Should you buy property in Fes now?

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

Who is the author of this content?

SANDS OF WEALTH

A team specialized in real estate investing in MENA countries (Morocco, UAE, Oman, etc.)

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Fes. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At Sands of Wealth, we explore the Moroccan real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Fes, Marrakech, and Casablanca. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What are current property prices in Fes across different neighborhoods and property types?

Property prices in Fes vary significantly by location and property type, with an overall city average of approximately $900 per square meter as of September 2025.

The Medina (Fes el-Bali) shows the widest price range at $600-$2,000 per sqm, reflecting the dramatic difference between unrenovated riads requiring extensive work and fully restored luxury properties. Ville Nouvelle commands $1,000-$1,500 per sqm for its modern European-style apartments with contemporary amenities. Batha represents the premium segment at $1,200-$1,800 per sqm, attracting buyers seeking prestigious central locations with higher-end inventory.

The developing districts of Agdal and Hay Riad offer middle-ground pricing at $700-$1,200 per sqm, popular with families and expats seeking modern planned communities. Budget-conscious buyers can find opportunities in Saiss and Bensouda at $400-$800 per sqm, areas with strong student rental demand and local buyer interest.

Entry-level apartments start from $20,000-$50,000, while 2-bedroom units typically range $50,000-$100,000. Unrenovated Medina riads begin around $100,000-$300,000, though fully renovated riads command $300,000-$1,000,000+. Modern villas in upscale areas range $200,000-$500,000, targeting the luxury and expat market segments.

It's something we develop in our Morocco property pack.

How have property prices in Fes changed over the past year, and what are the projected trends?

Fes property prices experienced a slight decline in 2024, falling 1.1% year-on-year in nominal terms and 2% in real terms by Q1 2024, before rebounding with strong demand in late 2024 through mid-2025.

The short-term outlook for 2025-2026 projects moderate growth of 5-8% annually, driven by renewed tourism initiatives, infrastructure upgrades, and increasing expat demand. The Medina and new urban development zones are leading this recovery, benefiting from government heritage preservation programs and tourism marketing campaigns.

Medium to long-term projections remain positive, with historical data showing 4-6% annual growth over the past decade (excluding the COVID-19 disruption). Government infrastructure projects, expanding tourism capacity, and Morocco's strategic positioning as a business gateway between Europe and Africa support continued appreciation.

The recovery pattern reflects broader Moroccan real estate trends, with Fes lagging slightly behind Casablanca and Rabat but offering better value propositions for investors. Tourism-dependent properties in the Medina are experiencing stronger price recovery than suburban residential areas, though both segments show upward momentum.

What are the rental yields in different Fes areas, and how do they compare by property type?

Rental yields in Fes vary significantly by location and property type, with tourist-oriented properties delivering the highest returns as of September 2025.

Property Type	Area	Rental Yield
Renovated Riads (Tourist)	Medina	6-8% (sometimes higher)
Modern Apartments	Agdal, Hay Riad	5-6%
Student Housing	Bensouda	5-6% (steady demand)
Luxury Apartments	Ville Nouvelle	4-5%
Entry-level Apartments	Saiss	5-6%
Traditional Houses	Various districts	4-6%
Commercial Properties	City center	6-7%

Renovated Medina riads operated as tourist accommodations achieve the highest yields, often exceeding 8% when professionally managed and marketed to international visitors. Modern apartments in suburban areas like Agdal deliver consistent 5-6% returns from long-term local tenants, offering more predictable income streams.

Compared to Casablanca's 5-6% average yields, Fes properties can deliver superior returns, particularly through short-term tourist rental models. The city's UNESCO World Heritage status and growing tourism infrastructure support premium pricing for well-located properties.

How quickly are properties selling in Fes, and what are the current demand indicators?

Property demand in Fes strengthened significantly throughout 2025, driven by tourism recovery, foreign interest in historic properties, and local demand for modern suburban housing.

Selling speeds vary considerably by property type and location. Modern apartments in Agdal, Hay Saada, and Bensouda typically sell within a few months due to strong local rental and family demand. These properties appeal to Moroccan buyers seeking contemporary amenities and established infrastructure.

Medina riads present a more complex market dynamic. Well-renovated, turn-key properties can sell relatively quickly when competitively priced, particularly to foreign buyers and tourism investors. However, properties requiring extensive renovation or those with complex ownership issues may take longer to find buyers willing to navigate the restoration process.

The luxury segment in Batha and premium areas of Ville Nouvelle moves more slowly due to the smaller buyer pool, though serious inquiries from expats and high-net-worth Moroccans remain steady. Entry-level properties in Saiss and Bensouda experience consistent demand from first-time buyers and small-scale investors.

Overall market indicators point to increasing buyer confidence, with property viewings up significantly compared to 2024 levels and more international inquiries about both investment and residential purchases.

Which Fes neighborhoods are attracting investment, and which areas remain undervalued?

Investment patterns in Fes clearly favor two distinct strategies: tourism-focused properties in the historic Medina and capital appreciation opportunities in developing suburban areas.

The Medina leads investment attraction due to its UNESCO World Heritage status and tourism potential. Foreign buyers, particularly Europeans and North Americans, actively seek renovated riads for short-term rental operations. This demand has pushed prices higher for turn-key properties while creating opportunities for investors willing to undertake renovation projects.

Agdal and Hay Riad attract significant investment from both local and international buyers seeking capital growth in planned modern developments. These areas benefit from ongoing infrastructure improvements, proximity to business districts, and appeal to growing expat communities working in Morocco's expanding economy.

Undervalued areas offering strong potential include Saiss, where lower entry costs ($400-$800 per sqm) combine with growth potential as city development expands. Bensouda presents another undervalued opportunity, particularly for rental income focused on the substantial student population from nearby universities. These areas offer higher rental yields relative to purchase prices compared to more established districts.

Ville Nouvelle, while more expensive, remains attractive for investors seeking stable appreciation and premium rental income from expat tenants seeking European-style amenities and infrastructure.

What budget ranges define entry-level, mid-range, and luxury property purchases in Fes?

Property budgets in Fes span a wide range, accommodating various investor profiles and strategies across different market segments.

Entry-level opportunities begin with small apartments at $20,000-$50,000 in areas like Saiss, Bensouda, and parts of Agdal. These properties typically require minimal renovation and attract local renters or first-time homebuyers. Unrenovated Medina riads starting around $100,000 also represent entry-level investments for buyers willing to manage renovation projects, though total costs often double after restoration work.

Mid-range investments span $50,000-$300,000, including quality 2-bedroom apartments in Agdal and Hay Riad ($50,000-$100,000) and partially renovated Medina riads ($150,000-$300,000). This segment offers the best balance between affordability and income potential, attracting both local investors and international buyers seeking moderate risk exposure.

The luxury market begins around $300,000, encompassing fully renovated riads ($500,000-$1,000,000+) and modern villas ($300,000-$500,000+) in premium locations like Batha and upscale areas of Ville Nouvelle. These properties target high-net-worth buyers, luxury tourism operators, and expats seeking premium residences with historical character or modern amenities.

Budget allocation should include 10-15% additional costs for legal fees, taxes, and potential renovation work, particularly for Medina properties requiring restoration.

What are the main risks and challenges of buying property in Fes right now?

Property investment in Fes presents several specific risks that buyers must carefully evaluate and mitigate through proper due diligence and professional guidance.

Complex title and ownership issues represent the primary risk, particularly in the historic Medina where property records may be incomplete or disputed. Traditional Islamic inheritance laws can create multiple ownership claims on single properties, requiring extensive legal verification. Engaging experienced local notaries (adoule) and conducting thorough title searches becomes essential to avoid costly ownership disputes.

Renovation unpredictability poses significant financial risks for Medina riads, where hidden structural issues, utility complications, and historical preservation requirements can dramatically exceed initial budgets. Properties may require specialized craftspeople familiar with traditional construction techniques, increasing both costs and project timelines.

Liquidity challenges affect the luxury and specialized property segments, where unique riads or high-end properties may take considerably longer to resell due to limited buyer pools. This risk particularly impacts investors seeking quick capital turnover or those who might need to exit investments rapidly.

Infrastructure limitations in some affordable districts like outer areas of Saiss may affect property values and rental attractiveness. Basic utility services, transportation access, or distance from city centers can impact long-term appreciation potential and tenant demand.

It's something we develop in our Morocco property pack.

How does the resale market perform in Fes regarding timelines and profit potential?

The Fes resale market exhibits distinct performance patterns depending on property type, location, and renovation quality, with varying timelines and profit margins across different segments.

Resale timelines vary significantly by property category. Standard modern apartments in established areas like Agdal or Ville Nouvelle typically sell within 3-6 months when priced appropriately, benefiting from consistent local demand and straightforward ownership structures. Renovated riads in the Medina can take 6-18 months to sell, depending on uniqueness, price point, and target buyer profile, as they require specialized buyers interested in historic properties.

Profit margins show strong potential for strategically positioned properties. Well-renovated Medina riads targeting tourists or foreign buyers often achieve substantial capital gains, particularly when purchased as unrenovated properties and professionally restored. The tourism appeal and cultural significance create premium pricing opportunities for quality restorations.

Standard apartment investments show moderate but steady appreciation, typically tracking the 4-6% annual market growth trends. These properties offer more predictable returns with lower risk profiles, appealing to conservative investors seeking steady capital appreciation alongside rental income.

The best resale performance comes from properties combining historical significance with modern amenities, quality renovated riads in prime Medina locations, and modern apartments in developing areas with strong infrastructure growth potential.

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 regulations, taxes, and incentives affect property purchases in Fes currently?

Property purchases in Fes operate within Morocco's national real estate regulatory framework, with specific local considerations affecting investment decisions and costs.

Standard Moroccan real estate taxes and transfer fees apply to all transactions, including registration taxes (approximately 5-7% of property value), notary fees, and legal costs. Foreign buyers face no ownership restrictions on most property types, though agricultural land purchases require special permits. Property taxes remain relatively low compared to European standards, supporting long-term holding strategies.

National and local incentives supporting real estate investment include urban renewal programs, infrastructure development initiatives, and government tourism promotion efforts that particularly benefit historic center properties. These programs provide indirect support through improved infrastructure, marketing, and preservation funding rather than direct tax incentives to individual buyers.

Recent regulatory developments focus on tourism accommodation standards and short-term rental licensing, affecting investors planning tourist rental operations. Properties operating as guesthouses or short-term rentals must comply with tourism ministry standards and obtain appropriate licenses, adding operational requirements but also legitimizing the income potential.

Due diligence requirements emphasize avoiding untitled properties and engaging qualified legal specialists familiar with local ownership complexities. The government has increased efforts to digitize property records and streamline transaction processes, though traditional areas like the Medina still require careful legal navigation.

How does property availability differ between new builds, traditional riads, and modern apartments?

Property availability in Fes reflects the city's dual character as both a modern urban center and historic cultural destination, creating distinct supply patterns across different property types.

New builds show growing availability in suburban areas including Agdal, Hay Riad, and Saiss, driven by expanding urban development and population growth. These developments typically feature modern infrastructure, parking facilities, and contemporary amenities appealing to local families and expatriates. Developers focus on apartment complexes and small villa projects with standardized designs and transparent ownership structures.

Traditional riads maintain abundant supply within the Medina, though availability varies dramatically by condition and renovation status. The market offers numerous unrenovated properties requiring extensive restoration work, presenting opportunities for investors willing to manage complex renovation projects. However, the supply of turn-key, fully renovated riads remains limited, creating premium pricing for properties ready for immediate occupation or tourism operations.

Modern apartments show ready availability throughout Ville Nouvelle, Agdal, and planned districts, appealing to buyers seeking European-style living standards with predictable maintenance requirements. These properties offer straightforward ownership structures and immediate habitability, attracting both local residents and long-term expatriates working in Morocco's growing economy.

The disparity between available properties and those meeting international buyer expectations creates market opportunities for investors willing to bridge renovation gaps or target specific buyer segments.

What are living conditions and infrastructure like in popular residential districts?

Living conditions across Fes residential districts vary significantly, reflecting the city's blend of historic heritage and modern development, with clear distinctions between traditional and contemporary neighborhoods.

1. **Ville Nouvelle and Batha** offer the most European-style living standards with modern infrastructure, reliable utilities, and established international schools. These areas attract expats and affluent Moroccans seeking contemporary amenities, shopping centers, and restaurant options. Street maintenance, waste collection, and public services meet international standards.2. **Agdal and Hay Riad** represent rapidly developing family-friendly districts with improving infrastructure and growing service availability. These planned communities feature modern apartment complexes, developing commercial areas, and good access to the city center while maintaining quieter residential character.3. **Medina (Fes el-Bali)** provides unique cultural immersion within UNESCO World Heritage surroundings, though infrastructure may be inconsistent. While some renovated riads offer luxury amenities, others may lack modern utilities or convenient access for vehicles. The experience combines historical authenticity with potential practical challenges.4. **Saiss and Bensouda** offer more basic infrastructure with essential services available but fewer international amenities. These areas serve primarily local residents and students, providing affordable living costs but requiring adaptation to local lifestyle standards.5. **Transportation access** varies by district, with Ville Nouvelle and Agdal offering best connectivity to business districts, while Medina locations may require walking through narrow streets inaccessible to vehicles.

Where should you focus your property search based on your goals and budget?

Property investment strategy in Fes should align with your specific objectives, budget constraints, and risk tolerance, as different areas and property types serve distinct investment purposes.

For buyers planning to live in Fes, focus on Ville Nouvelle or Agdal for modern amenities, reliable infrastructure, and integration with expat communities. Budget $100,000-$300,000 for quality apartments with contemporary features, established utility systems, and proximity to international schools and services. These areas provide the smoothest transition for foreign residents while maintaining stable property values.

Rental income strategies should target renovated Medina riads for tourist accommodation (budget $300,000-$600,000+ for turn-key properties) or affordable student apartments in Bensouda/Agdal ($50,000-$100,000) for steady local rental demand. Tourist-focused properties require active management but deliver higher yields, while local rental properties offer more passive income streams with consistent occupancy.

Capital appreciation focuses should concentrate on quality renovated riads in prime Medina locations or new build apartments in developing suburbs like Agdal and Hay Riad. These areas combine growth potential with established demand patterns, supporting both short-term rental income and long-term value appreciation.

Entry-level investors with $50,000-$100,000 budgets should consider modern apartments in Agdal or unrenovated riads requiring renovation work, depending on their management capabilities and timeline flexibility.

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.

Sources

1. Sands of Wealth - Fes Property Market Analysis
2. Global Property Guide - Morocco Price History
3. Sands of Wealth - Morocco Price Forecasts
4. Sands of Wealth - Morocco Real Estate Forecasts
5. Vaneau Maroc - Real Estate 2025 Morocco
6. Housing Place - Real Estate Trends Morocco
7. Kensington Morocco - Investment Guide Fes
8. Befez Estate - How to Buy Real Estate Fez