Fez City Guide

Fez is Morocco's spiritual and cultural capital in the Fès-Meknès region, home to Fès el-Bali, the world's largest car-free urban area and a UNESCO World Heritage medina founded in the 9th century. Morocco is one of the more open North African markets for foreigners, who may freely buy urban and residential property; the only major restriction is on agricultural land, which non-citizens generally cannot own outright. Fez is a slower, value-oriented market than Marrakech or Casablanca, with transaction volumes rising in 2025 and property near announced infrastructure projects gaining a modest 5-10% during planning and a further 10-15% on completion. Investors split between heritage riads in the medina, which suit boutique guesthouse conversions but carry high renovation and access costs, and modern apartments in Ville Nouvelle and the Narjiss district, where rental demand is steadier. Gross residential yields are moderate at roughly 5-7%.