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
Fes offers attractive property investment opportunities in 2025 with rental yields averaging 5-6% annually and moderate price growth of 2-3% per year.
The city presents diverse real estate options from traditional riads in the medina to modern apartments in newly developed districts like Agdal and Florence, with property prices starting around €76 per square foot in the city center and significantly lower costs of living compared to European markets.
If you want to go deeper, you can check our pack of documents related to the real estate market in Morocco, based on reliable facts and data, not opinions or rumors.
Fes property market shows steady growth with foreign investment driving demand, particularly in modern districts offering good rental yields.
The city combines low living costs with growing expat community, making it attractive for both personal use and investment purposes.
| Investment Factor | Current Status (2025) | Outlook |
|---|---|---|
| Property Price Growth | 2-3% annually | Moderate continued growth |
| Rental Yields | 5-6% per year | Stable, attractive returns |
| Average Cost/sqft (Center) | 836 MAD (€76) | Gradual increase expected |
| Foreign Investment | Increasing | Government incentives continue |
| Best Areas | Agdal, Florence, Route d'Imouzzer | Development hotspots |
| Cost of Living | Very affordable (€460-830/month) | Remains competitive |
| Market Risk | Low to moderate | Stable, no crash expected |
What types of properties are available in Fes right now?
Fes offers a diverse property portfolio spanning traditional and modern real estate options as of September 2025.
Traditional riads in the historic medina represent authentic Moroccan architecture with central courtyards, often requiring restoration but offering unique character and tourist appeal. Modern apartments dominate newly developed districts like Agdal, Florence, and Route d'Imouzzer, featuring contemporary amenities and infrastructure.
The city currently lists over 167 rental properties, indicating strong market activity across various property types. Villas and family homes are abundant in outer districts, providing larger living spaces for families and expats. Guest houses and restored riads cater to the hospitality sector, while furnished studios serve young professionals and short-term residents.
Property sizes range from compact studios to spacious family villas, with many properties featuring traditional Moroccan design elements even in modern developments. The medina properties often come with complex ownership histories requiring careful legal review.
It's something we develop in our Morocco property pack.
How does the cost of buying compare to renting in Fes?
Buying property in Fes requires significantly higher upfront investment compared to renting, with distinct financial implications for different buyer profiles.
Property purchase prices average 836 MAD (€76) per square foot in the city center and 442 MAD outside central areas. Luxury apartments start around €100,000 while villas begin at €250,000. Monthly rental costs are considerably lower, starting from MAD 3,000 (€270) for basic apartments.
Rental rates in central Fes average MAD 2,625 for one-bedroom units and MAD 3,750 for three-bedroom apartments. Current mortgage interest rates hover around 4.5%-5%, making financing costs substantial when combined with property taxes, maintenance, and legal fees.
Ownership provides long-term asset building and rental income potential, while renting offers flexibility and lower commitment. For investors, the rental yield calculation shows properties can generate 5-6% annual returns, making ownership financially attractive for those with sufficient capital.
The break-even point between buying and renting typically occurs after 8-10 years, considering all ownership costs and opportunity costs of invested capital.
What has the price trend for properties in Fes been like before, now, and what is the forecast for the next few years?
Fes property prices have demonstrated steady upward momentum with accelerating growth since 2023.
Historical price trends showed relatively stable or gentle increases until 2023, when foreign investment and government incentives began driving more significant appreciation. Current market conditions in 2025 show sustained price growth of 2-3% annually across most property categories in Fes.
Foreign buyer interest has intensified due to streamlined legal frameworks and government investment incentives targeting international property investors. The medina restoration projects and new district developments have created additional price pressure in desirable areas.
Forecasts for 2025-2027 predict continued moderate price increases supported by Morocco's projected 4% GDP growth. Economic expansion, infrastructure improvements, and growing expat communities will likely sustain property demand without creating unsustainable price bubbles.
Market analysts expect no significant crashes, with price growth remaining sustainable rather than speculative, making Fes attractive for long-term property investment strategies.
What are the key trends in the real estate market in Fes?
The Fes real estate market shows clear preference shifts toward modern properties and increasing international buyer participation.
Growing demand for modern apartments and villas in newly developed districts like Agdal, Florence, and Route d'Imouzzer reflects changing lifestyle preferences among both locals and expats. These areas offer contemporary amenities, reliable infrastructure, and better accessibility compared to traditional medina properties.
Foreign buyers and expats represent an expanding market segment, aided by government incentives and simplified legal procedures for international property purchases. This trend particularly benefits modern districts where international buyers prefer familiar building standards and amenities.
Rental yields remain attractive at 5-6% annually in sought-after new districts, drawing investment-focused buyers. The medina continues offering restoration opportunities, though buyers increasingly approach these projects with greater due diligence awareness regarding complex ownership histories.
Tourism recovery post-pandemic has renewed interest in guest house and short-term rental properties, particularly restored riads that offer authentic Moroccan experiences to visitors.
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Can you walk me through the buying process in Fes step by step?
The property buying process in Fes follows a structured legal framework requiring careful documentation and professional guidance.
- Property research and budget definition: Research properties online and through agencies, visit potential properties, and establish clear budget parameters including all associated costs.
- Offer negotiation: Submit written offers with specific terms, engage in price negotiations, and establish preliminary agreement on purchase conditions.
- Sales agreement execution: Sign the "promesse de vente" (preliminary sales agreement) with typically 10% deposit, drafted and overseen by a notary public.
- Due diligence period: Notary conducts comprehensive checks on property title, outstanding debts, legal status, and ownership verification.
- Final sale completion: Sign final sale deed, pay remaining balance, and complete all legal transfer requirements under notary supervision.
- Property registration: Notary registers the property transfer with the Land Registry and handles all official documentation.
- Utility transfers and final paperwork: Transfer utilities to new ownership, complete tax registrations, and finalize all administrative requirements.
Each step requires professional oversight, particularly for foreign buyers unfamiliar with Moroccan property law and documentation requirements.
Where can I find properties for sale in Fes, and which real estate agencies are most reliable?
Fes property market offers multiple channels for finding quality properties with established local agencies providing professional services.
Reputable agencies include established firms with local market expertise and bilingual services catering to international buyers. One well-rated agency operates from 3 Manjour Douh, Fes 30110, known for professional service and comprehensive property portfolios.
Online platforms showcase extensive property listings, with many agencies maintaining websites featuring detailed property information, photographs, and pricing. Local real estate offices concentrated in the Ville Nouvelle provide direct access to current market inventory.
Word-of-mouth recommendations from expat communities often lead to reliable agency relationships, particularly important for navigating complex medina property transactions. Many agencies specialize in specific property types - some focus on modern developments while others excel in traditional riad restorations.
It's something we develop in our Morocco property pack.
What types of properties can I get for different budget ranges in Fes?
| Budget Range | Property Types | Typical Locations |
|---|---|---|
| Under €80,000 (850,000 MAD) | Small apartments, basic modern units, older medina houses needing restoration | City outskirts, older medina areas, emerging neighborhoods |
| €80,000-€150,000 (850,000-1.6M MAD) | Larger apartments, renovated riads, smaller villas, modern family homes | Agdal, Florence district, outer residential areas |
| Over €150,000 (1.6M+ MAD) | Luxury apartments, new villas, fully restored guesthouses, premium riads | Route d'Imouzzer, Avenue Hassan II, prime medina locations |
| €200,000+ (2.1M+ MAD) | Luxury villas with gardens, high-end restored riads, commercial properties | Premium residential districts, exclusive medina quarters |
| €300,000+ (3.2M+ MAD) | Palatial riads, luxury villa compounds, commercial real estate | Historic medina prime locations, exclusive residential enclaves |
What are the common mistakes people make when buying property in Fes?
Property buyers in Fes frequently encounter avoidable pitfalls that can result in significant financial losses and legal complications.
Inadequate due diligence in medina properties represents the most costly mistake, where unclear ownership, missing documents, and multiple heirs create complex legal situations. Many buyers underestimate restoration and ongoing maintenance costs, particularly for traditional riads requiring specialized craftwork and materials.
Ignoring total ownership costs including property taxes, utilities, staff wages for guesthouses, and legal fees often exceeds buyer budgets. Relying on verbal promises without securing comprehensive written contracts leaves buyers vulnerable to disputes and misunderstandings.
Navigating transactions without bilingual legal representation or experienced agents leads to cultural misunderstandings and legal oversights. Many foreign buyers fail to understand Moroccan inheritance laws affecting property titles, particularly in the medina.
Rushing purchase decisions without thorough market research often results in overpaying or buying unsuitable properties for intended use, whether personal residence or investment purposes.
What is the general cost of living in Fes, and how does it affect your decision to buy a property?
Fes offers exceptionally affordable living costs that make property ownership financially attractive for a broader range of buyers.
Single individuals can live comfortably on $500-900 (€460-830) monthly, while families typically spend $1,200-1,800 (€1,100-1,660) for comprehensive living expenses. These figures include housing, food, transportation, and entertainment costs.
Central one-bedroom apartment rents average MAD 2,625 monthly, while grocery costs range MAD 150-250 monthly per person. Utility expenses average MAD 312 monthly, making operational costs very manageable compared to European standards.
Low living costs enable property buyers to generate positive cash flow more easily from rental properties, as operational expenses remain minimal. The affordable lifestyle attracts growing expat communities, increasing rental demand and supporting property values.
Cost advantages extend to property maintenance, household staff, and professional services, making property ownership less burdensome financially than similar investments in higher-cost markets.
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Which areas in Fes are considered the best for different budgets – the affordable, the upcoming, and the upscale areas?
Fes neighborhoods clearly segment by price points and development status, offering options for every budget and investment strategy.
Affordable areas include city outskirts like Zouagha and Ben Soudane, where basic properties provide entry-level ownership opportunities. The medina offers affordable options for buyers willing to undertake restoration projects, though these require significant additional investment and expertise.
Upcoming areas represent the strongest growth potential, particularly Agdal district as a development hotspot with modern infrastructure and rising property values. Florence district offers contemporary builds with good amenities, while Route d'Imouzzer features expanding residential developments with excellent connectivity.
Upscale areas center on Avenue Hassan II and premium Ville Nouvelle locations, where luxury apartments and villas command premium prices. These areas offer established infrastructure, proximity to international amenities, and strong property value stability.
Investment strategy should align with area selection - upcoming areas for capital appreciation, upscale areas for stable rental yields, and affordable areas for maximum leverage and potential returns.
How is life as an expat in Fes, and does it impact the property market?
Expat life in Fes has become increasingly comfortable and accessible, directly boosting property market demand and rental yields.
The city offers expat-friendly infrastructure including international schools, Western-standard healthcare facilities, modern shopping centers, and reliable internet connectivity. The Ville Nouvelle and newer districts provide familiar amenities while maintaining authentic Moroccan character.
Growing international communities create strong rental demand for modern apartments with contemporary amenities, parking, and proximity to international facilities. Expat families particularly seek properties near international schools and healthcare facilities.
Cultural integration remains relatively easy due to French language prevalence and welcoming local attitudes toward international residents. The affordable cost of living allows expats to maintain higher living standards than their home countries.
Expat demand specifically drives property values in modern districts, creating sustainable rental markets and supporting property appreciation. Their preferences for modern amenities influence development trends and investment opportunities.
What are the best areas to target for long-term rental properties, and what do tenants typically look for in those areas?
Long-term rental success in Fes depends on targeting areas with established expat communities and modern amenities.
New City/Ville Nouvelle represents the prime rental market with established infrastructure, international businesses, and expat families seeking familiar living environments. Florence district attracts young professionals and families with modern apartments and good connectivity.
Agdal district offers development potential with new construction providing contemporary amenities that appeal to international tenants. These areas generate consistent rental yields of 5-6% annually due to sustained demand.
Tenants prioritize proximity to international schools for families, modern healthcare facilities, shopping centers, reliable parking, and security features. Modern kitchens, air conditioning, high-speed internet, and Western-style bathrooms are essential for international renters.
Transportation connectivity, particularly easy access to business districts and the airport, significantly influences rental desirability. Properties with modern amenities command premium rents and experience lower vacancy rates.
It's something we develop in our Morocco property pack.
How much rental income and yield can you expect from long-term rentals in Fes?
Long-term rental properties in Fes generate attractive yields averaging 5-6% annually, with income varying significantly by location and property type.
Modern apartments in central locations command MAD 2,625 monthly for one-bedroom units and MAD 3,750+ for three-bedroom apartments. These rental rates translate to annual yields of 5-6% on appropriately priced properties.
Rental income calculations must account for property management costs, maintenance, taxes, and vacancy periods. Well-located modern properties typically experience 90-95% occupancy rates due to strong tenant demand.
Premium areas like Route d'Imouzzer and Avenue Hassan II command higher rents but require larger initial investments, often maintaining similar yield percentages. Newly developed districts offer the best balance of rental income and capital appreciation potential.
Successful long-term rental strategies focus on properties meeting international tenant expectations, which consistently generate higher rents and longer tenancy periods, reducing turnover costs and maximizing annual returns.
What about short-term rentals – how do the areas differ, what do guests look for, and what are the local regulations on short-term rentals?
Short-term rental markets in Fes segment clearly between authentic cultural experiences and modern comfort preferences.
The historic medina dominates tourist preferences for authentic Moroccan experiences, with restored riads commanding premium nightly rates due to unique architecture and cultural immersion opportunities. Route d'Imouzzer offers convenient access for business travelers and tourists seeking easy transportation.
Florence district attracts guests preferring modern amenities while experiencing Moroccan culture, providing contemporary comfort with cultural authenticity. Guests consistently seek authentic design elements, reliable Wi-Fi, air conditioning, and proximity to major attractions.
Guest expectations include traditional Moroccan décor, modern bathrooms, reliable electricity and water, English-speaking support, and easy access to transportation. Properties featuring rooftop terraces, traditional courtyards, and authentic tilework generate higher occupancy and rates.
Local regulations require business licenses for short-term rental operations, compliance with zoning restrictions, proper registration with tourism authorities, and regular inspections for historic structures. Guesthouse operations need additional hospitality permits and staff licensing.
Successful short-term rentals balance authentic character with modern amenities, requiring ongoing investment in maintenance and guest services to maintain competitive positioning.
Finally, is it worth buying property in Fes for personal use, for renting out, or for buying and reselling at a higher price later?
Property investment in Fes offers compelling opportunities across all three strategies, with varying risk-return profiles for different investor goals.
Personal use buyers benefit from extremely low living costs, rich cultural experiences, affordable property maintenance, and growing expat amenities. The combination of authentic Moroccan lifestyle and modern conveniences makes Fes attractive for retirees and remote workers.
Rental investment properties generate sustainable 5-6% annual yields with strong demand from both long-term expat tenants and short-term tourists. Modern districts provide the most reliable rental income, while medina properties offer higher yields but require more intensive management.
Resale potential benefits from moderate but steady price appreciation of 2-3% annually, supported by economic growth and increasing foreign investment. However, Fes works better for long-term investment strategies rather than quick property flipping.
The strongest investment approach combines rental income during ownership with long-term capital appreciation, providing both cash flow and asset growth. Market conditions favor investors with medium to long-term horizons rather than speculative short-term strategies.
Overall, Fes property investment succeeds best when aligned with Morocco's sustainable growth trajectory and the city's increasing international appeal.
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 presents a compelling property investment opportunity in 2025, combining moderate price growth with attractive rental yields and affordable living costs.
The city's growing expat community, government investment incentives, and diverse property options from traditional riads to modern apartments create multiple pathways for successful property investment, whether for personal use, rental income, or long-term capital appreciation.