Ras Al Khaimah (RAK) is experiencing a promising trajectory in its real estate market, with forecasts indicating substantial growth and price appreciation. This optimistic outlook is largely fueled by rising demand coupled with a housing shortage anticipated in the coming years, as highlighted by a leading real estate agency based in Dubai.
Despite ongoing developments on Marjan Island, the market is expected to encounter a significant shortfall of homes by the completion of the Wynn Gaming resort in late 2025. A renowned industry expert, emphasized that even with new projects in the pipeline, the demand for homes especially waterfront and beachfront properties remains robust, leading to many developments selling out rapidly, often even before their official launch.
The forecast for new units in RAK indicates a low delivery rate. In 2024, only a limited number of projects were finished, with just 318 units delivered in Marina Residence at Al Hamra and 89 units in Marbella 2. The outlook for 2025 appears slightly more optimistic, with two projects in Mina (formerly Mina Al Arab) expected to deliver a total of 648 apartments and 13 lofts in Bay Residence, alongside 146 apartments in Gateway 2.
This shortage of ready-to-move-in units has driven up off-plan property prices by an average of 15-20% in 2024, a trend anticipated to persist into this year. The highest demand is noted for studios and one-bedroom units in waterfront projects close to the Wynn Resort.
Several factors are projected to bolster real estate demand in RAK in the coming years. The emirate’s population is expected to nearly double, reaching 650,000 by 2030. Furthermore, the rapid construction progress of the Wynn Resort is generating increased interest in the region.
RAK’s Economic Zone (RAKEZ) is also playing a pivotal role in attracting global entrepreneurs, thereby increasing demand for both residential and commercial properties. In 2024, RAKEZ reported record growth, registering 13,141 new companies—a remarkable 66% increase from the previous year.
In summary, RAK’s real estate market is poised for dynamic growth and is entering an exciting phase. It is urging investors and homebuyers to brace for rising prices and intensified competition for the limited available properties.
