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 property market in 2026 offers foreign buyers a mix of affordable entry points, strong rental yields, and unique heritage assets that you simply cannot find in other Moroccan cities.
We constantly update this blog post to reflect the latest data, prices, and neighborhood trends so you always have fresh information before making any investment decision.
Whether you want a modern apartment in Ville Nouvelle, a traditional riad in the UNESCO-listed Medina, or a villa on the Route d'Immouzzer, this guide breaks down every area with real numbers and honest trade-offs.
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.
What's the Current Real Estate Market Situation by Area in Fes?
Which areas in Fes have the highest property prices per square meter in 2026?
As of early 2026, the three areas in Fes with the highest property prices per square meter are Ville Nouvelle (the modern New Town), Agdal, and the upscale villa pocket of Californie, where prices are driven by modern infrastructure, parking availability, and proximity to services.
In these most expensive neighborhoods of Fes, typical prices range from 7,000 to 10,000 MAD per square meter for apartments, though premium villas in Californie can exceed 12,000 MAD per square meter depending on plot size and finishes.
Each of these high-priced areas in Fes commands a premium for different reasons:
- Ville Nouvelle: Modern building stock, easy car access, and strong rental demand from young professionals.
- Agdal: Family-friendly reputation, proximity to schools, and reliable utilities and services.
- Californie: Large villa plots, quiet residential streets, and perceived exclusivity among affluent locals.
Which areas in Fes have the most affordable property prices in 2026?
As of early 2026, the most affordable areas to buy property in Fes are Sehb Elward, Bel Khyat, Aaouinat Hajjaj, and Zouagha, where prices remain well below the city average due to distance from central amenities and older building stock.
In these budget-friendly neighborhoods of Fes, typical prices range from 3,500 to 5,500 MAD per square meter, which means you can often buy a 90 square meter apartment for under 500,000 MAD.
The main trade-off when buying in these lower-priced areas of Fes is longer resale times, fewer nearby services, and buildings that may require more maintenance, so you need to be stricter on building quality inspections before purchase.
You can also read our latest analysis regarding housing prices in Fes.
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Which Areas in Fes Offer the Best Rental Yields?
Which neighborhoods in Fes have the highest gross rental yields in 2026?
As of early 2026, the neighborhoods in Fes with the highest gross rental yields are Ville Nouvelle (especially smaller apartments), Oued Fes, Route d'Immouzzer corridor, and renovated riads near Bab Boujloud in the Medina, where yields typically range from 7% to 11% gross for well-positioned properties.
Across Fes as a whole, typical gross rental yields range from 5% to 8% for standard apartments and houses, with the best performers being small to mid-sized apartments in high-demand locations with strong tenant pools.
Each of these top-yielding neighborhoods in Fes delivers higher returns for specific reasons:
- Ville Nouvelle: Strong demand from young professionals and couples, plus furnished rental premiums.
- Oued Fes: Lower entry prices than prime Ville Nouvelle but similar tenant demand from working families.
- Route d'Immouzzer: Mid-market apartments with good accessibility and stable local tenant base.
- Medina riads near Bab Boujloud: High short-term rental rates from tourists if properly managed.
Finally, please note that we cover the rental yields in Fes here.
Get to know the market before buying a property in Fes
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Which Areas in Fes Are Best for Short-Term Vacation Rentals?
Which neighborhoods in Fes perform best on Airbnb in 2026?
As of early 2026, the neighborhoods in Fes that perform best on Airbnb are the Medina core near Bab Boujloud and Batha, and central Ville Nouvelle around Avenue Hassan II, where guests seek either authentic heritage stays or modern comfort with easy taxi access.
Top-performing Airbnb properties in the Fes Medina can generate 5,000 to 15,000 MAD per month during peak season, though average annual revenue across all Fes listings is more modest at around 25,000 to 30,000 MAD per year due to strong seasonality and a smaller market compared to Marrakech.
Each of these best-performing Airbnb areas in Fes attracts guests for different reasons:
- Medina near Bab Boujloud: Walkable to major landmarks, authentic riad experience, and Instagram appeal.
- Medina near Batha: Close to museums and tanneries, draws cultural tourists seeking immersion.
- Central Ville Nouvelle: Modern amenities, easy airport transfers, and attracts business travelers.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Fes.
Which tourist areas in Fes are becoming oversaturated with short-term rentals?
The tourist areas in Fes showing signs of oversaturation are the immediate Bab Boujloud gateway zone, the most-walked Batha approaches, and the narrow alleys closest to the Blue Gate, where many investors target the exact same guest flow.
In these oversaturated pockets of the Fes Medina, you may find dozens of competing riad listings within a 200-meter radius, which pushes up renovation costs as owners compete on quality while pushing down nightly rates during shoulder season.
The main sign of oversaturation in these Fes tourist areas is not just listing density but declining average reviews and increased price competition, meaning newer entrants must spend more on marketing and property upgrades just to match established hosts.
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Which Areas in Fes Are Best for Long-Term Rentals?
Which neighborhoods in Fes have the strongest demand for long-term tenants?
The neighborhoods in Fes with the strongest demand for long-term tenants are Ville Nouvelle, Agdal, Route de Meknès corridor near major institutions, and Hay Al Azhar, where stable tenant pools keep vacancy rates low.
In these high-demand neighborhoods of Fes, well-maintained apartments typically rent within two to four weeks, compared to six weeks or more in less desirable areas.
Each of these neighborhoods attracts a specific tenant profile:
- Ville Nouvelle: Young professionals, couples, and furnished-rental tenants seeking urban convenience.
- Agdal: Families with children who value proximity to schools and green spaces.
- Route de Meknès: University staff, students, and workers connected to the UEMF campus catchment.
- Hay Al Azhar: Middle-class families seeking stable, mid-market rental options.
The key amenity that makes these neighborhoods especially attractive to long-term tenants in Fes is reliable daily-life infrastructure, meaning walkable shops, pharmacies, cafes, and reliable utilities that make commuting and errands easy.
Finally, please note that we provide a very granular rental analysis in our property pack about Fes.
What are the average long-term monthly rents by neighborhood in Fes in 2026?
As of early 2026, average long-term monthly rents in Fes range from about 2,500 MAD in outer districts like Zouagha to 7,000 MAD or more in prime Ville Nouvelle locations, with most mid-market apartments falling between 3,500 and 5,500 MAD per month.
In the most affordable neighborhoods of Fes like Ben Souda and Sehb Elward, entry-level two-bedroom apartments typically rent for 2,000 to 3,500 MAD per month unfurnished.
In average-priced neighborhoods of Fes like Hay Al Azhar and Route d'Immouzzer, mid-range two to three bedroom apartments typically rent for 3,500 to 5,500 MAD per month unfurnished.
In the most expensive neighborhoods of Fes like central Ville Nouvelle and Agdal, high-end apartments rent for 5,500 to 7,500 MAD per month, while furnished units and villas can command 8,000 to 25,000 MAD depending on size and finishes.
You may want to check our latest analysis about the rents in Fes here.
Don't buy the wrong property, in the wrong area of Fes
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Which Are the Up-and-Coming Areas to Invest in Fes?
Which neighborhoods in Fes are gentrifying and attracting new investors in 2026?
As of early 2026, the neighborhoods in Fes that are gentrifying and attracting new investors are select Medina micro-areas benefiting from heritage rehabilitation projects, the edges of the old city with improving access, and pockets along the Route de Meknès corridor near the growing university catchment.
These gentrifying neighborhoods in Fes have experienced modest annual price appreciation of around 3% to 6% recently, with the strongest gains in areas where public space improvements or institutional developments have been completed.
Which areas in Fes have major infrastructure projects planned that will boost prices?
The areas in Fes expected to benefit from major infrastructure projects are the zones near Fes-Saiss Airport (capacity expansion narrative), central corridors affected by transport network restructuring, and the Route de Meknès corridor near UEMF.
Specifically, Fes-Saiss Airport has undergone terminal expansion to handle over 2.5 million passengers annually, the city is restructuring its public bus network for better connectivity, and the Euro-Mediterranean University continues to expand its campus and attract staff and students.
Historically in Fes, areas that have benefited from completed infrastructure projects have seen price increases of 5% to 15% over the following two to three years, though the exact impact depends on how directly the project improves daily life for residents.
You'll find our latest property market analysis about Fes here.
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.
Which Areas in Fes Should I Avoid as a Property Investor?
Which neighborhoods in Fes with lots of problems I should avoid and why?
The areas in Fes that present the most problems for property investors are untitled or unclear-title properties anywhere in the city, Medina riads with structural issues or access nightmares, and micro-locations in very low-priced districts with chronic resale liquidity issues.
Each of these problem categories affects specific areas differently:
- Untitled properties (common in older Medina fabric): Without clean ANCFCC registration, you risk being unable to resell or prove ownership.
- Structurally compromised Medina riads: UNESCO heritage constraints plus difficult access can make renovation budgets spiral out of control.
- Very low-priced pockets like Sehb Elward or Bel Khyat: While cheap, resale can take many months and tenant quality is less predictable.
For any of these problem areas in Fes to become viable investment options, you would need either clean titling through ANCFCC, professional structural assessments for riads, or significant local infrastructure improvements that boost tenant and buyer demand.
Buying a property in the wrong neighborhood is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Fes.
Which areas in Fes have stagnant or declining property prices as of 2026?
As of early 2026, the areas in Fes most likely to experience stagnant or flat property prices are peripheral districts with undifferentiated new apartment supply, older buildings in mid-market districts with poor maintenance, and half-renovated Medina assets where buyers fear hidden costs.
These stagnating areas in Fes have seen essentially flat price movement over the past two to three years, with some pockets experiencing effective declines of 2% to 5% when you factor in inflation and transaction costs.
The main underlying causes of price stagnation in these Fes areas are:
- Peripheral new-build zones: Oversupply of similar apartments without strong "why here" demand drivers.
- Older mid-market buildings: Deferred maintenance makes them unattractive compared to newer stock.
- Half-renovated Medina riads: Buyers discount heavily due to uncertainty about true renovation costs.
Get the full checklist for your due diligence in Fes
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Which Areas in Fes Have the Best Long-Term Appreciation Potential?
Which areas in Fes have historically appreciated the most recently?
The areas in Fes that have historically appreciated the most over the past five to ten years are prime Ville Nouvelle corridors, Agdal, and the best-in-class renovated Medina riads in high-visibility locations.
Here is the approximate appreciation these top-performing areas in Fes have achieved:
- Prime Ville Nouvelle: Around 4% to 6% annually, driven by sustained tenant and buyer demand.
- Agdal: Around 3% to 5% annually, supported by family-friendly reputation and services.
- Renovated Medina riads: Variable but up to 8% to 10% for exceptional properties with proven rental income.
The main driver that caused above-average appreciation in these Fes areas is consistent demand from both local residents seeking daily-life convenience and investors recognizing the income potential of well-located, well-maintained properties.
By the way, you will find much more detailed trends and forecasts in our pack covering there is to know about buying a property in Fes.
Which neighborhoods in Fes are expected to see price growth in coming years?
The neighborhoods in Fes expected to see the strongest price growth in coming years are areas benefiting from airport connectivity improvements, Medina micro-zones involved in regeneration projects like Place Lalla Yeddouna, and the Route de Meknès corridor near UEMF's expanding campus.
Here are the projected annual price growth percentages for these high-potential neighborhoods in Fes:
- Airport-adjacent zones: Around 3% to 5% annually as tourism and business travel increase.
- Medina regeneration areas: Around 4% to 7% annually if rehabilitation projects complete successfully.
- Route de Meknès / UEMF catchment: Around 3% to 5% annually supported by institutional demand.
The single most important catalyst expected to drive future price growth in these Fes neighborhoods is the combination of improved infrastructure, tourism momentum, and Morocco's broader economic growth forecast of around 4% annually through 2026.
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 Do Locals and Expats Really Think About Different Areas in Fes?
Which areas in Fes do local residents consider the most desirable to live?
The areas in Fes that local residents consider the most desirable to live are Ville Nouvelle for its convenience and modern amenities, Agdal for its family-friendly environment, and select villa zones on the outskirts for those seeking space and quiet.
Each of these locally-preferred areas in Fes has a distinct appeal:
- Ville Nouvelle: Walkable streets with shops, cafes, and reliable services for daily errands.
- Agdal: Reputation for good schools, green spaces, and a stable residential community.
- Outskirt villa zones: Large plots, gardens, and escape from urban density for car-owning families.
The residents who typically live in these locally-preferred areas of Fes are middle-class and upper-middle-class Moroccan families, professionals working in the city, and retirees seeking comfortable daily life.
Local preferences in Fes generally align with what foreign investors target for long-term rentals, but differ from the Medina-focused approach many tourists and heritage-seeking expats prefer.
Which neighborhoods in Fes have the best reputation among expat communities?
The neighborhoods in Fes with the best reputation among expat communities are the Medina (Fes el-Bali) for lifestyle and heritage expats seeking authentic riad living, and Ville Nouvelle for comfort-focused expats who prioritize modern amenities and easy logistics.
Each of these expat-favored neighborhoods in Fes attracts different profiles:
- Medina (Fes el-Bali): Artists, writers, and retirees drawn to cultural immersion and traditional architecture.
- Ville Nouvelle: Professionals, remote workers, and families who want reliable internet, parking, and Western-style conveniences.
The expat profiles most commonly found in these popular Fes neighborhoods are European retirees, digital nomads, and cultural enthusiasts, with a smaller group of business professionals connected to regional industries.
Which areas in Fes do locals say are overhyped by foreign buyers?
The areas in Fes that locals commonly say are overhyped by foreign buyers are any Medina riad marketed as a guaranteed money-maker, tourist-heavy micro-zones near Bab Boujloud, and properties sold with unrealistic renovation cost estimates.
Each of these areas is considered overhyped for specific reasons:
- "Any riad will print money" narratives: Only the right micro-location plus quality renovation plus professional operations actually win.
- Immediate Bab Boujloud gateway: Competition is intense and heritage constraints drive up costs beyond what many buyers expect.
- Properties with lowball renovation estimates: Foreign buyers often underestimate true costs by 30% to 50%.
What foreign buyers typically see in these Fes areas that locals do not value as highly is the romantic appeal of owning a piece of history, while locals focus more on practical factors like access, daily convenience, and realistic income potential.
By the way, we've written a blog article detailing the experience of buying a property as a foreigner in Fes.
Which areas in Fes are considered boring or undesirable by residents?
The areas in Fes that residents commonly consider boring or undesirable are far-periphery zones with weak public transport connections, micro-areas with very low amenity density, and districts where building quality is generally poor.
Each of these less desirable areas has specific drawbacks:
- Far-periphery zones: Require a car for everything and lack cafes, shops, and social life.
- Low-amenity micro-areas: Few services nearby means daily errands become time-consuming.
- Poor building quality districts: Frequent maintenance issues and less attractive streetscapes.
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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 (BAM) | Morocco's central bank publishing official interest-rate and lending data. | We used it to understand financing conditions for buyers in early 2026. We also referenced it for macro-economic context affecting demand. |
| Agenz Price Referential | Structured price database combining public data, listings, and partner transactions. | We used it to estimate price-per-square-meter by commune and neighborhood. We cross-checked these against other sources to ensure accuracy. |
| Yakeey Price Map | Detailed micro-area price referential with named subdistricts across Fes. | We used it to identify the highest and lowest priced neighborhoods specifically. We triangulated with Agenz to spot outliers caused by small samples. |
| UNESCO World Heritage Centre | International authority on heritage designation for the Medina of Fez. | We used it to explain renovation constraints affecting riad investments. We also referenced it when discussing micro-location premiums in the Medina. |
| ANCFCC (National Land Registry) | Government agency managing land registration and titling in Morocco. | We used it to explain what titled property means for foreign buyers. We also referenced it for due diligence around encumbrances and registration. |
| HCP Fes-Meknes Regional Statistics | Morocco's official statistics office providing regional demographic data. | We used it to ground our demand analysis in real population figures. We also referenced it to avoid vibe-based claims about who lives where. |
| Airbnb Fes Listings | Primary marketplace showing guest search patterns and host clustering. | We used it to validate which zones guests associate with stays in Fes. We then quantified performance using dedicated STR analytics sources. |
| AirROI STR Analytics | Short-term rental data provider with Fes-specific occupancy and revenue metrics. | We used it to estimate Airbnb performance metrics like occupancy and ADR. We cross-referenced with other STR data sources for validation. |
| Hespress IPAI Report | News source citing official BAM-ANCFCC joint price index releases. | We used it to set the national direction of prices going into 2026. We also used it to ensure neighborhood signals don't contradict macro trends. |
| Holcim Foundation (Place Lalla Yeddouna) | Recognized foundation documenting urban regeneration projects in Fes. | We used it to identify Medina micro-areas benefiting from rehabilitation. We also referenced it when discussing gentrification catalysts. |
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.
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