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
Whether you're eyeing a modern apartment in Nouvelle Ville, a family house in Agdal, or a renovated riad in the historic Medina, understanding where Fes property prices stand right now is essential before making any move.
In this article, we break down the current housing prices in Fes, explain how prices have changed over the past year, and share our forecasts for 2026, 5 years, and 10 years ahead.
We constantly update this blog post with fresh data and new analyses, so you always have the latest picture of the Fes real estate market.
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.
Insights
- Fes property prices rose only about 1.5% year-over-year through late 2025, meaning this market rewards patient buyers rather than speculators chasing quick gains.
- Apartments in Fes average around 6,700 MAD per square meter in January 2026, but the spread between neighborhoods can swing by nearly 50% depending on location and finish quality.
- Renovated Medina riads in Fes can appreciate faster than any other property type when tourism is strong, but they also carry the highest renovation risk and management complexity.
- The Centre-ville and Nouvelle Ville neighborhoods in Fes consistently command price premiums because of convenience, services, and strong rental demand from locals.
- Morocco's central bank held its policy rate at 2.25% through late 2025, which keeps mortgage affordability relatively stable for Fes buyers heading into 2026.
- Tourism hit record levels in Morocco in 2025 with nearly 20 million visitors, and this directly fuels demand for Fes Medina riads as guesthouses and short-term rentals.
- Over 5 years, Fes residential prices could grow 15% to 30% in total, which translates to roughly 3% to 5% annual appreciation if current trends continue.
- Expansion corridors like Route d'Immouzer and Saïss in Fes are attracting newer housing projects, making them potential outperformers as infrastructure and services improve.
- Mid-market apartments in Fes offer the best balance of liquidity, financing options, and steady tenant demand, making them the safest long-term hold for most investors.
- Climate and water stress remain structural risks for Morocco's economy, and any severe drought could dampen buyer confidence and slow Fes property price growth.
What are the current property price trends in Fes as of 2026?
What is the average house price in Fes as of 2026?
As of early 2026, the estimated average price for a typical residential property in Fes falls around 700,000 to 900,000 MAD (roughly 70,000 to 90,000 USD or 65,000 to 85,000 EUR), though this varies widely depending on property type and neighborhood.
To give you a more useful benchmark, the average price per square meter for apartments in Fes sits at approximately 6,700 MAD (about 670 USD or 620 EUR), while villas average closer to 7,900 MAD per square meter and standalone houses come in around 6,400 MAD per square meter.
If you're wondering what most buyers actually pay, the realistic price range covering roughly 80% of property purchases in Fes spans from about 500,000 MAD to 2,500,000 MAD (50,000 to 250,000 USD or 46,000 to 230,000 EUR), with apartments at the lower end and villas or large riads at the higher end.
How much have property prices increased in Fes over the past 12 months?
Property prices in Fes have increased by an estimated 1.5% over the past 12 months, which reflects the modest and steady growth pattern seen across Morocco's residential market as a whole.
When you look at different property types in Fes, the realistic range of price increases over the past year spans from roughly flat (0%) for older houses needing renovation to around 3% to 4% for well-located apartments and renovated Medina riads that benefited from strong tourism demand.
The single most significant factor behind this price movement in Fes has been the combination of stable borrowing costs and continued tourism momentum, which kept buyer confidence supported without creating the conditions for a price spike.
Which neighborhoods have the fastest rising property prices in Fes as of 2026?
As of early 2026, the top three neighborhoods with the fastest rising property prices in Fes are Centre-ville (City Center), Nouvelle Ville, and the core Medina areas around Batha and Rcif where renovated riads attract strong tourism-driven demand.
The approximate annual price growth for these top neighborhoods in Fes ranges from 2% to 4% for Centre-ville and Nouvelle Ville apartments, while well-renovated Medina riads in prime tourist locations have seen appreciation closer to 4% to 6% when tourism cashflow expectations are high.
The main demand driver behind these fast-rising neighborhoods in Fes is a combination of everyday convenience (walkable services, schools, and safety for Centre-ville and Nouvelle Ville) and lifestyle investment appeal (heritage tourism and short-term rental income for Medina riads).
By the way, you will find much more detailed price ranges across neighborhoods in our property pack covering the real estate market in Fes.
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Which property types are increasing faster in value in Fes as of 2026?
As of early 2026, the ranking of property types by value appreciation rate in Fes goes: renovated Medina riads (fastest), followed by well-located mid-market apartments, then villas in desirable pockets, and finally older standalone houses needing heavy renovation (slowest).
The top-performing property type in Fes, renovated Medina riads, has seen annual appreciation in the range of 4% to 6% when tourism demand is strong and quality renovated supply remains limited.
The main reason Medina riads are outperforming other property types in Fes is that they combine heritage scarcity with income-generating potential as guesthouses or short-term rentals, and Morocco's tourism boom through 2025 has lifted investor appetite for this niche segment.
Finally, if you're interested in a specific property type, you will find our latest analyses here:
What is driving property prices up or down in Fes as of 2026?
As of early 2026, the top three factors driving property prices in Fes are strong tourism momentum (which supports Medina riad demand), stable borrowing costs from Bank Al-Maghrib's unchanged policy rate, and regulated urban expansion through approved planning documents that shape where new supply can appear.
The single factor with the strongest upward pressure on Fes property prices right now is tourism strength, because Morocco welcomed nearly 20 million visitors in 2025 and this directly fuels demand for renovated riads and guesthouse-ready properties in the Medina.
If you want to understand these factors at a deeper level, you can read our latest property market analysis about Fes here.
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What is the property price forecast for Fes in 2026?
How much are property prices expected to increase in Fes in 2026?
As of early 2026, property prices in Fes are expected to increase by approximately 3% to 4% over the full year, with our single best estimate sitting around 3.5% for residential properties overall.
The realistic range of forecasts for Fes property price growth in 2026 spans from a conservative 2% (if economic conditions soften or tourism disappoints) to an optimistic 5% (if tourism stays strong and credit conditions remain supportive).
The main assumption underlying most price increase forecasts for Fes is that Morocco's economy continues growing at a moderate pace, inflation stays low, and Bank Al-Maghrib keeps its policy rate stable through the year.
We go deeper and try to understand how solid are these forecasts in our pack covering the property market in Fes.
Which neighborhoods will see the highest price growth in Fes in 2026?
As of early 2026, the neighborhoods expected to see the highest price growth in Fes are Centre-ville, Nouvelle Ville, the Saïss expansion corridor, and core Medina tourist nodes like Batha and Rcif.
The projected price growth for these top Fes neighborhoods ranges from 3% to 5% for Centre-ville and Nouvelle Ville, and potentially 4% to 6% for prime Medina riad locations if tourism remains robust throughout the year.
The primary catalyst driving expected growth in these Fes neighborhoods is a combination of limited quality supply in established areas and continued strong demand from both local buyers seeking convenience and investors targeting tourism income.
One emerging neighborhood in Fes that could surprise with higher-than-expected growth is the Route d'Immouzer corridor, where newer housing stock, improving accessibility, and ongoing planning approvals are attracting buyers who want modern amenities at prices below the city center.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Fes.
What property types will appreciate the most in Fes in 2026?
As of early 2026, the property type expected to appreciate the most in Fes is renovated Medina riads, followed closely by mid-market apartments in strong everyday neighborhoods like Centre-ville and Nouvelle Ville.
The projected appreciation for top-performing renovated riads in Fes ranges from 4% to 6% in 2026, assuming tourism demand stays healthy and quality renovated supply remains scarce in the Medina.
The main demand trend driving appreciation for Medina riads in Fes is the continued growth of Morocco's tourism sector, which hit record numbers in 2025 and supports both nightly rental rates and investor appetite for guesthouse-ready properties.
On the other end, the property type expected to underperform in Fes in 2026 is older standalone houses that need heavy renovation, because the high upfront costs and uncertain timelines make them less attractive to most buyers compared to move-in-ready apartments or finished riads.
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How will interest rates affect property prices in Fes in 2026?
As of early 2026, the stable interest rate environment is supporting Fes property prices by keeping mortgage affordability predictable, which helps maintain steady buyer demand without creating overheating risks.
Bank Al-Maghrib's policy rate currently sits at 2.25% and is expected to remain stable through much of 2026, which means mortgage rates in Fes should stay in their current range rather than spiking unexpectedly.
If mortgage rates were to rise by 1 percentage point in Fes, it would typically reduce purchasing power by roughly 8% to 10%, making it harder for mid-market buyers to afford apartments and putting downward pressure on prices in the most rate-sensitive segments like villas and large family homes.
You can also read our latest update about mortgage and interest rates in Morocco.
What are the biggest risks for property prices in Fes in 2026?
As of early 2026, the top three biggest risks for property prices in Fes are a tourism downturn that would hit Medina riad demand, an affordability squeeze if household incomes fail to keep pace with prices, and climate or water stress that could weaken Morocco's broader economic confidence.
The single risk with the highest probability of materializing in Fes is the affordability squeeze, because even with stable interest rates, many local households are already stretched and any further price increases without income growth could slow transaction volumes and flatten prices.
We actually cover all these risks and their likelihoods in our pack about the real estate market in Fes.
Is it a good time to buy a rental property in Fes in 2026?
As of early 2026, it is generally a good time to buy a rental property in Fes if you have a clear rental strategy in mind, though results will vary significantly depending on whether you target long-term tenants or short-term tourists.
The strongest argument in favor of buying a rental property in Fes now is that borrowing costs are stable, tourism is at record levels, and well-located apartments or renovated riads can generate reliable income while benefiting from modest price appreciation over time.
The strongest argument for waiting before buying a rental property in Fes is that affordability constraints may eventually slow price growth, and overpaying for a "needs-renovation" riad or an overpriced apartment in a premium neighborhood could limit your returns if the market cools.
If you want to know our latest analysis (results may differ from what you just read), you can read our assessment on whether now is a good time to buy a property in Fes.
You'll also find a dedicated document about this specific question in our pack about real estate in Fes.
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Where will property prices be in 5 years in Fes?
What is the 5-year property price forecast for Fes as of 2026?
As of early 2026, the estimated cumulative property price growth expected over the next 5 years in Fes is approximately 15% to 30% in total, assuming current economic and tourism trends continue.
The range of 5-year forecasts for Fes spans from a conservative 15% (if growth slows or external shocks materialize) to an optimistic 30% or slightly higher (if tourism keeps booming and credit conditions remain favorable).
This translates to a projected average annual appreciation rate of roughly 3% to 5% per year over the next 5 years in Fes, which reflects steady compounding rather than dramatic booms or busts.
The key assumption most forecasters rely on for their 5-year Fes property price predictions is that Morocco maintains political and economic stability, tourism continues growing, and Bank Al-Maghrib keeps inflation under control without aggressive rate hikes.
Which areas in Fes will have the best price growth over the next 5 years?
The top three areas in Fes expected to have the best price growth over the next 5 years are Agdal and Nouvelle Ville (the established premium zones), the Saïss expansion corridor including Oulad Tayeb and Ain Chkef (where new development is concentrated), and the core Medina around high-quality renovated riads.
The projected 5-year cumulative price growth for these top-performing Fes areas ranges from 20% to 35%, with the expansion corridors potentially reaching the higher end as infrastructure improves and new supply attracts buyers.
This largely aligns with our shorter 2026 forecast, though the 5-year view gives more weight to expansion areas like Saïss and Route d'Immouzer, because over a longer horizon, new infrastructure and planning approvals have more time to translate into actual price premiums.
The currently undervalued area in Fes with the best potential for outperformance over 5 years is Oulad Tayeb, where land availability, newer housing projects, and ongoing urban planning activity suggest prices could catch up to more established neighborhoods as the area matures.
What property type will give the best return in Fes over 5 years as of 2026?
As of early 2026, the property type expected to give the best total return over 5 years in Fes is renovated Medina riads for investors willing to take on more complexity, while mid-market apartments offer the best risk-adjusted returns for most buyers.
The projected 5-year total return for top-performing renovated riads in Fes (combining appreciation plus rental income) could reach 40% to 60% cumulative, though this depends heavily on renovation quality, location within the Medina, and consistent occupancy management.
The main structural trend favoring Medina riads over the next 5 years in Fes is Morocco's continued push to grow tourism toward its 2030 World Cup hosting and long-term visitor targets, which should sustain demand for authentic heritage accommodations in cities like Fes.
For buyers seeking the best balance of return and lower risk over 5 years, mid-market apartments in Centre-ville or Nouvelle Ville are the safer choice because they are easier to finance, easier to rent to local tenants, and easier to resell when the time comes.
How will new infrastructure projects affect property prices in Fes over 5 years?
The top three infrastructure-related factors expected to impact Fes property prices over the next 5 years are road and accessibility improvements along expansion corridors, upgraded utilities and services in newly planned zones, and continued investments in tourism infrastructure that boost visitor flows to the Medina.
The typical price premium for properties near completed infrastructure projects in Fes ranges from 5% to 15% above comparable properties in areas without recent improvements, though this varies depending on the scale and visibility of the project.
The specific neighborhoods in Fes that will benefit most from infrastructure developments are the Saïss corridor, Route d'Immouzer, Oulad Tayeb, and Ain Chkef, where approved planning documents signal that the city is formally opening up development capacity and improving connectivity.
How will population growth and other factors impact property values in Fes in 5 years?
The projected population growth rate for the Fes-Meknes region is modest but steady, and over the next 5 years this gradual increase in households should support baseline housing demand even without dramatic price spikes.
The demographic shift with the strongest influence on Fes property demand is the growth of middle-class households seeking modern, well-serviced apartments, which favors newer construction in accessible neighborhoods over older housing stock that needs renovation.
Migration patterns in Fes are mostly domestic, with people moving from smaller towns in the region toward the city for jobs and services, and this internal migration supports steady rental demand especially in mid-market neighborhoods close to universities and commercial areas.
The property types and areas that will benefit most from these demographic trends in Fes are mid-sized apartments (2 to 3 bedrooms) in Centre-ville, Nouvelle Ville, and the Saïss expansion zone, where young families and working professionals are most likely to concentrate.
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 is the 10 year property price outlook in Fes?
What is the 10-year property price prediction for Fes as of 2026?
As of early 2026, the estimated cumulative property price growth expected over the next 10 years in Fes is approximately 35% to 70% in total, reflecting a continuation of the steady growth pattern rather than dramatic booms.
The range of 10-year forecasts for Fes spans from a conservative 35% (if economic headwinds or climate stress slow growth) to an optimistic 70% or more (if Morocco's tourism and economic development goals are fully realized).
This translates to a projected average annual appreciation rate of roughly 3% to 5.5% per year over the next 10 years in Fes, which is consistent with the 5-year outlook but with wider uncertainty bands.
The biggest uncertainty factor in making 10-year property price predictions for Fes is climate and water resilience, because Morocco's agricultural economy and overall growth trajectory remain sensitive to drought conditions that are difficult to predict a decade out.
What long-term economic factors will shape property prices in Fes?
The top three long-term economic factors that will shape property prices in Fes over the next decade are job creation and productivity growth (which drives household purchasing power), the trajectory of Morocco's tourism sector (which uniquely supports the Medina riad market), and credit accessibility (which determines how broad the buyer pool remains).
The single long-term economic factor with the most positive potential impact on Fes property values is sustained tourism growth, because Morocco's 2030 World Cup hosting and ongoing visitor targets could structurally lift demand for both heritage properties and modern accommodations in cities like Fes.
The single long-term economic factor that poses the greatest structural risk to Fes property values is climate and water stress, because severe droughts can weaken Morocco's agricultural output, slow overall economic growth, and dampen household confidence in making large purchases like property.
You'll also find a much more detailed analysis in our pack about real estate in Fes.
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 (Real Estate Price Index) | Morocco's central bank publishes the official, methodologically documented property price index. | We used it to anchor the long-run price trend for residential properties nationally. We also used it to keep our Fes estimates consistent with overall Moroccan market dynamics. |
| Bank Al-Maghrib (IPAI Dashboard) | It's the central bank's official landing page for the property price index. | We used it to confirm the latest quarterly direction for residential prices. We used it as a sanity check to avoid overstating short-term moves in Fes. |
| ANCFCC (IPAI Bulletin Q3 2025) | ANCFCC is Morocco's land registry authority and co-produces the official index with BAM. | We used it to pull the most recent year-over-year and quarter-over-quarter residential price changes. We also used its transaction trends to explain demand strength. |
| ANCFCC (IPAI Bulletin Q1 2025) | It documents how the official index coverage and methodology were updated. | We used it to explain what the official index covers (apartments, houses, villas). We used it to align our definitions with official categories. |
| HCP (Fes-Meknes Census 2024) | HCP is Morocco's official statistics agency for population and household data. | We used it to ground the demographic fundamentals behind housing demand in Fes. We used it to inform our 5-year and 10-year outlook sections. |
| HCP (Fes Regional Portal) | It's the official regional statistics portal including inflation publications for Fes. | We used it to anchor local cost-of-living and inflation context. We used it to translate nominal price growth into real terms. |
| Bank Al-Maghrib (Dec 2025 Press Release) | It's an official monetary policy statement with inflation and growth projections. | We used it to set the macro backdrop for 2026 including growth and inflation assumptions. We used it for the interest rate narrative affecting mortgage affordability. |
| Bank Al-Maghrib (Sept 2025 Press Release) | Another official policy statement useful for cross-checking projections over time. | We used it to confirm the policy stance and mid-term projections earlier in 2025. We used it to triangulate the "rates likely stable" message for 2026. |
| Bank Al-Maghrib (Lending Rate Survey 2025) | It's the central bank's official survey series on borrowing costs. | We used it to ground our discussion of financing conditions. We used it to avoid guessing where borrowing costs are heading in 2026. |
| IMF (Morocco Country Page) | The IMF provides standardized forecasting frameworks and country reports. | We used it to cross-check Morocco's 2026 growth and inflation outlook. We used it for risk scenarios like external shocks and drought that influence housing demand. |
| World Bank (Morocco Economy Update) | The World Bank provides widely used macro forecasts and structural analysis. | We used it to triangulate 2026 growth expectations and key constraints. We used it to support our drivers and risks sections beyond real estate data alone. |
| Morocco Ministry of Tourism (2025 Update) | It's the official ministry publishing tourism demand figures affecting short-term rentals. | We used it to explain demand pressure on Fes Medina riads from visitor demand. We used it as a local demand engine specific to Fes. |
| Agenz (Fes Price Reference) | It provides city and neighborhood price breakdowns that national indexes don't offer. | We used it to estimate current Fes price-per-square-meter levels by property type. We used it to identify which neighborhoods are moving faster. |
| DAUF (Urban Agency Planning Documents) | It lists officially approved urban planning documents by area in Fes. | We used it to support which zones are likely to see new supply coming. We used it to inform the 5-year growth concentration section. |
| Reuters (Morocco Tourism 2025) | Reuters is a major international news agency with verified reporting. | We used it to confirm Morocco's record tourism numbers in 2025. We used it to support the tourism-driven demand narrative for Fes riads. |
| Reuters (BAM Rate Decision Dec 2025) | Reuters provides timely coverage of central bank decisions. | We used it to verify the policy rate level heading into 2026. We used it to support our mortgage affordability discussion. |
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