Ras Al Khaimah, the nature blessed Northern Emirate of UAE is witnessing a significant growth trend since 2023 in the Real Estate Market. Investors witnessed a dynamic market in Ras Al Khaimah that continued to grow at an exciting rate throughout the course of the year 2023. The buzz of opportunity around RAK real estate is reverberating far and wide, with continued growth in 2024 too. The potential for sustainable growth is attracting regional and global investors who have recognized the Emirate as a potential real estate hotspot.
The implementation of zero tax and the option of full foreign ownership have emerged as key catalysts, successfully attracting global investors to the Emirate. The exciting residential and commercial projects across RAK’s real estate market, the emphasis on mega hotel projects, the government’s proactive measures, strategic initiatives, and vision for sustainable growth together ensure that the Emirate has sustained its position as an investment destination of choice in the UAE.
The statistics below sourced from Bayut RAK H1 2023 report justify that Al Hamra Village is most popular in terms of buying and renting interest of investors. On the other hand, Al Marjan Island stands out too for people looking out for real estate investment opportunities in off-plan projects.
Not to forget the average rent in Mina Al Arab increased between 2.36% and 5.01% for studio and 2-bed flats, whereas the 1-bed units became more affordable by 8.34%.
- BUY TREND
- RENT TREND
To summarize the historic buy and rent trends from the statistics above, following are the key highlights-
- In Al Hamra Village, the average price-per-square-foot for flats has surged by 7.84%. Al Marjan Island has been another locality preferred by homebuyers interested in flats in the emirate. The average price-per-square-foot in the area has risen by 4.88% in 2023.
- Mina Al Arab, has also been a popular option, despite a significant increase of 18.5% in average sale prices.
- Areas such as Yasmin Village and Al Seer have also garnered investor interest in 2023.
The advent of RAK Central- most sought-after business district in in the UAE and The Wynn Casino are expected to go live by the end of 2026 and are attracting global investments in the Real Estate Market of RAK in a big way.
Visitors traffic has gone up by well over 20-25% in most key areas in Ras Al Khaimah, and investors from across the globe have recognized the emirate as a strategic destination, making it a hotspot for real estate opportunities.
While Al Marjan Island is riding the wave for off-plan projects, it shall witness some of the finest Branded Residences making its mark here. Address by Emaar, Nikki Beach and Rosso Bay Residences by ALDAR, Aston Martin Residences by Dar Global, JW Marriott Residences, Danah Bay by Dubai Investments, Moonstone Residences by Missoni, Oceano by The Luxe Developers, Manta Bay are some of most sought after key off-plan projects in Al Marjan Island-RAK.
Off-plan projects in Mina Al Arab by RAK properties are pacing fast too in terms of popularity amongst global investors. The Urban Island Living Experience it has to offer at its Hayat and Raha Island is unmatched. While the Al Hamra Waterfront projects are gradually making its mark with new off-plan projects too.
The nature Emirate is steadily growing where more regional investors and funds are beginning to underwrite Ras Al Khaimah market as part of a wider investment strategy.
RAK AS THE ‘NATURE EMIRATE’ IS IN FULL BLOOM!!
