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Fes currently offers some of the most affordable entry points among major Moroccan cities, with property prices ranging from $400-$2,000 per square meter depending on the neighborhood.
The market is experiencing steady growth driven by infrastructure upgrades for major sporting events, increasing foreign buyer interest, and strong rental yields of 6-8% for well-positioned properties. Government initiatives ahead of the 2025 Africa Cup and 2030 World Cup are creating significant development momentum across key districts like Agdal and Ville Nouvelle.
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.
Fes property market shows moderate growth potential with average prices from $400-$2,000 per sqm across different neighborhoods. The market offers strong rental yields of 6-8% and benefits from government infrastructure investments for upcoming international events.
| Metric | Current Status (September 2025) | Key Details |
|---|---|---|
| Average Property Prices | $400-$2,000 per sqm | Medina: $600-$2,000, Ville Nouvelle: $1,000-$1,500 |
| Annual Price Growth | 5-8% forecast for 2025-2026 | Historical average 4-6% since 2015 |
| Rental Yields | 6-8% gross yields | Higher for tourist-oriented riads and Airbnb |
| Time to Sell | 2-5 months (well-priced) | Up to 6-12 months for niche Medina properties |
| Foreign Interest | Strong from Europe/US | Focus on Medina riads and luxury properties |
| Transaction Costs | 10-12% total | 6% transfer tax, 1% stamp duty, 2-3% fees |
| Development Hotspots | Agdal, Ville Nouvelle | New construction and infrastructure upgrades |
What are the current average property prices in Fes by neighborhood?
Property prices in Fes vary significantly depending on the neighborhood, with the historic Medina and modern Ville Nouvelle commanding different price points.
The most expensive area is Batha, where properties cost $1,200-$1,800 per square meter due to its central location and upscale character. Ville Nouvelle follows closely at $1,000-$1,500 per sqm, offering modern European-style architecture that appeals to both locals and expatriates.
Mid-range neighborhoods include Hay Riad at $800-$1,200 per sqm, known for planned communities with good infrastructure, and Agdal at $700-$1,000 per sqm, which is rapidly developing and popular with families. The historic Medina (Fes el-Bali) presents a wide range from $600-$2,000 per sqm, with traditional riads starting around $100,000 but requiring significant renovation investments.
The most affordable entry point is Saiss/Bensouda at $400-$800 per sqm, though these areas may lack some amenities and primarily serve student populations.
Modern apartments in Agdal and newer sections of Ville Nouvelle typically start at approximately €100,000, while villas begin around €250,000.
How have property prices in Fes changed over the last five years?
Fes property prices have demonstrated steady growth over the past five years, with an average annual increase of 4-6% since 2020.
The market experienced a temporary slowdown during the COVID-19 pandemic in 2020-2021, similar to most global markets. However, a notable rebound began in 2023 and continued through 2024, with renewed confidence from both local and international buyers.
As of September 2025, the market shows resilience despite some short-term fluctuations. In Q1 2024, Fes experienced a 1.1% nominal price decline year-on-year, or approximately 2% in inflation-adjusted terms, which experts attribute to temporary market corrections rather than fundamental weakness.
Looking ahead, property analysts forecast resumed moderate growth of 5-8% annually through 2026, driven by infrastructure investments and international event preparations.
This growth trajectory positions Fes as one of Morocco's more stable property markets, offering consistent appreciation without the extreme volatility seen in some coastal cities.
What are the rental yields right now for apartments and houses in Fes?
Rental yields in Fes are currently attractive compared to many international markets, with gross yields averaging 6-8% for well-positioned properties as of September 2025.
Apartments in prime locations, particularly those near universities or in the renovated sections of the Medina, typically generate gross yields of 6-7%. Properties in Agdal and Ville Nouvelle perform especially well due to consistent demand from young professionals and families.
Traditional riads and houses in the historic Medina offer some of the highest yields at 6-8%, particularly when targeting the tourist market through short-term rentals. These properties benefit from Fes' growing reputation as a cultural destination and the increasing popularity of authentic Moroccan experiences.
Short-term rental platforms like Airbnb show significant profit potential, with well-managed Medina riads often exceeding long-term rental returns by 20-30% during peak tourist seasons.
It's something we develop in our Morocco property pack.
Which areas of Fes are seeing the most new construction and development?
Agdal district stands out as the epicenter of new development activity in Fes, with numerous modern apartment blocks and mixed-use projects currently under construction.
Ville Nouvelle is experiencing significant construction along Avenue Hassan II and Route d'Imouzzer, with developers targeting young professionals and growing families seeking modern amenities and infrastructure.
Emerging suburbs like Hay Saada and Bensouda are witnessing increased residential construction, primarily focused on student housing and affordable family accommodations to meet growing urbanization demands.
The government's infrastructure upgrades ahead of the 2025 Africa Cup and 2030 World Cup are catalyzing development in multiple areas, with particular focus on transport links and public facilities that support residential growth.
These development patterns reflect Fes' evolution from a purely historic city to a modern urban center while preserving its cultural heritage in the protected Medina areas.
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How long does it typically take to sell a property in Fes?
The time to sell a property in Fes depends heavily on location, pricing strategy, and property condition, with most well-priced properties in desirable neighborhoods selling within 2-5 months as of September 2025.
Properties in modern areas like Agdal and Ville Nouvelle typically move faster due to consistent demand from local buyers seeking contemporary amenities. These areas attract families and professionals who value modern infrastructure and proximity to business districts.
Medina properties present a more specialized market that can take 6-12 months or longer, particularly for traditional riads requiring significant restoration work. However, fully renovated heritage properties with tourist potential often sell more quickly to foreign buyers.
Overpriced properties or those requiring substantial repairs can remain on the market for extended periods, emphasizing the importance of realistic pricing based on current market conditions.
Working with experienced local agents familiar with specific neighborhood dynamics can significantly reduce selling time and improve final sale prices.
What are the main factors driving demand for real estate in Fes?
Tourism growth represents the primary demand driver for Fes real estate, with the city benefiting from Morocco's expanding cultural tourism sector and increasing international recognition as a UNESCO World Heritage destination.
Government infrastructure projects preparing for the 2025 Africa Cup and 2030 World Cup are creating substantial investment momentum, including stadium upgrades, transport improvements, and public realm enhancements that directly boost property values.
The growing digital nomad movement and remote work trends are attracting international buyers seeking affordable, culturally rich locations with good connectivity. Fes offers an attractive combination of low living costs and authentic Moroccan experiences.
Local urbanization continues to drive demand as rural populations move to cities for education and employment opportunities, particularly given Fes' status as an important educational center with several major universities.
Foreign buyer interest, especially from French, Spanish, and American nationals, is increasingly focused on heritage properties and luxury renovations that can serve both investment and lifestyle purposes.
Is there noticeable interest from foreign buyers or mostly local demand?
Fes experiences balanced but distinctly different demand patterns from foreign and local buyers, with each group targeting different property types and neighborhoods as of September 2025.
Local Moroccan buyers predominantly pursue modern apartments in developing suburbs like Agdal and new sections of Ville Nouvelle, seeking contemporary amenities, reliable infrastructure, and family-friendly environments. This demographic drives demand for new construction and modern housing developments.
Foreign buyers, particularly French, Spanish, and American nationals, focus heavily on traditional Medina riads and luxury villas that offer authentic Moroccan architecture and restoration opportunities. These buyers often view properties as both investment vehicles and cultural experiences.
The foreign buyer segment shows particular interest in boutique hospitality projects, converting traditional riads into high-end guesthouses or vacation rentals that capitalize on Fes' growing tourism market.
It's something we develop in our Morocco property pack.
How does the availability of mortgage financing look in Fes today?
Mortgage financing in Fes is readily available through Moroccan banks for both residents and foreign buyers, though terms and requirements differ significantly between these groups.
Moroccan residents can typically access financing for up to 70% of property value with competitive interest rates and standard repayment terms. Local banks like Attijariwafa Bank and Banque Populaire offer established mortgage products with relatively straightforward approval processes.
Foreign buyers face more restrictive conditions, including higher deposit requirements (often 40-50%), shorter loan tenures, and additional documentation proving income stability and legal residency status. Some banks require foreign buyers to maintain substantial deposits with the lending institution.
Interest rates for mortgages generally range from 4-6% depending on the borrower's profile and the specific bank, with fixed and variable rate options available.
The overall financing environment remains supportive of property purchases, though foreign buyers should expect longer processing times and more comprehensive financial verification requirements.
What are the typical costs of property taxes and transaction fees in Fes?
Property transaction costs in Fes are significant and should be carefully factored into any purchase decision, typically totaling 10-12% of the property's purchase price.
| Cost Type | Percentage | Details |
|---|---|---|
| Transfer Tax | 6% | Paid by buyer on purchase price |
| Stamp Duty | 1% | Government fee for legal documentation |
| Notary Fees | 1-2% | Legal processing and registration |
| Agent Commission | 2-3% | If using real estate agent services |
| Capital Gains Tax | 20% or 3% minimum | On sale: 20% of net gain or 3% of sale price (whichever higher) |
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.
How are short-term rental markets like Airbnb performing in Fes compared to long-term rentals?
Short-term rental markets in Fes are significantly outperforming long-term rentals, particularly for properties in the historic Medina and well-located modern apartments.
Renovated riads and centrally located apartments command premium rates on platforms like Airbnb, with occupancy rates boosted by Fes' growing tourism sector and the upcoming international sporting events. Well-managed Medina properties often achieve returns 20-30% higher than traditional long-term rentals.
The tourism infrastructure improvements and increased international flights to Fes are creating sustained demand for authentic Moroccan experiences, which traditional riads provide better than hotels. Peak seasons around cultural festivals and sporting events show particularly strong performance.
However, short-term rentals require more active management, higher maintenance costs, and compliance with local tourism regulations, which some investors may find challenging compared to the passive income from long-term tenants.
The market dynamics favor property owners who can offer authentic, well-maintained accommodations that showcase Fes' cultural heritage while providing modern comfort standards expected by international travelers.
What infrastructure projects or government initiatives could impact property values in Fes?
Major government infrastructure projects ahead of the 2025 Africa Cup and 2030 World Cup are creating substantial positive impact on Fes property values through systematic city improvements.
Stadium upgrades and new sports complexes represent significant investments that improve the city's international profile and accessibility. These facilities will continue generating economic activity and tourism well beyond the sporting events themselves.
The redevelopment of Florence Square and Avenue Hassan II includes improved traffic management, enhanced public spaces, and better connectivity between historic and modern districts. These improvements directly benefit property values in surrounding neighborhoods.
Public transport upgrades and road infrastructure enhancements are reducing travel times and improving access to different city areas, making previously less accessible neighborhoods more attractive for residential development.
Heritage site restoration projects in the Medina, supported by government funding, are preserving cultural assets while creating opportunities for boutique hospitality and luxury residential conversions that command premium prices.
What are experts forecasting for Fes' property market over the next three to five years?
Property market experts forecast moderate but sustained growth for Fes real estate through 2028, with annual price appreciation of 5-8% driven by multiple positive factors converging in the medium term.
Infrastructure spending related to international sporting events will continue supporting property values even after 2030, as improved facilities and connectivity provide lasting benefits to residents and investors. The enhanced international profile from hosting major events is expected to sustain tourism and foreign investment interest.
Continued foreign buyer interest, particularly from European and North American investors seeking affordable entry points into Moroccan real estate, should provide steady demand for heritage properties and modern developments alike.
However, experts caution about potential short-term volatility due to regulatory changes in the tourism sector and broader macroeconomic factors affecting Morocco's economy. Currency fluctuations and changes to foreign investment regulations could impact international buyer activity.
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.
Fes presents a compelling property investment opportunity with its combination of affordable entry points, strong rental yields, and government-backed infrastructure development.
The market benefits from balanced local and foreign demand, reasonable financing availability, and positive medium-term growth prospects supported by major international events and tourism expansion.
Sources
- Global Property Guide - Morocco Price History
- Sands of Wealth - Fes Property Analysis
- Bladi.net - Fez Infrastructure Overhaul
- Fes News Media - Development Updates
- North Africa Post - World Cup Infrastructure
- Kensington Morocco - Fes Investment Guide
- Global Property Guide - Morocco Rental Yields
- BeFez Estate - Real Estate Guide
- Global Property Guide - Morocco Taxes and Costs
- Sands of Wealth - Morocco Price Forecasts