The announcement of the $3.8 billion Wynn Casino, a mega-resort that is set to open in 2027 has significantly impacted Ras Al Khaimah (RAK) by attracting affluent global tourists and boosting the local economy. This ambitious project, revealed in 2022 has already stimulated housing demand particularly in Al Hamra Village a burgeoning community appealing to expatriates seeking lifestyle and affordability.
Ras Al Khaimah (RAK) is experiencing a significant surge in its real estate market, with property values reportedly doubling in recent years. This remarkable growth can be attributed to several key factors:
1. Wynn Al Marjan Island Resort: One of the primary drivers of this growth is the anticipated Wynn Al Marjan Island resort, which will feature the UAE’s first integrated casino. The resort is expected to attract a substantial number of tourists, enhancing RAK’s appeal as a prime destination for both visitors and investors.
2.Increased Tourism: RAK has been aggressively promoting itself as a tourist destination, with investments in infrastructure and hospitality. The addition of high-profile developments like the Wynn resort is likely to further boost tourism, leading to increased demand for real estate.
3.Investment Opportunities: The UAE government’s initiatives to diversify the economy and attract foreign investment have also played a crucial role. The introduction of long-term visas and favorable regulations for property ownership have encouraged more investors to consider RAK for residential and commercial properties.
4.Quality of Living: RAK offers a unique blend of natural beauty, modern amenities, and a relaxed lifestyle, which appeals to both expats and locals. The rising demand for properties in this serene environment contributes to the increase in property values.
5. Economic Diversification: RAK’s efforts to diversify its economy away from oil dependency have led to the development of various sectors, including tourism, manufacturing, and logistics, thereby creating more job opportunities and attracting residents.
As these factors continue to evolve, it’s likely that the momentum in Ras Al Khaimah’s real estate market will persist, presenting lucrative opportunities for developers and investors alike.
David Mackenzie, Director of Dubai-based recruitment firm Mackenzie Jones, emphasizes RAK’s allure for expats, particularly young families and remote workers. Describing the region, he notes its less congested atmosphere, affordability, beautiful beaches, and family-friendly amenities. This has prompted many professionals from Dubai to consider commuting part-time to embrace RAK’s more relaxed lifestyle.
The influx of new residents has led to a notable rise in property values. Homeowners in areas like Al Hamra Village are experiencing significant returns on their investments and shared their experiences-
- A homeowner bought her villa for AED 1.05 million in 2020, and after renovations, its value has surged to AED 2.3 million.
- Similarly, another home owner stated that their home appreciated from AED 1.2 million in 2020 to AED 2.7 million today.
These rising property values reflect a broader trend of growing interest in RAK as a premier destination for expatriates and investors, driven by the expanding economic and recreational landscape anticipated with the upcoming mega-resort.
Tourism drives real estate market growth:
The integration of tourism and real estate is increasingly becoming a powerhouse for economic growth in Ras Al Khaimah (RAK), particularly with landmark projects such as the Wynn casino resort on Marjan Island. This strategic development not only enhances RAK’s status as a luxury travel destination but also dramatically increases property values in the area. According to developers like Range Developments, there is a substantial demand for premium properties, with casino-facing beachfront real estate commanding prices that are up to 300% higher than in nearby regions.
Riaz Shariff, Managing Partner at Range Developments, indicates that the expected surge in visitor number is projected to quintuple within the coming years. It will significantly contribute to the region’s economic landscape, offering a wealth of long-term investment opportunities. As tourism continues to flourish, the real estate market is poised for remarkable growth, making it an opportune time for investors to consider getting involved in the RAK market.
For potential investors, the message is clear : There is an urgent need to capitalize on the current momentum. With escalating demand for high-end properties and substantial potential for long-term returns, RAK is emerging as a prime destination for those looking to make strategic real estate investments.
