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 unique investment opportunities in 2025, with property prices averaging $900 per square meter and strong rental demand from both tourists and locals.
The Fes real estate market combines affordable entry points with significant appreciation potential, especially in the historic Medina where renovated riads can generate rental yields of 6-8% annually. As we reach mid-2025, foreign buyers continue to drive demand for traditional properties while locals focus on modern apartments in developing neighborhoods.
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.
Buying property in Fes in 2025 makes financial sense for long-term investors and lifestyle buyers, with prices 30-40% lower than Marrakech or Casablanca and growing tourist demand driving rental income potential.
The best opportunities lie in Medina riads for tourist rentals ($100,000-$500,000) and modern apartments in developing areas like Agdal for steady appreciation ($50,000-$100,000).
| Property Type | Price Range | Best For |
|---|---|---|
| Small Apartment | $20,000-$50,000 | First-time buyers, local rentals |
| 2-Bedroom Apartment | $50,000-$100,000 | Families, long-term investment |
| Medina Riad (unrenovated) | $100,000-$300,000 | Renovation projects, guesthouses |
| Renovated Riad | $300,000-$1,000,000+ | Luxury rentals, immediate income |
| Modern Villa | $200,000-$500,000 | Expat living, premium rentals |
| Land (per sqm) | $200-$800 | Development projects |
| Commercial Space | $50,000-$200,000 | Business ventures |
What types of properties can you buy in Fes, and which ones do locals and foreigners prefer?
The Fes property market offers diverse options suited to different budgets and investment strategies.
Riads dominate the historic Medina district, ranging from unrestored properties needing significant work to fully renovated luxury guesthouses. These traditional Moroccan homes with central courtyards attract 80% of foreign buyers interested in authentic architecture and tourist rental potential. Prices start at $100,000 for renovation projects and exceed $1 million for premium restored properties.
Modern apartments populate newer districts like Ville Nouvelle and Agdal, offering contemporary amenities and easier maintenance. Local buyers prefer these properties for family living, with 2-bedroom units averaging $77,000 as of June 2025. Villas with gardens and pools in upscale neighborhoods appeal to affluent Moroccans and some expats seeking comfort.
Townhouses and smaller traditional dars provide affordable entry points, especially in the Medina's less touristy sections. Commercial properties and development land also attract investors planning longer-term projects.
Foreign buyers overwhelmingly choose Medina riads for their investment potential and cultural appeal, while locals prioritize practical modern apartments in developing neighborhoods with good infrastructure.
Should you rent or buy property in Fes in 2025?
Buying property in Fes makes more financial sense than renting if you plan to stay more than 3 years or seek investment returns.
Rental costs in Fes remain affordable at $200-$400 monthly for decent apartments, making it attractive for short-term residents testing the market. However, with property prices rising moderately and still 30-40% below Marrakech or Casablanca levels, purchasing offers better long-term value. A $50,000 apartment renting for $300 monthly provides annual yields around 7%.
The 2025 market favors buyers due to increasing tourist demand driving short-term rental income, especially in the Medina where well-managed riads achieve occupancy rates above 60%. Property appreciation averages 5-7% annually in prime areas, outpacing inflation.
Renting suits those uncertain about long-term plans or wanting flexibility to explore different neighborhoods. Students, short-term professionals, and cautious expats often rent first before committing to purchase.
For investment purposes or stays exceeding 3 years, buying provides stability, customization freedom, and wealth-building through appreciation and rental income.
How have Fes property prices changed, where are they now, and what's coming?
Property prices in Fes have steadily increased over the past decade, though more slowly than Morocco's major coastal cities.
Historical data shows average price growth of 4-6% annually since 2015, driven by tourism expansion, infrastructure improvements, and foreign investment in the Medina. The COVID-19 period saw temporary stagnation, but prices rebounded strongly in 2023-2024.
As of June 2025, Fes property averages $900 per square meter, making it one of Morocco's most affordable major cities. Specific current prices include 1-bedroom apartments (60 sqm) at approximately $54,000, 2-bedroom units (85 sqm) around $77,000, and entry-level Medina riads from $100,000.
It's something we develop in our Morocco property pack.
The outlook for 2025-2026 indicates continued moderate growth of 5-8% annually, supported by government tourism initiatives, improved transport links, and growing expat communities. Medina properties with tourism potential show the strongest appreciation prospects.
What are the current Fes real estate trends - who's buying what?
The Fes property market in 2025 shows distinct buying patterns between locals and international investors.
Moroccan buyers focus on modern apartments in developing suburbs like Hay Saada and Agdal, prioritizing proximity to schools, shopping, and employment. Young professionals increasingly purchase studio and 1-bedroom units as rental investments, capitalizing on student housing demand.
Foreign buyers, particularly from France, Spain, and increasingly the US, concentrate on Medina riads for boutique hotel conversions or personal residences. This segment drives renovation activity, with restored properties commanding premium prices and generating strong rental yields through platforms like Airbnb.
Emerging trends include increased interest in mixed-use developments combining residential and commercial spaces, growing demand for properties with home office capabilities, and rising investment in eco-friendly renovations that preserve traditional architecture while adding modern comfort.
The luxury segment shows particular strength, with high-end riads and villas attracting wealthy buyers seeking unique properties in Morocco's spiritual capital.
Which Fes neighborhoods are affordable, developing, or upscale?
Fes neighborhoods offer distinct investment opportunities across different price points and development stages.
| Neighborhood | Category | Price per sqm | Key Advantages | Potential Drawbacks |
|---|---|---|---|---|
| Medina (Fes el-Bali) | Historic/Variable | $600-$2,000 | UNESCO heritage, tourist appeal, authentic architecture | Complex ownership, renovation costs, narrow streets |
| Ville Nouvelle | Modern/Upscale | $1,000-$1,500 | European layout, cafes, nightlife, modern amenities | Higher prices, less traditional character |
| Agdal | Developing | $700-$1,000 | Family-friendly, good schools, shopping centers | Construction activity, traffic congestion |
| Hay Riad | Developing | $800-$1,200 | Planned community, wide streets, parks | Distance from historic center |
| Batha | Upscale | $1,200-$1,800 | Central location, prestigious address, proximity to palace | Limited inventory, premium pricing |
| Saiss | Affordable | $400-$700 | Low entry costs, growth potential, local community | Basic infrastructure, far from center |
| Bensouda | Affordable/Developing | $500-$800 | University proximity, student rental demand | Seasonal vacancy, limited amenities |
How do you buy property in Fes - legal steps and fees?
Purchasing property in Fes follows a structured legal process requiring careful attention to documentation and local regulations.
First, identify your property through licensed agents, online platforms like Mubawab or Agenz, or local contacts. Once selected, negotiate the price - expect 10-15% below asking price as standard practice. Draft a preliminary sales agreement (compromis de vente) outlining terms, typically with a 10% deposit.
Due diligence proves critical, especially for Medina properties where ownership can be complex. Verify the title deed (titre foncier) at the land registry, check for outstanding taxes or liens, and confirm building permits for any modifications. For untitled Medina properties, work with an Adoule (traditional notary) who handles these transactions.
Complete the purchase through a notary (notaire) who prepares the final deed, ensures legal compliance, and registers the sale. Foreign buyers need a Moroccan bank account for transactions exceeding 100,000 dirhams. Total transaction costs typically reach 8-12% including notary fees (1-1.5%), registration tax (5%), agency commission (2.5-4%), and miscellaneous expenses.
Where should you search for property in Fes?
Finding the right property in Fes requires using multiple channels to access the full market inventory.
Licensed real estate agencies provide professional service and legal protection, with established firms like Fez Real Estate, BeFezEstate, and Properties in Fes Medina specializing in different market segments. These agencies offer bilingual services, handle negotiations, and guide foreign buyers through legal procedures.
Online platforms dominate modern property searches, with Mubawab.ma leading for general listings, Agenz.ma focusing on verified properties, and specialized sites like FesProperties.com catering to foreign buyers. These platforms provide photos, virtual tours, and direct owner contacts.
Local networks remain invaluable, especially for off-market Medina properties. Engaging local fixers, joining expat Facebook groups like "Fes Expats & Property," and networking at cafes in Ville Nouvelle often uncover hidden gems. Word-of-mouth through the tight-knit foreign resident community frequently yields the best restoration opportunities.
It's something we develop in our Morocco property pack.
Professional property consultants who combine local knowledge with international standards offer comprehensive services including property sourcing, legal assistance, and renovation management - particularly valuable for overseas buyers.
What property can you buy in Fes with $20K, $50K, or $100K?
Your budget determines property options in Fes, with opportunities at every price level.
With $20,000, you can purchase a small unrenovated dar in the Medina requiring significant work, a studio apartment in outer districts like Saiss, or a modest 1-bedroom apartment in developing areas. These properties suit budget-conscious buyers willing to invest time and additional funds in improvements.
A $50,000 budget opens doors to decent 1-2 bedroom apartments in neighborhoods like Hay Saada or Bensouda, small partially restored riads in less touristy Medina sections, or larger apartments needing cosmetic updates in Agdal. This range attracts first-time buyers and investors seeking rental income from students or young professionals.
At $100,000, options expand significantly to include well-renovated 2-3 bedroom apartments in prime areas, entry-level riads suitable for guesthouse conversion, modern townhouses in developing neighborhoods, or small villas in suburban areas. This budget allows immediate rental income generation without major additional investment.
Each budget level offers investment potential, but higher budgets provide move-in ready properties in better locations with stronger appreciation prospects.
Don't lose money on your property in Fes
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
What mistakes should you avoid when buying Fes real estate?
Common pitfalls can derail property purchases in Fes, especially for foreign buyers unfamiliar with local practices.
The biggest mistake involves skipping proper due diligence on Medina properties where ownership histories span centuries. Multiple heirs, informal agreements, and missing documentation create legal nightmares. Always verify titles through official channels and hire specialized lawyers familiar with traditional property law.
Underestimating renovation costs ruins many investment plans - budget 30-50% above initial estimates for Medina restorations. Hidden structural issues, required authentic materials, and skilled craftsmen costs quickly escalate. Get detailed quotes from multiple contractors before purchasing.
Ignoring ongoing expenses proves costly. Property taxes, maintenance, security, and utilities add up, while guesthouse operations require staff, licenses, and marketing budgets. Calculate total ownership costs including these factors.
Cultural misunderstandings and language barriers lead to poor decisions. Use bilingual agents, have contracts translated, and understand local customs around negotiation and payment. Never attempt DIY legal work or trust verbal agreements - written contracts protect all parties.
How much money do you need to live comfortably in Fes?
Living costs in Fes remain remarkably affordable compared to Western standards and other Moroccan cities.
A single person lives comfortably on $500-$900 monthly, while families need $1,200-$1,800 depending on lifestyle choices. These budgets cover all essential expenses including housing, food, transportation, and entertainment.
Monthly expense breakdown shows rent at $200-$400 for decent apartments (less in outer areas), groceries costing $150-$250 with local market shopping, utilities including internet running $50-$100, and local transportation via petit taxis or buses totaling $20-$50.
Dining out remains very affordable with traditional restaurants charging $3-$8 per meal, while Western-style establishments in Ville Nouvelle cost more. Entertainment, gym memberships, and social activities add another $100-$200 monthly for active lifestyles.
Healthcare costs stay low with quality private clinics charging $20-$40 per consultation. Many expats find they save 60-70% compared to European or American living costs while maintaining comfortable standards.
What's expat life like in Fes - pace, safety, community, language?
Fes offers expats a unique blend of traditional Moroccan culture and growing international community.
The pace of life moves slowly compared to Western cities, centered around family, prayer times, and traditional rhythms. Medina life follows ancient patterns while Ville Nouvelle maintains a more European tempo. This relaxed atmosphere attracts retirees and remote workers seeking escape from hectic lifestyles.
Safety generally ranks high, particularly in daylight hours and tourist areas. The Medina requires extra caution at night due to poor lighting and maze-like streets. Ville Nouvelle and modern neighborhoods feel secure, with visible police presence. Petty theft occurs but violent crime remains rare. Women should dress modestly and may experience unwanted attention but serious incidents are uncommon.
The expat community continues growing, with established French, Spanish, and emerging American/British populations. Regular meetups, cultural events, and social media groups facilitate connections. Many expats run guesthouses, creating natural networking opportunities.
Language poses initial challenges as Arabic and French dominate. While tourist areas increasingly use English, learning basic French or Darija (Moroccan Arabic) greatly improves daily life and shows cultural respect.
Should you live in, rent out, or flip your Fes property?
Your property strategy in Fes depends on personal goals, financial situation, and legal status.
Living in your property offers immersive cultural experiences and eliminates rent expenses. Fes provides rich history, vibrant markets, and authentic Moroccan lifestyle at affordable costs. This suits retirees, remote workers, and culture enthusiasts seeking long-term residence.
Long-term rentals generate steady income with strong demand from locals, students, and expats. Modern apartments in Ville Nouvelle or near universities achieve 5-6% annual yields. Management remains straightforward with stable tenants and predictable returns.
Short-term rentals through Airbnb maximize income, especially for well-located Medina riads. Tourist demand supports nightly rates of $50-$200 depending on property quality. However, this requires active management, marketing, and compliance with local regulations. Guesthouse licenses may be needed for multiple rooms.
It's something we develop in our Morocco property pack.
Property flipping works in developing areas where renovation adds significant value. Medina properties offer the highest potential returns but require expertise, capital, and patience. Understanding capital gains tax (20% for non-residents) and transaction costs remains essential for profitability.
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.
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 investment in 2025 offers compelling opportunities for buyers seeking affordable entry into Morocco's real estate market with strong rental income potential.
The combination of UNESCO heritage status, growing tourism, moderate prices compared to other Moroccan cities, and diverse property options from $20,000 studios to million-dollar riads creates multiple investment strategies. Whether you seek cultural immersion, rental income, or long-term appreciation, Fes delivers value when approached with proper research, professional guidance, and realistic expectations about renovation costs and market dynamics.