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Buying a property in Fes: a complete guide

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property investment Fes

Yes, the analysis of Fes' property market is included in our pack

Thinking of buying a property in Fes? You're not alone!

Many people are intrigued by Fes' ancient allure and dream of owning a traditional riad or a modern apartment in this city.

Is it worth investing there, though? Are property prices increasing in Fes? How much does it cost? Is it better to invest in Fes el Bali or Ville Nouvelle? What about the taxes? What yields can I expect?

We've figured it out for you.

The SandsOfWealth team knows this market inside and out. As a matter of fact, we've organized all our findings in a pack. Get it now.

In the lines below, we'll provide you with helpful information.

How is the real estate market in Fes?

Is the property market going up or down? Let's look at fresh data and statistics.

Types of properties

In Fes, you can find a variety of properties for sale, including apartments, houses, villas, and commercial spaces.

Apartments are typically smaller living spaces within multi-story buildings, suitable for individuals or small families. Houses offer more space and privacy, often with a garden or courtyard, suitable for larger families. Villas are spacious, luxurious homes with extensive outdoor areas.

Commercial spaces include shops and offices available for business ventures.

Whether you're looking for a cozy apartment, a family-friendly house, an upscale villa, or a place for your business, Fes offers a diverse range of properties to suit your needs.

Buy or rent?

(If you want to live there yourself and not rent it to others)

Whether you've already made Fes your home or are contemplating it for the future, you might be considering whether to buy or rent a property in this historical Moroccan city.

Generally, buying is a better choice than renting in Fes due to its favorable cost of living, low mortgage rates, and potential for appreciation.

But, if you prioritize flexibility, renting is the way to go.

Property prices in Fes

On average, according to the updated data from High Commission for Planning (HCP), purchasing a property in Fes will cost you around $900 per square meter.

Naturally, property prices are quite spread out. The value of a square meter for a riad in the Medina of Fes might differ from a modern apartment in Ville Nouvelle. We actually offer a more in-depth analysis in our pack for buying property in Fes and in Morocco.

To give you a sense of scale, it means that, instead of buying an apartment in Paris or London, you can afford 15 properties in Fes.

Also, housing prices in Fes are 38% cheaper than in Marrakech.

The most expensive neighbourhoods in Fes are probably the Old Medina and the New Town, while the cheapest are likely the rural areas outside the city.

Fes Property Price per Square Meter


First, let's acknowledge that Morocco is a relatively stable country today. The last Fragile State Index that has been reported for this place is 70.1.

Consider this when wondering if it's a good investment to buy a property in Fes.

Besides that, if we look at the IMF's GDP forecasts, Morocco's economy is expected to soar by 14.1% in the coming 5 years, resulting in an average GDP growth rate of 2.8%.

If you want to invest in real estate in Fes it's a good thing because, when people experience an increase in wealth, it typically translates to a surge in housing costs.

Also, in Morocco, the average GDP per capita has dropped by 0.1% over the last 5 years. It's not a good number.

Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Morocco right now.

Buying property in Fes

Buying real estate in Fes can be difficult due to the lack of reliable and up-to-date information available. That's why we have created the pack to buy property in Fes and in Morocco.

Buying process

In our pack, we've explained the entire process of buying properties in a detailed way. We've pointed out the mistakes to steer clear of, shared tips for finding properties that give you the best returns, and provided information about taxes and necessary documents.

Now, we're giving you a simplified version of the buying process.

This is the step-by-step process to purchase a property in Fes:

  1. Research the Fes real estate market and set a budget in Moroccan Dirhams (MAD).
  2. Find a reputable local real estate agent who knows the Fes market well.
  3. Visit properties in Fes, considering factors like neighborhood and amenities.
  4. Negotiate the price with the seller and agree on the terms in a "Promise to Sell" (Ibra') document.
  5. Obtain the "Urbanism Certificate" (Certificat d'Urbanisme) from the City Planning Department.
  6. Perform a "Title Search" (Recherche des Titres) at the Land Registry to verify property ownership and legal status.
  7. Draft a "Provisional Purchase Agreement" (Avant-Contrat) that includes all terms and conditions.
  8. Hire a notary to prepare the "Final Sales Contract" (Acte Authentique) and register it at the Land Registry.
  9. Pay the required deposit (typically 10%) to the seller when signing the final contract.
  10. Obtain the "Certificate of Non-Encumbrance" (Certificat de Non-Gage) to confirm no outstanding debts on the property.
  11. Pay the remaining balance and applicable taxes to complete the purchase.
  12. Receive the "Title Deed" (Livret Foncier) as proof of ownership transfer and officially become the property owner in Fes.

Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Morocco.

Make a profitable investment in Fes

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buying property in Fes

Where to find a property

Explore these websites to find properties in Fes.

  • Kensington Luxury Properties - Luxury real estate agency specializing in the sale and rental of luxury properties in Morocco, offering a wide range of villas and other properties.
  • Realtor - The world's largest source of international properties, offering a wide range of real estate listings for buying, selling, and renting properties in Morocco.
  • Expat - is a platform that provides housing listings in Morocco for buying, selling, and renting properties.
  • Mubawab - Leading property site in Morocco, offering a wide range of properties for sale and rent.
  • Rightmove - Property marketplace specializing in properties for sale and rent in Morocco, offering various options and connecting buyers with estate agents.

Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Morocco.

What you can get

As mentioned before, the average price per sqm in Fes is $900. A one-bedroom property with 60 square meters would cost approximately $54,000, and a two-bedroom with 85 square meters would be about $77,000.

Obviously, property prices will change based on both the property itself and its location.

Typically, prices are higher in the top areas of Fes. A residence in Batha could be about $220,000, while a residence on Avenue des FAR might cost around $200,000.

Some locations are less expensive. You may come across a condo in Saiss for $30,000 or a condo in Agdal for only $20,000.

Find a more detailed price list in our full pack for buying property in Morocco.

Risks and pitfalls

Here are the main pitfalls specific to buying property in Fes, Morocco:

  • Land ownership complexities: Be cautious of collective land titles or uncertain property boundaries unique to Morocco's land system.
  • Riad renovations: Traditional riads may require costly and specialized refurbishments.
  • Medina property restrictions: Historic district regulations may limit modifications and affect investment potential.
  • Zakat implications: Consider religious obligations like zakat tax on property ownership.
  • Foreign buyer restrictions: Non-residents may face limitations on property types or locations.
  • Language barriers: Understand local Arabic or French contracts to avoid misunderstandings.
  • Bribery risks: Guard against corruption and prefer dealing with trustworthy agents.
  • Water scarcity: Confirm access to a reliable water supply, particularly in certain areas.

We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.

real estate Morocco

Everything you need to know is included in our Morocco Property Pack

Living in Fes

Living in Fes is a unique experience, offering a mix of rich culture, history, and modern amenities for those looking to invest in property.

Cost of living

The cost of living in Fes is generally low, with groceries and other necessities costing much less than in larger cities. Housing costs, however, can be a bit higher than in other parts of the country.

Here are some examples to better understand the cost of living in Fes, Morocco:

  • Rent for a one-bedroom apartment in the city center: $300/month.
  • Monthly public transportation pass: $15.
  • Dinner for two at a local restaurant: $20.
  • 1 liter of gasoline: $1.05.
  • Utilities (electricity, water, heating) for an 85m² apartment: $60/month.
  • Gym membership at a local fitness center: $25/month.
  • Ticket to a movie at a cinema: $5.
  • Cup of traditional Moroccan mint tea at a café: $1.50.


Since our goal is to present information clearly and in a reader-friendly manner, we've designed a summary table outlining the different neighborhoods in Fes. For yields, prices and rents, check our property pack.

Neighborhood Description Strengths Weaknesses

Fes el Bali

Fes el Bali is the oldest and most historic neighborhood in Fes, known for its labyrinthine streets, traditional souks, and iconic landmarks like the Al-Qarawiyyin Mosque.

Cultural heritage, historical significance, traditional architecture, bustling markets.

Narrow streets can be confusing, crowded with tourists, limited parking.

Fes Jdid

Fes Jdid, or New Fes, is a relatively modern neighborhood compared to Fes el Bali, featuring a mix of residential areas, administrative buildings, and commercial establishments.

Modern amenities, administrative offices, shopping centers.

Less historic charm, traffic congestion in some areas.

Ville Nouvelle

Ville Nouvelle, or the New Town, is the modern and cosmopolitan district of Fes, offering wide boulevards, modern infrastructure, and a variety of shops and restaurants.

Modern facilities, shopping and dining options, international schools.

Less cultural authenticity, can be crowded during peak hours.

Hay Karima

Hay Karima is a residential neighborhood with a mix of apartments and houses, providing a quiet living environment with access to local amenities and parks.

Residential tranquility, local community, green spaces.

Some areas may lack services, limited entertainment options.


Saiss is an up-and-coming neighborhood with new residential developments, offering modern housing options and easy access to major highways.

Newer housing, easy transportation access, proximity to highways.

May lack established amenities, ongoing construction.

Life in Fes

Fes is a major economic hub in Morocco, with a diverse economy that includes tourism, agriculture, manufacturing, and services. It is also home to the world's largest tannery, and is known for its vibrant handicraft, culinary, and textile industries.

What expats usually like the most in Fes is the city's rich culture and history, with its beautiful ancient mosques and medina, as well as its vibrant nightlife and traditional cuisine.

Access to healthcare in Fes is generally good, with multiple hospitals and clinics available throughout the city.

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Renting out in Fes

This section is for you if you're interested in purchasing property not for personal residence, but rather for the purpose of renting it out to generate rental income.


Tenant Profiles in Fes

If you decide to buy and rent out to long-term tenants, you should target students, young professionals, and expats in Fes, as these are the most common tenant profiles in the area. Additionally, there are also some retirees and families who are interested in renting in Fes.

Here is a little summary table we've made for you.

Property type and area Profiles of potential tenants What they are looking for Expected monthly rent in $

Apartment in Ville Nouvelle

Young professionals, expats

Modern amenities, central location

$300 - $800

Riad in Medina

Tourists, short-term renters

Traditional architecture, cultural experience

$500 - $1500

Apartment in Agdal

Students, young adults

Proximity to universities, affordable

$200 - $500

House in Saiss

Families, expats

Residential area, outdoor space

$500 - $1200

Apartment in Zouagha

Local residents

Quiet neighborhood, basic amenities

$150 - $400

Studio in Mechouar Fes Jdid

Students, young adults

Nearby schools, affordable

$100 - $300

Apartment in Ain Nokbi

Local residents

Suburban living, affordable

$150 - $400

Rental yields

Nowadays, rental yields in Fes are usually below 5%. It's not much. A good rental yield is usually around 7% or higher. Maybe, you knew it already.

Rental yields in Fes are typically highest for properties located near universities, as students in the city often need to rent accommodation. Additionally, properties in the city center tend to have high rental yields due to their convenient location and proximity to amenities.

For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.

Finally, be aware that rental incomes in Fes are taxed at 15%, which is not much.


You could also decide to rent short-term to tourists and visitors who come to explore the city's historic sites and attractions. Additionally, you could rent to students and professionals coming to Fes for a short-term job or internship.

If you decide to go with that option, look for properties in the Old Medina, the Ville Nouvelle, and the Borj Nord neighborhoods. These areas are popular with tourists and offer a variety of housing options close to the city's attractions.

Currently, there are approximately 2,030 active Airbnb listings in Fes, reflecting a highly dynamic and bustling short-term rental market. The average daily rate stands around $64.

You have the opportunity to generate a nice additional income stream then. According to online testimonials and analytics platform like AirDNA, Guesty and Inside Airbnb, people who offer short-term rentals in Fes can make around $600 per month. Also, the average occupancy rate is estimated at 45%.

Is it worth buying real estate in Fes then?

Buying property in Fes can be a smart move for those looking to put down roots in a city with a rich history and a relatively low cost of living. If you're planning to make Fes your permanent home and want to enjoy the unique cultural atmosphere, it's worth considering buying.

The stable economic conditions in Morocco, coupled with projected GDP growth, suggest that property values may rise over time, potentially making it a solid long-term investment. Plus, property prices in Fes are notably affordable, particularly when compared to Western cities. This means you can own a piece of this historic city for a fraction of the cost of properties in places like Paris or London. However, it's essential to do your homework, understand the local market dynamics, and work with trustworthy professionals during the buying process.

On the other hand, if you value flexibility and don't plan on settling in Fes permanently, renting is likely the better option. Renting allows you to avoid the financial commitment and responsibilities of property ownership. It's ideal for expatriates, students, or those who frequently relocate.

While property prices are reasonable in Fes, renting provides the freedom to explore different neighborhoods and living arrangements without being tied down. Additionally, rental yields in Fes are typically below the desired 7% or higher for a good return on investment. So, if you're looking to generate income through real estate, Fes may not be the best place for it.

In summary, buying property in Fes is a solid choice for those seeking a permanent home in a culturally rich city with affordable real estate prices. For those who prioritize flexibility and higher rental yields, renting is the more suitable option in this historically enchanting Moroccan city.

Make sure you understand the real estate market in Fes

Don't rush into buying the wrong property in Morocco. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.

real estate market Fes

The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.