Agadir, Fès, Oujda: Morocco's Emerging Real Estate Investment Cities in 2026
Aqarrati Team
Moroccan Real Estate Experts
While all eyes focus on Casablanca, Marrakech, and Tangier, other Moroccan cities show remarkable economic fundamentals and still-affordable property prices. In 2026, Agadir, Fès, and Oujda offer gross rental yields of 6-9%, major infrastructure projects, and sustained rental demand growth — all at acquisition prices 40-60% below the major metropolises.
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Why Look Beyond the Major Metropolises?
- Low entry prices: 30-60% cheaper than major cities, same or better yields
- Demographic growth: expanding cities with structural rental demand
- Large infrastructure projects: highways, industrial zones, universities — every new project pulls property prices upward
Agadir: The Booming Pearl of the South
Agadir is Morocco's southern tourist capital with 4M+ passengers/year at its airport. Population 700,000. Average price 7,000-11,000 MAD/m². Gross yield 6.5-8.5%. Price growth +5% over 12 months. Airbnb summer occupancy 78%. Catalysts: Al Massira Airport expansion, Haliopolis free trade zone, planned Marrakech-Agadir high-speed rail by 2028-2030, new Marriott/Hilton/Barceló hotels under construction.
Fès: The Intellectual Capital in Economic Transition
Fès, a UNESCO World Heritage city, has undergone deep economic transformation since 2022. Population 1.3M. Average price 5,500-8,500 MAD/m². Yield 7-9%. Growth +3.5%. 40,000 university students. Catalysts: Fès Export Free Zone (200+ companies, 30,000 direct jobs), 8-faculty university campus, Fès-Meknès-Khénifra highway.
Oujda: Betting on the Rise of the East
Oujda, Oriental region capital 15km from Algerian border. Population 600,000. Average price 4,500-7,000 MAD/m² (among the lowest in urban Morocco). Yield 7.5-10%. Catalysts: Selouane Industrial Zone, new industrial park 2025-2026, Mohammed I University (30,000 students), potential Morocco-Algeria border reopening.
City Comparison
| Criteria | Casablanca | Marrakech | Agadir | Fès | Oujda |
|---|---|---|---|---|---|
| Avg. price (MAD/m²) | 12,000-18,000 | 10,000-25,000 | 7,000-11,000 | 5,500-8,500 | 4,500-7,000 |
| Gross yield | 4-5% | 5-7% | 6.5-8.5% | 7-9% | 7.5-10% |
| Price growth | +3% | +6% | +5% | +3.5% | +2% |
| Resale liquidity | Very high | High | Good | Medium | Low |
| Investor profile | Defensive | Yield+Spec. | Yield | Yield | Speculative |
Recommended Investment Strategy
- Defensive profile (capital preservation) → Fès student rental
- Yield profile (maximum cash flow) → Oujda + Agadir mixed portfolio
- Growth profile (long-term capital gains) → Agadir coastal neighborhoods
- Diversification profile → 1 property in Casablanca + 1 in an emerging city
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Create my free accountFrequently asked questions
Are secondary cities as liquid as Casablanca for resale?
No. Liquidity is lower, with longer selling times (3-6 months vs. 1-3 months in Casablanca). Plan an investment horizon of at least 5 years.
Do you need local contacts to invest in these cities?
It's an advantage but not a requirement. Digital platforms allow remote searching and management. For first-time investors, working with a local specialist is recommended.
Are Daam Sakane programs available in these cities?
Yes. The Daam Sakane program is national and applies in all Moroccan cities for affordable and mid-range housing.
Are there specific risks in these markets?
Main risks: capital loss in case of local downturn, vacancy if you buy in the wrong neighborhood, and regulatory risks for short-term rental. Thorough neighborhood analysis before purchase is essential.
Which is the best city for a first rental investment outside major metropolises?
Agadir offers the best balance of yield, liquidity, and growth. It's generally the recommended choice for a first investment in secondary cities.
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