Fez is Morocco's spiritual capital and the country's big market for buyers who want sensible prices. The Fès el-Bali medina has been a UNESCO World Heritage Site since 1981, and an apartment in the modern center goes for about 7,133 MAD/m² — a third less than Rabat's median (~10,800 MAD/m²). Here are the August 2026 numbers, neighborhood by neighborhood, no fluff.
Fez Neighborhoods: Updated Prices (August 2026)
Ville Nouvelle is the modern center: Boulevard Hassan II, banks, cafés, the train station and most services. Apartment ~7,133 MAD/m²; villa ~7,988.
Talaa, the main artery of the Fès el-Bali Medina, sets the pulse of the historic core: apartment ~4,765 MAD/m², villa ~8,189. Riads rule here, not apartment blocks.
Hay Atlas (~5,148 apartment, ~4,753 villa) is the classic family neighborhood: spacious homes, quiet life, schools nearby.
Oued Fès Extension (~4,963 apartment, ~7,392 villa) is one of the areas with the most new construction.
Narjiss, to the north (~4,470 apartment), concentrates new developments. Note the detail: a new villa in Narjiss goes for ~9,832 MAD/m² — double the apartment price.
Oued Fès (~4,546 apartment, ~5,478 villa) is established residential near the river. Fès el-Jdid (~4,131) is the second medina, more affordable than Fès el-Bali. Al Marja (~4,022 apartment, ~8,133 villa), Menzeh Saiss (~3,989 apartment) and Ain Noqbi (~3,661 apartment) close the list at the bottom: Ain Noqbi is the cheapest neighborhood on the map.
| Neighborhood | Apartment (MAD/m²) | Villa (MAD/m²) | Profile |
|---|---|---|---|
| Ville Nouvelle | ~7,133 | ~7,988 | Modern center, professionals |
| Hay Atlas | ~5,148 | ~4,753 | Family, middle class |
| Oued Fès Extension | ~4,963 | ~7,392 | New build, expansion |
| Talaa (Medina Fès el-Bali) | ~4,765 | ~8,189 | Riads, UNESCO heritage |
| Oued Fès | ~4,546 | ~5,478 | Established residential |
| Narjiss | ~4,470 | ~9,832 | North, new developments |
| Fès el-Jdid | ~4,131 | — | Second medina |
| Al Marja | ~4,022 | ~8,133 | Entry zone |
| Menzeh Saiss | ~3,989 | ~5,022 | First access |
| Ain Noqbi | ~3,661 | ~2,990 | Most affordable |
Fez property price reference, consulted August 2026.
And what about medina riads?
An already-restored riad of about 200 m² starts at €140,000 (≈1.5 million MAD) in Moroccan medinas; in Fez, luxury 320 m² riads reach €368,000 (≈3.9 million MAD), per the pap.fr report (2026). A riad sold for renovation is a different story: the starting price is negotiated case by case, and the works are the real cost — in the Medina everything is done by hand, no trucks.
The Fez Market in 2026
The IPAI index from Bank Al-Maghrib and ANCFCC (Q1-2026) is clear: Fez posted a -2.3% year-on-year price drop. Nationally, prices fell -0.4% year-on-year and transactions -9.3%; quarter-on-quarter the index lost -2.4% and sales -40.2%, with villas the hardest-hit segment (-6.4% on the quarter). It's a correction, not a collapse: established neighborhoods hold up, and the buyer now leads the negotiation.
Demand isn't going away. The Fez prefecture has 1,256,172 inhabitants (RGPH 2024 census, HCP) and three clear engines: the Moroccan diaspora of Fassi origin, the university community (al-Qarawiyyin is the world's oldest operating university) and tourism. Fès-Saïss airport handled 1.92 million passengers in 2025 (-1.3% vs 2024), with December up +2.3% (ONDA). Morocco closed 2025 with a tourism record: 19.8 million visitors (Maroc Diplomatique). And the state direct housing aid program had passed 97,000 beneficiaries by April 2026 (Médias24): demand for new apartments has solid ground beneath it.
What Nobody Tells You About Fez
- •The Medina is not a standard apartment. Restoring a riad in Fès el-Bali means hand-carried scaffolding, heritage permits and stretched timelines. Buyers there buy management, not just brick.
- •A guesthouse is a job. Many riads are bought with the idea of running one. It works, but it needs staff, bookings and daily upkeep. It's not money that falls into your lap.
- •New build up north. Narjiss and Oued Fès Extension concentrate the new developments. A new villa in Narjiss (~9,832 MAD/m²) costs far more than an apartment (~4,470): two markets in the same neighborhood.
- •Two medinas, two prices. Fès el-Jdid, by the Mellah and the Royal Palace, is the "small" medina and trades ~15% below Fès el-Bali.
- •The airport connects. Fès-Saïss keeps low-cost flights to several European cities and a solid base of 1.9 million passengers a year; foreign buyers fly in and out without a stopover.
Can Foreigners Buy? Process and Costs
Yes. Foreigners buy apartments, houses, villas, riads and commercial premises in Fez without restrictions. The only exception is agricultural land, reserved for nationals.
The standard process, in three steps:
- •Preliminary sale agreement before a notary — usual 10% deposit.
- •Moroccan bank account in convertible dirhams — mandatory to repatriate funds if you ever sell.
- •Public deed — final payment and tax settlement.
Real costs, on top of the price:
| Item | Cost |
|---|---|
| Registration duties (apartment/house/villa) | 4% of price |
| Land registry conservation | 1.5% |
| Notary (fees) | 0.5–1% |
| Agency commission | 2.5–3% (paid by the seller, by custom) |
Budget 7–9% on top of the sale price for total outlay. Capital gains: 20% if you sell within 5 years; 0% from year 10 if it was your primary residence for at least 8 years. Funds brought from abroad can be repatriated with no time or amount limits through the convertible-dirham account, via notary and the Exchange Office.
FAQ
How much is a 100 m² apartment in Ville Nouvelle?
At ~7,133 MAD/m², about 713,300 MAD. An elevator, garage or view terrace adds 10–15%.
How much is a riad in the Fez Medina?
Restored, 200 m²: from ≈1.5 million MAD. Luxury, 320 m²: up to ≈3.9 million MAD (pap.fr, 2026). For renovation: starting price negotiable; the works are the real cost.
What happened to Fez prices in 2026?
The Q1-2026 IPAI recorded -2.3% year-on-year in Fez. It's a correction: nothing like 6–10% rises. Sellers are listening to offers.
Which neighborhood fits which budget?
Under 4,500 MAD/m²: Ain Noqbi, Menzeh Saiss, Al Marja and Fès el-Jdid. Between 4,500 and 5,500: Hay Atlas, Oued Fès, Narjiss and Oued Fès Extension. Above: Ville Nouvelle (~7,133). Riads are priced apart, case by case.
Sources Consulted
- •Bank Al-Maghrib and ANCFCC — Real Estate Assets Price Index (IPAI), Q1-2026 (published June 2026)
- •Fez neighborhood property price reference (August 2026)
- •High Commission for Planning (HCP) — 2024 General Population and Housing Census
- •ONDA — 2025 air traffic, via Infomédiaire (January 2026)
- •Maroc Diplomatique — 2025 tourism review (December 2025)
- •Médias24 — direct housing aid (April 2026)
- •pap.fr — report on riads for sale in Morocco (2026)