The Emirates real estate transactions volume witness 25,000% surge in 7 years.
RAK Real Estate Market Pulse: 2017-2024
The real estate market in Ras Al Khaimah is experiencing a remarkable transformation, characterized by an extraordinary increase in transaction volumes over the past seven years. Recent data from the Ras Al Khaimah Statistics Centre reveals that transaction volumes have surged by an astonishing 25,000%, with the total value of real estate transactions reaching AED 2,535,067,291 in June 2024. This marks a significant leap from just AED 10,113,300 recorded in June 2017.
In parallel, mortgage values have also seen unprecedented growth, soaring to AED 3,475,928,534 in July 2024, compared to a mere AED 15,836,398 in July 2017—representing an increase of approximately 21,849%. This trend highlights a growing confidence among investors and underscores Ras Al Khaimah’s rising status as a key player in the real estate market.
Growth Attributes
The recent surge in real estate transactions in Ras Al Khaimah can be attributed to several key factors: increased development, enhanced connectivity, and a rising demand for beachfront properties. An integrated gaming resort is projected to attract approximately 4 million tourists annually, further driving interest in seaside real estate.
This impressive growth in real estate activity coincides with Ras Al Khaimah’s strategic initiatives, which include expanding the Ras Al Khaimah International Airport, investing in hospitality and entertainment sectors, and promoting sustainable urban development. These efforts are attracting greater interest in the emirate, further solidifying its position as a leading destination for real estate investment.
Industry Experts perspective
Andrei Charapenak, the CEO of Major Developers, emphasized the profound changes in the market, stating, “Ras Al Khaimah is no longer an emerging player—it has paved itself as a prime investment destination.” He attributes the surge in real estate transactions and mortgage values to the emirate’s robust economic momentum, driven by strategic infrastructure initiatives and a strong demand for premium residential and commercial properties.
Major Developers, a significant contributor to Ras Al Khaimah’s property growth, is actively engaged in launching prominent projects that meet the increasing interest from both local and international investors. Charapenak noted a shift in investor preferences, with a focus on luxury, sustainability, and lifestyle integration influencing buying decisions. The company is dedicated to shaping the future of real estate in the region by introducing developments that meet global standards.
Market Scenario
Market dynamics indicate a growing confidence, evidenced by the rising number of completed projects and heightened mortgage activity. This uptick suggests that lenders are recognizing the market’s potential and that many developments have reached completion. In contrast to the limited development seen five years ago, the current landscape features a significant array of new projects.
Investor sentiment is also shifting, with luxury, sustainability, and lifestyle integration becoming pivotal in purchasing decisions. The Ras Al Khaimah real estate sector is evolving to align with global standards, creating opportunities that appeal to both local and international buyers. Overall, the region is positioning itself as an attractive destination for diverse real estate investments.
