UAE Real Estate: “Wealthy investors fuel property interest in Ras Al Khaimah” says new Knight Frank Report. One of the recent findings by Knight Frank says HNWI globally are willing to spend USD 388.5M in the Emirate of Ras Al Khaimah. The research further says that RAK’s natural landscape and adrenaline-fuelled attractions stand in stark contrast to Dubai’s hyper-urban, skyscraper-studded skyline. It has quietly carved out a niche for itself over the last 10 years, emerging as an alternative tourist magnet to Dubai.
The most awaited Wynn Resort that is set to open in 2027 and is expected to play a key role in driving holiday demand, as well as boost the appetite for real estate. The gaming venue has not gone unnoticed and is already courting the attention of the global elite. All eyes on RAK, 46% of global HNWI feel that the emirate’s transformation makes it a more attractive real estate market. Similarly, 64% of GCC-based expat HNWI now view RAK more favorably as an investment location directly as a result of the planned Wynn resort.
ACE IN THE HOLE
Across the various HNWI geographic locations, the report has found that UAE-based HNWI expats (80%) and Saudi based HNWI expats (60%) consider the arrival of the Wynn Resort most favorable in the context of viewing RAK as a real estate investment destination.
RAS AL KHAIMAH REAL ESTATE: ALL YOU NEED TO KNOW
- 46% of global HNWI feel that Ras Al-Khaimah’s transformation makes it a more attractive real estate market.
- 75% of those with a net worth of over US$ 20 million feel that the emirate’s transformation makes is a more attractive real estate market.
- 64% of GCC-based expat HNWI view RAK more favorably as an investment location directly as a result of the planned Wynn resort.
- 21% of global HNWI with a net worth of over US$ 15 million would be prepared to spend more than US$ 5 million on property in RAK.
- Global HNWI with a net worth of over US$ 20 million have a potential budget of US$ 3.9 million for a real estate acquisition in RA.
GLOBAL APETITE-RAK REAL ESTATE INDUSTRY
- At a geographic level, East Asian HNWI appear to be most convinced by RAK’s tourism and hospitality offering, with 28% citing a budget of US$ 2-4.9 million for property in RAK.
- On an individual level, GCC-based expats have the lowest budgets (US$ 700,000), while global HNWI budgets range from US$ 1.2 million for those with a net worth of less than US$ 5 million and climbs to US$ 3.9 million amongst the UHNWI (net worth > US$ 20 million).
- Combining all the budgets together of HNWI survey respondents at Knight Frank, a potential pool of private capital worth US$ 388.5 million is taking aim at RAK. This is only 4.8% lower than the combined budget calculated for Abu Dhabi.
This highlights how quickly RAK’s appeal has grown globally both as a tourist destination and a property investment location.
Ras Al Khaimah, the Northern Emirate of UAE is setting up to dazzle and invite attractive global investments across real estate, tourism and hospitality sectors making it UAE’s latest gem!
Source: Facts and Figures in this article are taken from Destination Dubai 2024-Knight Frank Report.
