Ras Al Khaimah, is a nature blessed Northern Emirate in the United Arab Emirates that has been experiencing significant economic growth in recent years. One of the key drivers of Ras Al Khaimah’s economic growth is its strategic location, with an easy access to major business hubs in the region such as Dubai and Abu Dhabi. This has attracted both local and international investors looking to capitalize on the Emirate’s flourishing economy.
The Emirate has diversified its economy beyond oil and gas, with a focus on sectors such as tourism, manufacturing, and real estate. This diversification has led to increased investor interest in the region, particularly in the Real Estate market. In addition, Ras Al Khaimah offers a favorable regulatory environment for property investors, with initiatives such as the freehold property ownership attracting foreign investment. Not to forget, Al Hamra’s Live & Work package offers investors a 12-year UAE residency visa, a partner visa and a trade license on purchase of all ready-to-move-in and select off-plan residential properties.
So, is this the right time to invest in RAK Real Estate Market?
- It is a good time for investors to purchase real estate in Ras Al Khaimah as property prices are expected to surge while the market continues to grow rapidly due to multi-sector investment.
- The fast-growing Emirate is poised for major foreign investment this year, driven by the Wynn Casino announcement which is attracting a flurry of investors and new projects. This comes after 2023 saw record-breaking levels of business and foreign investment.
- The off-plan market is booming here with an advent of branded residences, luxury waterfront projects making its mark with an aim to offer urban progressive lifestyle.
- The rental hikes in Dubai are incentivizing residents to move Northwards where they can afford to upgrade their lifestyles.
- Apart from avid foreign investors, the Emirate anticipates residents of Dubai and Abu Dhabi to invest here to avail vacation/second homes. Alternately commercial real estate will boom as more businesses relocate here.
- The off-plan property types to be developed here are beyond the conventional luxury, they go extra mile offering elite luxury homes overlooking the waterfronts, islands, mountains and deserts. This way the global investors have varied options to choose from living close to nature in a progressive lifestyle.
- Most of the off-plan projects here are set to complete by 2026 and beyond. The value of the off-plan properties often increases before completion, offering potential financial gains to its investors.
- The developers of off-plan projects are currently offering flexible pay plan options with Down Payments ranging between 5-10 % accounting for a small initial investment to own a property.
- The establishment of escrow accounts for all off-plan sales in RAK is a game-changer. It means that investors’ funds are protected and will be used solely for the development of the project they are investing in.
- Investors of off-plan projects in RAK feel secure about their investments as all developers and their projects are required to be registered by the law. This promotes accountability and transparency, making it easier for investors to make informed decisions.
- The RAK regulatory framework not only secures investment but also positions Ras Al Khaimah as a premier destination for real estate investment. It promises a future of high-quality, sustainable development, fostering a vibrant real estate ecosystem.
Ras Al Khaimah is establishing itself as a rising economic force in the UAE and wider Gulf region through targeted investments. The emirate is now forecasting to experience solid growth of approximately 5.1 percent in 2024, driven by strategic developments in sectors such as tourism, real estate, and hospitality.
Overall, Ras Al Khaimah’s positive economic trajectory and investor-friendly policies make it an attractive destination for property investors seeking strong returns. With continued investment in key sectors and ongoing infrastructure development, the emirate is well-positioned for further growth, making it a promising market for those looking to capitalize on its potential.
This time of investment will not come back. #InvestNowInRAK!
