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 is experiencing steady growth in its residential property market with prices rising consistently over recent years.
The current market shows strong fundamentals with apartment prices averaging 7,000-13,000 MAD per square meter, while the forecast indicates continued growth of 5-8% annually through 2028. International buyers are particularly active in the historic Medina, representing about 80% of purchases in that area, while locals dominate the modern apartment market in newer districts.
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.
The Fes property market shows robust growth potential with apartment prices currently ranging from 7,000-13,000 MAD per square meter and forecasted annual growth of 5-8% through 2028.
International buyers dominate Medina purchases while locals prefer modern districts, creating diverse investment opportunities across different property segments.
| Market Indicator | Current Status | Forecast/Trend |
|---|---|---|
| Apartment Prices (per sqm) | 7,000-13,000 MAD | 5-8% annual growth |
| House Prices (per sqm) | 6,000-9,000 MAD | Moderate appreciation |
| Rental Yields (Apartments) | 6-8% | Stable |
| Rental Yields (Houses) | 5-7% | Stable |
| Foreign Buyers (Medina) | 80% | Continuing strong interest |
| Mortgage Rates | 4.5-5.5% | Expected to remain stable |
| Market Liquidity | Slower than major cities | Improving gradually |
What's the current average price per square meter for apartments and houses in Fes?
The current average price per square meter for apartments in Fes ranges from 7,000 to 13,000 MAD (approximately $700 to $1,300).
Houses and villas in Fes typically cost between 6,000 to 9,000 MAD per square meter. However, certain riads located in the historic Medina can exceed 10,000 MAD per square meter, depending on their condition and specific location within the old city.
These price ranges reflect significant variation based on neighborhood, property condition, and proximity to key amenities. Modern apartments in developing areas like Agdal tend toward the lower end of the range, while premium properties in central locations command higher prices.
As of September 2025, these figures represent stable market conditions with steady demand from both local and international buyers.
It's something we develop in our Morocco property pack.
How have property prices in Fes changed over the last five years in percentage terms?
Property prices in Fes have increased by approximately 4-6% per year over the last five years, resulting in a cumulative rise of about 20-32%.
This growth was driven by infrastructure projects, increased tourism interest, and a market rebound following pandemic-related stagnation. The recovery has been particularly strong in the historic Medina area, where international buyer interest has remained consistently high.
The annual growth rate has been relatively stable compared to more volatile markets, making Fes an attractive option for investors seeking predictable appreciation. Modern apartment complexes in newer districts have shown similar growth patterns, though with slightly different timing due to construction cycles.
These increases have outpaced inflation in Morocco, indicating real value growth for property owners during this period.
What's the forecasted annual growth rate for property prices in Fes over the next three years?
Forecasts indicate property prices in Fes are expected to grow at 5-8% annually through 2028.
This projected growth rate is particularly strong for properties in historic districts and developing neighborhoods that are benefiting from infrastructure improvements. The forecast reflects continued international interest and planned government investments in the city's infrastructure.
Properties in the Medina are expected to see the higher end of this growth range due to their unique character and limited supply. Modern apartments may experience more moderate but steady appreciation as new developments come online.
Economic stability in Morocco and continued tourism recovery support these optimistic projections for the Fes residential property market.
How many new housing units are expected to be built in Fes in the next two years?
While specific figures for new housing units in Fes are not precisely available, market indicators suggest moderate supply growth with developments focusing on suburbs like Agdal and Hay Riad.
The construction activity is primarily concentrated in newer districts outside the historic center, where land availability allows for larger residential projects. These developments typically include modern apartment complexes and villa communities targeting middle and upper-middle-class buyers.
Government urban planning initiatives indicate controlled growth to preserve the historic character of the city while meeting housing demand. This balanced approach helps maintain property values while providing new inventory for the growing market.
Supply constraints in the Medina area continue to support price appreciation, while newer areas offer opportunities for both developers and buyers seeking modern amenities.
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 is the current rental yield percentage for apartments in Fes compared to houses?
Apartments in Fes currently offer rental yields of approximately 6-8%, which is slightly higher than houses and villas.
Houses and villas typically generate rental yields of around 5-7%, making apartments the more attractive option for income-focused investors. This difference stems from higher demand for apartment rentals from students, young professionals, and temporary residents.
The higher yields for apartments also reflect their lower purchase prices relative to rental income potential, particularly in areas near universities and business districts. Traditional riads converted to rental properties can achieve yields at the higher end of the apartment range.
These yield figures are gross returns before accounting for property management costs, taxes, and maintenance expenses that property owners should factor into their investment calculations.
How does the average time a property stays on the market in Fes compare with Casablanca or Rabat?
Properties in Fes generally stay on the market longer than those in Casablanca and Rabat due to lower overall demand and different buyer profiles.
Casablanca and Rabat benefit from higher population density, more robust job markets, and greater economic activity, leading to faster property turnover. These major cities typically see properties sell within 3-6 months, while Fes properties may take 6-12 months depending on location and price point.
However, well-priced properties in prime Fes locations, particularly renovated riads in the Medina or modern apartments near universities, can sell relatively quickly to international buyers or local investors.
The longer market time in Fes often works in favor of buyers who have more time to negotiate and conduct thorough due diligence before making purchase decisions.
It's something we develop in our Morocco property pack.
What percentage of property buyers in Fes are local residents versus international investors?
The buyer demographics in Fes vary significantly by property type and location within the city.
In the historic Medina, approximately 80% of property purchases are made by international buyers, primarily Europeans and Americans seeking traditional riads for renovation projects or vacation homes. These buyers are attracted to the cultural authenticity and investment potential of historic properties.
Modern apartments in newer districts like Agdal and surrounding areas see a majority of purchases by local residents, including young families and professionals seeking contemporary housing with modern amenities.
This demographic split creates distinct market segments with different pricing dynamics, renovation requirements, and investment strategies for each buyer type.
What is the current mortgage interest rate in Morocco, and how does it affect affordability in Fes?
Current mortgage interest rates in Morocco typically range between 4.5% and 5.5% for residential property loans.
These rates significantly impact affordability in Fes, where average household incomes are lower than in major economic centers like Casablanca. The combination of moderate interest rates with local income levels creates challenges for many potential local buyers seeking to enter the property market.
For international buyers with higher incomes or cash purchases, the interest rate environment is generally favorable for investment. However, local buyers often require substantial down payments and may face stricter lending criteria from Moroccan banks.
The affordability gap has contributed to the strong presence of international buyers in certain market segments, particularly in the premium Medina properties where cash transactions are common.
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.
What is the average household income in Fes, and how does it compare to the average property price?
The average household income in Fes is estimated at around 6,000-8,000 MAD per month for middle-income families.
When compared to average apartment prices of approximately 700,000-1,000,000 MAD, properties cost about 10-12 times the average annual household income. This ratio indicates significant affordability challenges for local buyers and explains why many rely on family support or extended payment plans.
The price-to-income ratio in Fes is higher than in some other Moroccan cities, reflecting both the cultural value placed on property ownership and the premium associated with the city's historic significance.
This affordability gap has created opportunities for investors with external financing or cash, while local buyers often focus on smaller apartments or properties requiring renovation to enter the market at lower price points.
How many real estate transactions were recorded in Fes in the past year, and is this number increasing or decreasing?
Specific transaction volume figures for Fes are not readily available, but national market reports indicate moderate increases in real estate activity compared to 2023.
Transaction numbers in Fes are increasing but remain below pre-pandemic levels, following the broader Moroccan market trend. The recovery has been steady but gradual, with activity concentrated in certain neighborhoods and property types.
International buyer transactions have recovered more quickly than local buyer activity, particularly for Medina properties and investment-grade apartments. The student housing segment has shown consistent transaction volume due to stable rental demand.
Market analysts expect continued gradual increase in transaction volume as economic conditions improve and buyer confidence strengthens throughout 2025 and beyond.
What's the vacancy rate of residential properties in Fes right now?
Concrete vacancy rate percentages for Fes are not available in current market data, but market observations indicate varied occupancy levels across different property types.
Medina properties often experience seasonal fluctuations in occupancy, with some traditional riads having higher vacancy periods while undergoing renovation or between tourist seasons. Student-oriented apartments in areas near universities tend to maintain higher occupancy rates throughout the academic year.
Modern apartment complexes in newer districts generally show good occupancy rates, particularly those offering contemporary amenities and reasonable rental prices aligned with local income levels.
The overall vacancy situation reflects the market's transition period as supply adjusts to changing demand patterns from both local residents and international buyers with different usage intentions.
It's something we develop in our Morocco property pack.
How much government or foreign investment is being directed into Fes' infrastructure and housing sector over the next five years?
Significant government funds are earmarked for Fes' infrastructure development and housing improvements over the next five years.
Major investment is planned for Medina restoration projects, transport infrastructure improvements, and utility upgrades that will enhance property values throughout the city. These initiatives reflect Morocco's national property sector investment growth of 55% year-on-year.
Foreign investment interest continues to focus on tourism-related real estate development and heritage property restoration, supported by government incentives for cultural preservation projects.
The planned infrastructure investments are expected to improve connectivity between historic and modern districts, potentially boosting property values across different neighborhoods and making the city more attractive to both residents and investors.
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.
The Fes property market presents compelling opportunities for both investors and residents, with steady price appreciation and diverse property options across historic and modern districts.
While affordability challenges exist for local buyers, international investors continue to find attractive opportunities, particularly in the culturally rich Medina area where foreign buyers represent 80% of transactions.
Sources
- Sands of Wealth - Fes Property Analysis
- Sands of Wealth - Morocco Price Forecasts
- Agenz.ma - Fes Property Prices
- BeFezEstate - Real Estate Guide
- Agenz.ma - Fes Apartment Sales
- Global Property Guide - Morocco Rental Yields
- Numbeo - Fez Property Investment Data
- Kensington Morocco - Fes Investment Guide