggesting the market is finding its natural ceiling.
You can also read our latest update regarding the housing prices in Fes.
Does a property price drop look likely in Fes as of 2026?
As of early 2026, the likelihood of a meaningful price drop in Fes over the next 12 months is low to medium, because while transaction volumes are weak, there is no sign of forced selling or a sudden credit crunch that would push prices down sharply.
The plausible price change range for Fes property in 2026 is somewhere between a 3% decline and a 5% gain, meaning that if you negotiate well, you can likely buy at a price that already accounts for any near-term softness.
The single most important factor that could increase the odds of a price drop in Fes is a tightening of credit conditions, because most buyers depend on mortgages and if banks become more cautious or rates rise, fewer people can afford to buy at current prices.
However, a credit squeeze looks unlikely in the near term because Morocco's central bank held its key rate at 2.25% in late 2025 and inflation is under control, so there is no urgent pressure to restrict lending.
Finally, please note that we cover the price trends for next year in our pack about the property market in Fes.
Could property prices jump again in Fes as of 2026?
As of early 2026, the likelihood of a renewed price surge in Fes over the next 12 months is low to medium, because while the market is not overheated, there is no obvious catalyst like a sudden credit boom or massive investor wave that would push prices up quickly.
If prices do rise in Fes in 2026, a realistic upside range would be around 3% to 8%, driven mainly by continued tourism growth and government housing support programs rather than speculative demand.
The single biggest demand-side trigger that could make Fes property prices jump again is a significant drop in mortgage rates, because cheaper financing would allow more local buyers to enter the market and compete for the same limited stock of well-located homes.
Please also note that we regularly publish and update real estate price forecasts for Fes here.
Are we in a buyer or a seller market in Fes as of 2026?
As of early 2026, Fes is a buyer-leaning market because official data shows transaction volumes have fallen significantly while prices have stayed flat, which means sellers are competing harder for fewer active buyers.
The estimated months-of-inventory in Fes is higher than what you would see in a balanced market, likely in the 6 to 9 month range for typical properties, which means buyers have more options to choose from and less pressure to make quick decisions.
While we do not have exact price reduction statistics for Fes, the pattern of weak sales suggests that a meaningful share of listings end up selling below their original asking price, especially properties that have been on the market for more than 90 days.
We have made this infographic to give you a quick and clear snapshot of the property market in Morocco. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Are homes overpriced, or fairly priced in Fes as of 2026?
Are homes overpriced versus rents or versus incomes in Fes as of 2026?
As of early 2026, homes in Fes appear fairly priced rather than overpriced when you compare purchase costs to local incomes and rents, because Fes remains one of the more affordable cities in Morocco and price growth has been muted.
The estimated price-to-rent ratio in Fes sits around 17 to 22 for typical apartments, which suggests that buying is not dramatically more expensive than renting over time, though it is not a screaming bargain either.
The estimated price-to-income multiple in Fes is around 8 to 10 for a median household buying a standard apartment, which is stretched by global standards but fairly typical for urban Morocco and better than what you would face in Casablanca or Marrakech.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Fes.
Are home prices above the long-term average in Fes as of 2026?
As of early 2026, home prices in Fes do not appear significantly above their long-term average because the official national index has shown muted growth in recent years, and Fes specifically has not experienced the kind of surge seen in tourist hotspots like Marrakech.
The estimated 12-month price change in Fes has been close to flat or slightly positive, which is slower than the pre-pandemic pace and suggests the market is in a consolidation phase rather than an expansion phase.
When you adjust for inflation, real property prices in Fes are likely near or slightly below their prior cycle peak, meaning that in terms of actual purchasing power, buyers today are not paying historically extreme prices.
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What local changes could move prices in Fes as of 2026?
Are big infrastructure projects coming to Fes as of 2026?
As of early 2026, the biggest infrastructure story affecting Fes is Morocco's nationwide rail and airport investment program, which includes upgrades to Fes-Saiss Airport and eventual improvements to regional rail connectivity, though no single mega-project is currently under construction inside the city itself.
The estimated timeline for meaningful infrastructure impact in Fes is medium-term, with airport expansions under the "Airports 2030" program rolling out over the next several years and rail investments gradually improving regional access, so buyers should not expect overnight price jumps from infrastructure alone.
For the latest updates on the local projects, you can read our property market analysis about Fes here.
Are zoning or building rules changing in Fes as of 2026?
The most important zoning and building rule changes being discussed in Morocco as of 2026 involve updates to the legal framework governing subdivisions and housing developments, which could affect how quickly new projects get approved in cities like Fes.
As of early 2026, the estimated net effect of these rule changes on Fes property prices is likely neutral to slightly positive, because faster approvals could increase supply but tighter compliance standards could also raise construction costs, which supports prices for quality stock.
The areas in Fes most likely to feel the impact of these rule changes are the newer development zones on the city's outskirts, such as areas near Route de Sefrou and emerging neighborhoods in the Saiss plain, where new apartment and villa projects are most common.
Are foreign-buyer or mortgage rules changing in Fes as of 2026?
As of early 2026, there are no major foreign-buyer restrictions being introduced in Fes or Morocco more broadly for residential property, and mortgage rules remain stable with rates around 5%, so neither factor is likely to cause a sudden price shift in the near term.
The most relevant consideration for foreign buyers in Fes is that demand from non-residents tends to concentrate in the medina for riad purchases and lifestyle properties, rather than competing directly with locals for standard apartments or houses.
On the mortgage side, the most likely change to watch in Morocco is any adjustment to down payment requirements or stress testing rules, though no specific changes have been announced as of early 2026.
You can also read our latest update about mortgage and interest rates in Morocco.
Buying real estate in Fes can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Will it be easy to find tenants in Fes as of 2026?
Is the renter pool growing faster than new supply in Fes as of 2026?
As of early 2026, the balance between renter demand and new rental supply in Fes is roughly even, with demographic growth and tourism providing steady tenant demand while national housing programs continue to add new units to the market.
The strongest signal of renter demand in Fes comes from the 2024 census results for the Fes-Meknes region, which show continued household formation, plus tourism arrivals that support short-stay rental demand in well-located properties near the medina.
On the supply side, Morocco's Ministry of Housing reports strong construction activity nationally, which means new apartments and housing units continue to enter the Fes market, particularly in newer development areas on the city's edges.
Are days-on-market for rentals falling in Fes as of 2026?
As of early 2026, the estimated time to find a tenant for a well-priced rental in Fes is around 15 to 35 days in prime areas like New City and Fes City Center, and this timeframe has been relatively stable rather than dramatically falling.
The difference between prime and weaker areas in Fes is significant, with rentals in less convenient neighborhoods or overpriced units often taking 45 to 60 days or longer to find tenants, compared to the faster turnover in central locations with good services.
One reason days-on-market can fall in Fes is seasonal tourism demand, particularly during spring and fall when visitor numbers peak and short-stay rentals in the medina area see stronger interest.
Are vacancies dropping in the best areas of Fes as of 2026?
As of early 2026, vacancies in the best rental areas of Fes, such as New City, Fes City Center, and parts of Hay Moulay El Kamel, appear to be holding steady or slightly tightening because these locations offer the convenience and services that tenants prioritize.
The estimated vacancy rate in these prime Fes areas is lower than the city average, likely in the 3% to 6% range for well-maintained properties, compared to higher vacancy in peripheral areas where tenant demand is weaker.
One practical sign that the best areas of Fes are tightening is that furnished rentals targeting short-stay visitors or professionals are getting booked more quickly, especially properties within walking distance of the medina or near the university.
By the way, we've written a blog article detailing what are the current rent levels in Fes.
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Am I buying into a tightening market in Fes as of 2026?
Is for-sale inventory shrinking in Fes as of 2026?
As of early 2026, for-sale inventory in Fes does not appear to be shrinking overall because weak transaction volumes typically cause unsold stock to accumulate rather than disappear, though unique well-priced properties in prime locations can still move quickly.
The estimated months-of-supply in Fes is likely in the 6 to 10 month range for typical properties, which is above what you would see in a tight seller's market and suggests buyers have reasonable options to choose from without feeling rushed.
Are homes selling faster in Fes as of 2026?
As of early 2026, homes in Fes are not selling faster than before because official data shows transaction volumes have declined, which typically means properties take longer to find buyers rather than flying off the market.
The estimated median time-to-sell in Fes for a correctly priced apartment is around 60 to 120 days, with villas and houses often taking 90 to 180 days, which represents a slight lengthening compared to more active market periods.
Are new listings slowing down in Fes as of 2026?
As of early 2026, we do not have reliable data showing that new listings are slowing down significantly in Fes, because the Ministry of Housing reports strong construction activity nationally, which suggests new inventory continues to enter the market at a steady pace.
The seasonal pattern for new listings in Fes typically sees more activity in spring and early fall, with slower periods during Ramadan and the hottest summer months, and current listing levels appear to be within the normal range for this time of year.
Is new construction failing to keep up in Fes as of 2026?
As of early 2026, new construction in Fes does not appear to be failing to keep up with demand at the citywide level, because the Ministry of Housing highlights robust housing activity nationally and Fes continues to see new apartment and villa developments on its outskirts.
The estimated recent trend in housing completions for Morocco shows sustained activity, with government housing support programs helping to maintain the pipeline, though specific neighborhood-level supply can still feel tight in high-demand central areas.
Get to know the market before buying a property in Fes
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Will it be easy to sell later in Fes as of 2026?
Is resale liquidity strong enough in Fes as of 2026?
As of early 2026, resale liquidity in Fes is moderate, meaning that if you price your property realistically, you should be able to find a buyer within a few months, but you should not expect the instant sales you might see in hotter markets.
The estimated median days-on-market for resale homes in Fes is around 60 to 150 days depending on property type and location, which is slower than a "healthy liquidity" benchmark of 30 to 60 days but not so slow that selling becomes extremely difficult.
The property characteristic that most improves resale liquidity in Fes is location in a well-serviced central area like New City or Fes City Center, because buyers consistently prioritize convenience, and properties in these areas attract both local and out-of-town interest.
Is selling time getting longer in Fes as of 2026?
As of early 2026, selling time in Fes appears to be slightly longer than it was during more active market periods, because weaker transaction volumes mean fewer buyers are actively competing for properties.
The estimated current median days-on-market in Fes ranges from about 60 days for well-priced apartments in prime areas to 180 days or more for overpriced properties or homes in less convenient locations.
One clear reason selling time can lengthen in Fes is affordability pressure, because when mortgage rates stay around 5% and household incomes grow slowly, fewer buyers can qualify for the prices sellers want, which stretches out the negotiation process.
Is it realistic to exit with profit in Fes as of 2026?
As of early 2026, the likelihood of selling a Fes property with profit is medium, assuming you buy at a reasonable price, hold for at least 5 to 7 years, and either collect rental income during that time or add value through renovation.
The estimated minimum holding period to realistically exit with profit in Fes is around 5 years, because shorter holds often do not give you enough time to recover transaction costs and benefit from any market appreciation.
The estimated total round-trip cost drag in Fes, including buying costs like notary fees, registration, and agency commissions plus selling costs, is around 10% to 15% of the property value, which translates to roughly 50,000 to 80,000 MAD on a 500,000 MAD property (approximately 4,700 to 7,500 USD or 4,400 to 7,000 EUR).
The single clearest factor that increases your profit odds in Fes is buying below market value by negotiating hard in today's buyer-leaning environment, because if you start with a 5% to 10% discount, you do not need significant market appreciation to come out ahead.
We made this infographic to show you how property prices in Morocco compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Fes, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Bank Al-Maghrib (BAM) Price Index | Morocco's central bank publishes the official national real estate price index. | We used it to anchor the big picture trend for residential prices into 2025. We treated it as our baseline before localizing the story to Fes. |
| ANCFCC Quarterly Bulletin | The national land registry co-publishes official price and transaction volume data. | We used it for the clearest signals on price changes and sales volumes. We used those volume swings as a proxy for buyer versus seller conditions. |
| Agenz Fes Price Map | A major Moroccan real estate platform with published price benchmarks by neighborhood. | We used it as a Fes-specific pricing thermometer by neighborhood and property type. We translated national trends into real areas like New City and Fes City Center. |
| BAM Lending Rate Survey | The central bank's official, regularly updated survey of mortgage and lending rates. | We used it to estimate the mortgage rate environment facing buyers in early 2026. We used those rates to judge affordability pressure. |
| Reuters BAM Rate Decision | Reuters is reliable for timely reporting and attributes figures to the central bank. | We used it to cross-check the monetary policy backdrop as of late 2025. We used it to assess whether rates might jump soon. |
| HCP Consumer Price Index | Morocco's official statistics agency and the gold standard for inflation data. | We used it to keep real, inflation-adjusted thinking straight. We used it to contextualize rent growth and household budgets. |
| HCP Living Standards Survey | The official household living standards survey with transparent methodology. | We used it to benchmark household income levels for price-to-income ratios. We used it as the income reality check so Fes prices are not discussed in a vacuum. |
| HCP Fes-Meknes Census 2024 | The official census channel for the region that contains Fes. | We used it to gauge underlying housing demand drivers in the Fes-Meknes region. We used it to assess whether the tenant pool is structurally growing. |
| World Bank GDP Per Capita | A widely used, well-documented international dataset for income comparisons. | We used it as a cross-check on income capacity and purchasing power trends. We used it to sanity-check local affordability math. |
| Morocco Tourism Observatory | The official tourism observatory publishing arrivals, nights, and receipts. | We used it to estimate short-stay rental demand pressure in heritage cities like Fes. We used it to separate hype from real, counted tourism flows. |
| Ministry of Housing (MHPV) | The official ministry portal that posts housing laws, programs, and sector indicators. | We used it to identify policy tailwinds that can move prices. We used it as the primary reference for housing program claims. |
| Mubawab Annual Report | A leading real estate portal that describes its dataset and time period transparently. | We used it to triangulate demand composition and sense market direction from listing activity. We used it as a private-sector cross-check, not a substitute for official data. |
| Global Property Guide Morocco | An established international real estate research publisher with consistent methodology. | We used it as a secondary cross-check on mortgage rates and foreign buyer rules. We used it to confirm our financing narrative matches other research monitors. |
| ONCF Rail Communications | The state rail operator, so this is primary-source infrastructure information. | We used it as a template for how Morocco communicates major rail investment. We used it as a confidence filter to avoid rumor about mega-projects. |
Don't buy the wrong property, in the wrong area of Fes
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