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
The Fes real estate market in 2026 is showing steady momentum, with residential transactions rising while prices grow modestly.
This blog post breaks down the current housing prices in Fes, the market dynamics, and what foreign buyers need to know before purchasing property in this historic Moroccan city.
We constantly update this article to reflect the latest data and trends in the Fes property 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.
How's the real estate market going in Fes in 2026?
What's the average days-on-market in Fes in 2026?
As of early 2026, the estimated average days-on-market for residential properties in Fes is around 95 days, which means most homes take roughly three months to sell from listing to closing.
The realistic range varies quite a bit depending on property type: apartments in neighborhoods like Ville Nouvelle, Agdal, or Narjiss typically sell in 45 to 75 days, while renovated riads in Fes el Bali take longer at 90 to 150 days, and villas on the outskirts can sit for 120 to 180 days.
Compared to one or two years ago, days-on-market in Fes has likely shortened slightly because transaction volumes across Morocco jumped by over 25% in 2025, signaling that buyers are more active even though price growth remains modest.
Are properties selling above or below asking in Fes in 2026?
As of early 2026, most residential properties in Fes sell at roughly 4% below the asking price, meaning buyers typically negotiate a small discount before closing.
About 80% to 85% of properties in Fes sell at or below asking, while only 15% to 20% achieve full asking price or slightly above, though we should note that Morocco does not publish official sale-to-list ratios, so these are informed estimates based on market conditions.
The properties most likely to see bidding wars and above-asking sales in Fes are turnkey, well-renovated riads in Fes el Bali with good access and legal clarity, as these attract both local buyers and foreign investors competing for genuinely scarce inventory.
By the way, you will find much more detailed data in our property pack covering the real estate market in Fes.
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What kinds of residential properties can I realistically buy in Fes?
What property types dominate in Fes right now?
The Fes property market breaks down roughly into three main segments: apartments make up the largest share at around 60% to 65% of listings, followed by traditional riads and older medina houses at about 20% to 25%, and villas or standalone houses on the outskirts representing the remaining 15% to 20%.
Apartments in the Ville Nouvelle area represent the single largest share of the Fes real estate market, as they appeal to the broadest pool of local buyers including young professionals, families, and investors seeking straightforward rental income.
Apartments became so prevalent in Fes because the city expanded outward during the 20th century, and modern urban development naturally favored mid-rise construction in areas like Agdal and Narjiss where infrastructure could support denser housing at price points accessible to Moroccan households.
If you want to know more, you should read our dedicated analyses:
Are new builds widely available in Fes right now?
New-build properties represent an estimated 25% to 35% of all residential listings currently available in Fes, concentrated almost entirely outside the historic medina where fresh construction is not possible.
As of early 2026, the neighborhoods with the highest concentration of new-build developments in Fes include Agdal, Narjiss, Route d'Immouzer, and the Ain Chkef corridor, where developers have been building apartment complexes and villa projects to meet demand from middle-class Moroccan families.
Get to know the market before buying a property in Fes
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Which neighborhoods are improving fastest in Fes in 2026?
Which areas in Fes are gentrifying in 2026?
As of early 2026, the neighborhoods in Fes showing the clearest signs of gentrification include select pockets of Fes el Bali near major access points, parts of Fes Jdid where restoration projects cluster, and the transitional zones between the medina and Ville Nouvelle where improved services meet heritage appeal.
The visible changes indicating gentrification in these Fes neighborhoods include clusters of professionally restored riads being converted into boutique guesthouses, the arrival of upscale cafes and artisan workshops catering to tourists, and an increasing presence of foreign buyers and Moroccan diaspora investors renovating properties to international standards.
Price appreciation in these gentrifying pockets of Fes has been estimated at 15% to 25% over the past two to three years for well-renovated properties, though this is highly localized and depends heavily on access, legal clarity, and finish quality.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Fes.
Where are infrastructure projects boosting demand in Fes in 2026?
As of early 2026, the areas in Fes where major infrastructure projects are boosting housing demand include neighborhoods with good access to Fes-Saiss Airport, the Ville Nouvelle corridors connecting to major employment zones, and areas near Euromed University of Fez where the innovation ecosystem is growing.
The specific infrastructure projects driving demand in Fes include Morocco's national airport expansion program that covers Fes-Saiss with capacity upgrades, and the Fez Smart Factory initiative at Euromed University which is creating a technology and startup hub that attracts skilled workers who need housing nearby.
The airport expansion program is part of Morocco's broader plan through 2030, while the Fez Smart Factory is already operational and continuing to expand its partnerships with industry, meaning both short-term and medium-term effects on nearby property demand are already visible.
Typically in Fes, property prices near announced infrastructure projects see modest gains of 5% to 10% during the planning phase, with a further 10% to 15% uplift once projects are completed and the improved access or employment opportunities become tangible realities.
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What do locals and insiders say the market feels like in Fes?
Do people think homes are overpriced in Fes in 2026?
As of early 2026, the general sentiment among locals and market insiders in Fes is mixed: many feel that turnkey apartments and move-in-ready properties are overpriced relative to local incomes, but acknowledge that Fes remains significantly more affordable than Casablanca, Rabat, or Marrakech.
When locals argue that homes are overpriced in Fes, they typically point to the gap between asking prices and what average Moroccan households can afford, especially since mortgage rates around 5% make monthly payments stretch budgets even for modestly priced apartments.
Those who believe prices are fair in Fes counter that genuinely good, clean, ready-to-occupy properties are scarce, and that this limited supply of quality inventory justifies the premium over older or unrenovated stock.
The price-to-income ratio in Fes is more favorable than in Morocco's coastal economic hubs, making it one of the more accessible markets for local buyers, though still challenging for households earning the median Fes income.
What are common buyer mistakes people regret in Fes right now?
The most frequently cited buyer mistake in Fes is underestimating the complexity of purchasing a riad in the medina, where access issues, hidden renovation costs, and unclear documentation can turn what looks like a bargain into a financial and logistical nightmare.
The second most common mistake buyers regret in Fes is skipping proper legal and title verification, which leads to disputes over ownership boundaries, unregistered properties, or land classified as agricultural that foreigners cannot legally own.
If you want to go deeper, you can check our list of risks and pitfalls people face when buying property in Fes.
It's because of these mistakes that we have decided to build our pack covering the property buying process in Fes.
Don't buy the wrong property, in the wrong area of Fes
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How easy is it for foreigners to buy in Fes in 2026?
Do foreigners face extra challenges in Fes right now?
Foreign buyers in Fes face a moderate difficulty level compared to locals, primarily due to additional paperwork requirements and the need to establish a clean banking trail for funds entering Morocco.
The main legal restriction foreigners encounter in Fes is the prohibition on purchasing agricultural land or properties classified as "vocation agricole," which can sometimes include plots that appear residential but have rural land designations in the cadastre.
The practical challenges foreigners most commonly face in Fes include navigating the notary-driven transaction process without French or Arabic language skills, understanding that how you transfer money into Morocco affects your ability to repatriate sale proceeds later, and dealing with medina properties where documentation may be incomplete or boundaries disputed.
We will tell you more in our blog article about foreigner property ownership in Fes.
Do banks lend to foreigners in Fes in 2026?
As of early 2026, mortgage financing is available to foreign buyers in Fes but with stricter conditions than locals face, meaning you should expect to work harder for approval and accept less favorable terms.
Foreign buyers in Fes can typically access loan-to-value ratios of 50% to 70% compared to the 80% or more that Moroccan residents might obtain, with interest rates around 5% to 6% depending on the bank and your profile.
Banks in Fes typically require foreign applicants to provide extensive documentation including proof of stable foreign income, tax returns from their home country, a clear source of funds declaration, and sometimes a larger down payment to compensate for the perceived higher risk of lending across borders.
You can also read our latest update about mortgage and interest rates in Morocco.
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.
How risky is buying in Fes compared to other nearby markets?
Is Fes more volatile than nearby places in 2026?
As of early 2026, Fes shows lower price volatility than tourism-driven markets like Marrakech or Tangier, which can swing more dramatically with seasonal visitor flows and international investment cycles.
Over the past decade, Fes has experienced gentler price swings than Marrakech, where boom periods pushed prices up sharply before corrections, because Fes relies more on steady local end-user demand rather than speculative foreign investment or tourism-dependent economics.
If you want to go into more details, we also have a blog article detailing the updated housing prices in Fes.
Is Fes resilient during downturns historically?
Fes has shown moderate historical resilience during economic downturns, with property values declining less sharply than in more speculative markets because the city's demand base includes a large share of local end-users who buy homes to live in rather than to flip.
During Morocco's most recent property slowdown around 2020-2021, Fes prices dipped by an estimated 5% to 10% in real terms before recovering within about two years as transaction activity resumed, which is milder than the swings seen in Casablanca's speculative segments.
The property types that have historically held value best during downturns in Fes are well-located apartments in established Ville Nouvelle neighborhoods like Agdal, and genuinely exceptional riads in Fes el Bali with clear title and strong rental potential, as these attract committed buyers even when the broader market softens.
Get the full checklist for your due diligence in Fes
Don't repeat the same mistakes others have made before you. Make sure everything is in order before signing your sales contract.
How strong is rental demand behind the scenes in Fes in 2026?
Is long-term rental demand growing in Fes in 2026?
As of early 2026, long-term rental demand in Fes is growing modestly, driven by ongoing urbanization and the expansion of educational and employment hubs that bring new residents who need housing.
The tenant demographics driving long-term rental demand in Fes include university students attending institutions like Euromed University of Fez, young professionals working in the city's growing service sector, and families relocating from rural areas seeking better economic opportunities.
The neighborhoods with the strongest long-term rental demand in Fes right now are Ville Nouvelle, Agdal, and Narjiss, where apartments offer the combination of modern amenities, reasonable commutes, and price points that appeal to working professionals and student renters.
You might want to check our latest analysis about rental yields in Fes.
Is short-term rental demand growing in Fes in 2026?
Morocco does not have nationwide restrictions on short-term rentals like some European cities, though operators in Fes should register their properties and comply with local tax obligations, making the regulatory environment relatively permissive compared to destinations with strict licensing caps.
As of early 2026, short-term rental demand in Fes is growing steadily, supported by the city's UNESCO World Heritage status and increasing visibility among travelers seeking authentic Moroccan experiences beyond Marrakech.
The current estimated average occupancy rate for short-term rentals in Fes Prefecture is around 45% to 55% annually, with significant seasonal variation that peaks during spring and autumn when weather and tourism align favorably.
The guest demographics driving short-term rental demand in Fes include cultural tourists from Europe and North America seeking the medina experience, smaller numbers of business travelers visiting the city's growing institutional sector, and a rising contingent of digital nomads drawn by low costs and historic atmosphere.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Fes.
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 are the realistic short-term and long-term projections for Fes in 2026?
What's the 12-month outlook for demand in Fes in 2026?
As of early 2026, the 12-month demand outlook for residential property in Fes is stable to modestly positive, with transaction activity expected to remain healthy while prices grow slowly in the low single digits.
The key factors most likely to influence demand in Fes over the next 12 months include Morocco's overall economic growth trajectory, mortgage rate movements from Bank Al-Maghrib, and whether tourism to the medina continues its post-pandemic recovery.
The forecasted price movement for Fes residential property over the next 12 months is approximately 0% to 3% growth, reflecting a market that is active but not overheating, where buyers retain negotiating power on most listings.
By the way, we also have an update regarding price forecasts in Morocco.
What's the 3 to 5 year outlook for housing in Fes in 2026?
As of early 2026, the 3 to 5 year outlook for housing prices and demand in Fes is moderately positive, with the best performance expected in neighborhoods that benefit from infrastructure improvements and institutional job growth.
The major development projects expected to shape Fes over the next 3 to 5 years include continued airport capacity expansion under Morocco's national plan through 2030, the maturing of the Fez Smart Factory and Euromed University ecosystem creating skilled employment, and ongoing medina restoration efforts that support heritage tourism.
The single biggest uncertainty that could alter the 3 to 5 year outlook for Fes is whether Morocco's broader economic growth translates into rising household incomes locally, because without income growth, price appreciation will remain constrained by affordability limits.
Are demographics or other trends pushing prices up in Fes in 2026?
As of early 2026, demographic trends are exerting gentle upward pressure on housing prices in Fes, primarily through continued urbanization and household formation among young Moroccans seeking city opportunities.
The specific demographic shifts most affecting prices in Fes include rural-to-urban migration that adds demand for affordable apartments, a growing student population around the city's expanding universities, and modest return migration from Moroccan diaspora families seeking second homes or retirement properties.
Beyond demographics, the non-demographic trends pushing prices in Fes include heritage tourism creating premium demand for renovated riads, foreign buyers discovering Fes as a more affordable alternative to Marrakech, and Morocco's overall positioning as a stable destination attracting international investment flows.
These demographic and trend-driven price pressures in Fes are expected to continue for at least the next 5 to 10 years, as urbanization and tourism growth are structural forces that unfold gradually rather than reversing quickly.
What scenario would cause a downturn in Fes in 2026?
As of early 2026, the most likely scenario that could trigger a housing downturn in Fes would be a combination of significantly tighter mortgage financing, perhaps through higher Bank Al-Maghrib rates, alongside a broader Moroccan economic slowdown that reduces household purchasing power.
Early warning signs that such a downturn is beginning in Fes would include rising days-on-market stretching beyond 120 days for typical apartments, widening gaps between asking and sale prices exceeding 10%, and declining short-term rental occupancy in the medina signaling weakening tourism demand.
Based on historical patterns, a potential downturn in Fes could realistically see prices decline by 10% to 15% in real terms over 18 to 24 months, which would be painful but not catastrophic, and well-located properties with strong fundamentals would likely recover within a few years as the cycle turns.
Make a profitable investment in Fes
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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 (IPAI) | Morocco's central bank publishes the official national housing price and transaction index. | We used it to anchor what the market is doing nationally and in major cities. We treat it as the baseline and adjust for Fes-specific factors like tourism and medina inventory. |
| BAM/ANCFCC Q3 2025 Bulletin | This is the joint official quarterly release behind Morocco's property price index. | We used its latest price and transaction changes to set our 2026 momentum assumptions. We also used it to keep our estimates consistent with the latest nationwide cycle. |
| ANCFCC | ANCFCC is the public agency that records and validates property transactions and land titles in Morocco. | We used it to ground our discussion in how Morocco actually measures transactions through registered deeds. We also use it as a reality check for any claims about sales volumes. |
| BIS via FRED | The Bank for International Settlements property series is widely used internationally for comparing real housing trends. | We used it to compare Morocco's long-run housing cycle and inflation-adjusted trends. We used it to frame how Fes holds up during downturns over multiple cycles. |
| High Commission for Planning (HCP) | HCP is Morocco's national statistics office responsible for demographics and economic data. | We used it to anchor demographics, household formation, and the macro backdrop that drives housing demand. We also use it as the reference for local purchasing power constraints. |
| World Bank Morocco Outlook | The World Bank is a top-tier development institution with rigorous macroeconomic tracking. | We used it to anchor GDP and labor market direction going into 2026. We use it to stress-test our downturn scenario analysis. |
| AirDNA | AirDNA is a widely used private-sector dataset with transparent short-term rental metrics including occupancy and daily rates. | We used it to estimate short-term rental demand in and around Fes. We used it to keep tourism-driven claims tied to measurable occupancy and rates. |
| Mubawab | Mubawab is one of the biggest Moroccan property marketplaces, useful for seeing what's actually on offer. | We used it to describe what property types dominate the active market in Fes. We used it as a supply snapshot, not as an official price index. |
| Euromed University of Fez | This is the official university-backed page for a major local innovation and industry ecosystem. | We used it as a concrete signal of institutional investment and job ecosystem building in Fes. We use it to identify which areas near major employment nodes may tighten faster. |
| Office des Changes | This is the regulator that governs foreign exchange rules affecting how you bring money into Morocco and repatriate proceeds. | We used it to flag the practical importance of a clean banking trail for foreign buyers. We used it to explain why the way you pay can matter as much as the price. |
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