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Fes property prices range from $400-$2,000 per square meter depending on location and property type, with Medina riads averaging $600-$2,000/m² and modern apartments in Ville Nouvelle at $1,000-$1,500/m².
As of September 2025, the Fes real estate market offers diverse investment opportunities across traditional riads in the UNESCO-listed Medina, modern apartments in developing suburbs like Agdal and Hay Riad, and luxury villas in upscale neighborhoods like Batha. Foreign investors typically target Medina properties for tourism-related income, while locals and expats focus on suburban developments for long-term appreciation and rental yields.
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.
Property prices in Fes vary significantly by neighborhood, with Medina riads starting from $100,000 USD and modern apartments from $54,000 USD as of September 2025.
Total acquisition costs including closing fees, taxes, and renovation typically add 10-15% above asking prices, while rental yields range from 4-12% gross depending on property type and location.
| Property Type | Price Range (USD/m²) | Typical Investment | Rental Yield | Best Neighborhoods |
|---|---|---|---|---|
| Medina Riads | $600-$2,000 | $100,000-$200,000 | 8-12% gross | Fes el-Bali, UNESCO area |
| Modern Apartments | $700-$1,500 | $54,000-$120,000 | 4-7% gross | Ville Nouvelle, Agdal |
| Luxury Villas | $1,200-$1,800 | $400,000-$1,000,000 | 3-6% gross | Batha, Immouzer |
| Budget Housing | $400-$800 | $40,000-$80,000 | 6-9% gross | Saiss, Bensouda |
What property types and neighborhoods in Fes should you target for your investment?
The Fes property market offers four main property types across distinct neighborhoods, each serving different investment strategies and budgets.
In the historic Medina (Fes el-Bali), you'll find traditional riads and restored houses ranging from $600-$2,000 per square meter. These UNESCO World Heritage properties attract foreign investors seeking boutique hospitality ventures or unique personal residences. Most riads span 120-400 square meters with traditional courtyards, multiple bedrooms, and roof terraces.
Ville Nouvelle represents the modern European-style district where apartments and contemporary villas cost $1,000-$1,500 per square meter. This area appeals to both locals and expats who prefer modern amenities, nightlife access, and established infrastructure. Properties here typically feature standard layouts with reliable utilities and parking.
The developing suburbs of Agdal and Hay Riad offer family-oriented apartments and newer developments at $700-$1,200 per square meter. These neighborhoods attract families due to good schools, parks, and rapid growth, though some areas still experience ongoing construction activity.
Budget-conscious investors target Saiss and Bensouda neighborhoods where properties cost $400-$800 per square meter, benefiting from high rental demand from university students and young professionals seeking affordable housing options.
What size and condition requirements fit your needs and budget?
Property sizes in Fes vary significantly by type and location, with condition playing a major role in final pricing.
Standard apartments typically measure 60 square meters for one-bedroom units and 85 square meters for two-bedroom layouts. Modern apartments in Ville Nouvelle and Agdal often come turnkey with contemporary finishes, while older buildings may require updates to plumbing, electrical systems, or interior design.
Traditional Medina riads range from 120-400 square meters and commonly feature 4-7 bedrooms arranged around central courtyards. You'll find both fully renovated properties ready for immediate use and restoration projects requiring substantial investment. Restored riads include traditional tadelakt walls, carved cedar ceilings, and modern amenities discretely integrated.
Suburban villas typically occupy 400-600 square meter plots and may include gardens, swimming pools, and secure parking. Villa conditions vary from newly constructed properties with modern specifications to older homes needing renovation work.
Outdoor space, dedicated parking, and turnkey renovation status command premium pricing across all property types and neighborhoods in the Fes market.
What's your realistic all-in budget including hidden costs?
Your total investment budget must account for purchase price plus substantial closing costs and potential renovation expenses.
| Cost Category | Percentage of Purchase Price | Typical Amount (USD) | Description |
|---|---|---|---|
| Registration Fees | 4-6% | $4,000-$12,000 | Government registration and transfer taxes |
| Notary Fees | 1-1.5% | $1,000-$3,000 | Legal documentation and certification |
| Real Estate Agent | 2-5% | $2,000-$10,000 | Commission for property search and transaction |
| Land Registry | 1.5% | $1,500-$3,000 | Property title registration and searches |
| Legal & Misc | 1-2% | $1,000-$4,000 | Lawyer fees, translations, inspections |
Entry-level Medina riads start around $100,000 USD, while basic one-bedroom apartments begin near $54,000 and two-bedroom units around $77,000. However, these base prices don't include the 7-10% closing costs that bring your total acquisition expense to $110,000-$120,000 for a starter riad.
Renovation projects require additional budgeting of $400-$900 per square meter for comprehensive restoration work. A typical 100-square-meter Medina riad needing full renovation could require $30,000-$70,000 above the purchase price and closing costs.
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How should you finance your Fes property purchase?
Property financing in Morocco strongly favors bank transfers over cash transactions for legal safety and regulatory compliance.
Mortgage financing for foreign buyers typically carries 7-8% APR fixed rates with 20-30 year terms and minimum 20% down payments for investment properties. Banks require comprehensive income documentation, credit checks, and proof of funds for the down payment plus closing costs.
For a $100,000 property financed at 7% over 20 years with 20% down, expect monthly payments around $625 on the $80,000 loan amount, plus property taxes, insurance, and maintenance costs.
Cash purchases remain common and may provide negotiating advantages with sellers, but all transactions exceeding certain thresholds must be processed through regulated banking channels with proper documentation and currency exchange records.
Foreign buyers should budget additional time for mortgage approval processes, which typically require 6-10 weeks for complete processing and approval from Moroccan financial institutions.
What are current asking prices and recent sales in different areas?
Recent market activity shows clear pricing patterns across Fes neighborhoods and property types as of September 2025.
In Agdal, modern apartments list for 1,000,000-1,500,000 MAD ($100,000-$150,000 USD) for 70-100 square meter units in new developments. These mid-tier properties attract families and young professionals seeking contemporary amenities.
Medina riads command 1,200,000-2,000,000 MAD ($120,000-$200,000 USD) for restored properties spanning 120-400 square meters in prime locations near major monuments and tourist attractions. Restoration projects start significantly lower but require substantial additional investment.
Luxury villas in Immouzer and upscale neighborhoods range from 4,000,000-10,200,000 MAD ($400,000-$1,020,000 USD) for 400-600 square meter properties featuring gated security, swimming pools, and landscaped gardens.
Budget apartments in Saiss and Bensouda areas list for 400,000-800,000 MAD ($40,000-$80,000 USD) for 60-90 square meter units, benefiting from high rental demand from university students and young workers.
Which neighborhoods offer the best value at different price points?
Fes neighborhood selection depends heavily on your budget range and investment strategy.
Batha represents the most expensive segment at $1,200-$1,800 per square meter, attracting buyers seeking prestige locations with access to top schools and established infrastructure. This upscale area suits investors with substantial budgets focused on long-term appreciation.
Ville Nouvelle offers stable, desirable properties at $1,000-$1,500 per square meter in the modern European-style district. This area provides the best balance of amenities, rental demand, and price appreciation for mid-range budgets.
Agdal and Hay Riad present developing opportunities at $700-$1,200 per square meter with strong growth potential as infrastructure and amenities continue expanding. These areas suit investors seeking value appreciation over 5-10 year periods.
The historic Medina varies widely from $600-$2,000 per square meter depending on location and condition, offering tourism-focused income opportunities for buyers willing to manage renovation and hospitality operations.
Saiss and Bensouda neighborhoods provide budget entry points at $400-$800 per square meter with consistent rental demand from students and young workers, making them suitable for cash-flow focused investors.
Where should you live based on lifestyle and daily needs?
Your neighborhood choice for personal residence should align with commute patterns, family needs, and lifestyle preferences.
1. **Batha and Ville Nouvelle** offer the best combination of amenities, services, and infrastructure for daily living with established healthcare facilities, shopping centers, and restaurants within walking distance.2. **Agdal and Hay Riad** provide excellent family environments with access to international and private schools, parks, and recreational facilities, though you'll need transportation for some services.3. **Ville Nouvelle** delivers active nightlife, cultural activities, and European-style cafes and restaurants for those seeking urban lifestyle and social opportunities.4. **Medina** suits buyers wanting authentic cultural immersion and historic atmosphere, but daily conveniences may require traveling to modern districts for services.5. **Suburban areas** like Immouzer offer peaceful living with larger properties and gardens, ideal for families preferring quiet residential environments with car-dependent access to services.Don't lose money on your property in Fes
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What rental yields can you expect from investment properties?
Rental yields in Fes vary significantly between short-term tourism rentals and long-term residential leases.
Medina riads generate the highest gross yields at 8-12% annually through short-term vacation rentals and boutique hospitality operations. However, net yields drop to 4-7% after accounting for platform fees, cleaning, maintenance, vacancy periods, and property management costs.
Traditional long-term residential rentals in Ville Nouvelle, Agdal, and established neighborhoods produce gross yields of 4-7% annually with net yields of 3-5% after standard expenses. These properties offer more predictable income with lower management requirements.
Student housing in Saiss and Bensouda areas can achieve gross yields of 6-9% due to consistent demand from university students, though tenant turnover and maintenance may impact net returns.
Luxury villas in upscale areas typically generate lower yields of 3-6% gross but may offer stronger long-term appreciation potential and attract higher-quality tenants with longer lease terms.
It's something we develop in our Morocco property pack.
What should buy-to-resell investors expect for costs and timeline?
Buy-to-resell strategies in Fes require careful budgeting for renovation, holding costs, and exit expenses.
Full property restoration costs range from $400-$900 per square meter, with timeline requirements of 6-12 months for complete renovation projects. Medina riads often require specialized craftsmen for traditional techniques, potentially extending timelines and increasing costs.
Transaction costs include 7-10% for property acquisition and an additional 5-10% for resale, including capital gains taxes and transfer fees. These combined transaction costs can consume 12-20% of your investment if not properly planned.
Properties typically take 6-15 months to sell in the Medina market and 4-8 months for suburban apartments and villas. Well-restored riads with tourism certifications and ready-to-move suburban properties command premium prices and shorter selling periods.
Successful buy-to-resell investors target properties requiring cosmetic improvements rather than structural work, focusing on quality restoration that appeals to the growing tourism market and expatriate buyer segment.
Exit prices for properly renovated riads can achieve 15-30% above restoration costs in well-located areas, but market timing and property positioning significantly impact final returns.
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 are the complete ownership and operating costs?
Property ownership in Fes involves multiple recurring expenses beyond the initial purchase price.
Due diligence and legal fees typically cost $500-$1,500 for property inspections, title searches, and legal representation during the purchase process. Professional inspections cost an additional $300-$600 depending on property size and complexity.
Monthly homeowners association fees range from 300-600 MAD ($30-60 USD) for apartments and up to 1,200 MAD ($120 USD) for villa communities with shared amenities and security services.
Annual utilities and insurance costs run $800-$1,500 for typical properties, with larger riads and villas potentially reaching $2,000+ annually for electricity, water, internet, and comprehensive property insurance coverage.
Property taxes in Morocco range from 0.5-1.5% of assessed property value annually, calculated on official valuations that may differ from market prices.
Professional property management services charge 5-10% of gross rental income for long-term leases and 15-25% for short-term vacation rentals, including marketing, guest services, and maintenance coordination.
How have prices and market conditions changed recently?
The Fes property market has experienced steady growth over the past five years with some acceleration in recent periods.
Property prices have grown 4-6% annually since 2015, with the market rebounding strongly in 2023-2024 after brief pandemic-related softness. As of September 2025, average prices have stabilized around $900 per square meter across all property types.
Rental rates have remained steady with seasonal spikes during peak tourism periods benefiting Medina properties and vacation rentals. Long-term rental demand has strengthened in suburban areas as more expatriates and young professionals seek housing.
Time-to-sell has improved in popular areas, with Ville Nouvelle properties averaging 4-8 months on market compared to 6-15 months for Medina properties requiring specialized buyers interested in restoration projects or tourism ventures.
Foreign investor interest has increased significantly, particularly from European buyers seeking lifestyle changes and North American investors attracted to Morocco's political stability and tourism growth prospects.
What's the outlook for Fes property investment over different time horizons?
Fes property market projections show continued growth potential across multiple timeframes and market segments.
Over the next year, expect moderate price appreciation of 5-8% driven by sustained tourism recovery, infrastructure improvements, and growing international recognition of Fes as a cultural destination. Rental yields should remain stable with potential tourism-related increases during peak seasons.
The five-year outlook shows strong potential for Medina properties and upscale areas as planned infrastructure improvements enhance accessibility and attract more international visitors. New development projects in Ville Nouvelle and Agdal are expected to drive continued suburban expansion.
Ten-year projections favor restored Medina riads and UNESCO-area properties as cultural tourism continues expanding globally. Suburban development in Ville Nouvelle and Agdal will likely drive significant value appreciation as these areas mature with improved amenities and services.
Compared to other major Moroccan cities, Fes remains significantly more affordable than Marrakech where properties average $2,000+ per square meter. Fes offers higher rental yields of 7-12% compared to 5-10% in more expensive markets, while providing similar growth prospects with lower entry costs.
Rabat offers greater institutional stability as the capital city, while Tangier combines tourism appeal with port-related economic growth, but both markets require higher initial investments than Fes for comparable properties.
It's something we develop in our Morocco property pack.
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 offers compelling opportunities for both lifestyle buyers and investors seeking affordable entry points into Moroccan real estate.
Success requires understanding local market dynamics, budgeting properly for all-in costs including renovations and fees, and choosing neighborhoods that align with your investment strategy and timeline.
Sources
- BeFezEstate - Types of Houses to Buy in Fez
- Kensington Morocco - Real Estate Investment Guide in Fes
- Sands of Wealth - Fes Property Analysis
- BeFezEstate - How to Buy Real Estate in Fez
- Fazwaz - Morocco Fes-Boulemane Overview
- M2 Maroc - Riad Renovation Project Fez Medina
- Agenz - Villa and Riad Sales in Fez
- Properties Morocco - Notary Fees for Real Estate Purchase