Are you thinking about buying property in Ras Al Khaimah (RAK)? This part of the United Arab Emirates has been growing steadily over the past ten years, becoming a great place to invest in real estate. Whether you’re looking for a home or an investment, it’s important to understand how property prices have changed over time.
But why does past data matter? Imagine trying to guess the weather without looking at past forecasts—you might get caught in the rain! Real estate works the same way. By looking at past prices, we can learn:
- How property values have changed over time
- What events have affected the market
- Prices up and down patterns
- How strong the market is during economic problems
- How RAK balances with other places
In this blog, we will explore how RAK’s property prices have changed from 2014 to 2024. Some key questions we’ll answer include:
- How have prices for houses, apartments, and land changed?
- Did global events, like the COVID-19 pandemic, affect the market?
- Which areas of RAK are growing the fastest?
- How has freehold property ownership changed the market?
- What has the government done to support real estate growth?
Get ready for a journey through RAK’s real estate market, year by year. Let’s dive in!
2016: Substantial Transactions
2016 marks the first year for which we have concrete data and it shows a robust real estate market in Ras Al Khaimah.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 38,16,28,480 | 24,83,79,964 | 2,36,15,42,124 |
| Q2 | 67,90,11,032 | 32,18,53,195 | 13,49,27,102 |
| Q3 | 24,15,56,375 | 30,02,05,644 | 8,39,59,280 |
| Q4 | 38,57,27,662 | 24,51,65,519 | 14,26,26,180 |
The total real estate sales value for 2016 amounted to AED 168,79,23,549, indicating a strong market performance. The second quarter saw the highest sales value at AED 67,90,11,032, suggesting a peak in market activity during this period.
Interestingly, the mortgage values remained relatively stable throughout the year, ranging from AED 245 million to AED 322 million per quarter. This consistency in mortgage values indicates a steady demand for property financing.
The waiver market value, which represents the value of properties transferred without a monetary transaction (such as gifts or inheritance), showed significant fluctuations. The first quarter saw an exceptionally high waiver value of AED 2,36,15,42,124, which could be attributed to a few high-value property transfers.
In terms of specific property types:
- Free Residential Land sales ranged from AED 3,99,64,680 to AED 10,27,79,604 across quarters.
- Built Residential Land transactions varied from AED 2,23,25,000 to AED 4,46,90,372.
- Commercial Residential Land saw a significant transaction in Q2, amounting to AED 19,29,70,960.
- Freehold Villas transactions ranged from AED 3,38,87,918 to AED 7,57,76,292.
- Freehold Apartments sales were between AED 2,63,21,227 and AED 4,86,15,712.
These figures suggest a diverse and active luxury property market in RAK during 2016, with particular strength in the residential and commercial-residential sectors.
2017: Steady Growth
2017 saw a continuation of the strong performance in RAK’s real estate market, with some interesting shifts in various property segments.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 43,83,96,805 | 52,72,93,715 | 11,46,29,663 |
| Q2 | 46,37,33,200 | 18,90,41,472 | 10,27,26,963 |
| Q3 | 43,61,55,433 | 1,43,81,47,123 | 11,07,64,993 |
| Q4 | 41,29,33,057 | 38,21,88,251 | 33,87,43,654 |
The total real estate sales value for 2017 hit AED 175,12,18,495 showing a small uptick from 2016. Unlike the year before, sales values spread more across quarters pointing to a steadier market throughout the year.
Mortgage values in 2017 went up and down a lot. The third quarter saw a big jump in mortgage value reaching AED 1,43,81,47,123. This might mean investors felt more confident or a few big luxury projects got financed during this time.
The waiver market value remained relatively stable for the first three quarters but saw a significant increase in Q4, reaching AED 33,87,43,654. This could suggest an increase in high-value property transfers towards the end of the year.
Looking at specific property types:
- Free Residential Land sales remained strong, ranging from AED 5,25,50,880 to AED 6,12,78,200 per quarter.
- Built Residential Land saw a significant transaction in Q1, amounting to AED 11,99,29,383.
- Commercial Residential Land transactions varied widely, from AED 4,14,90,000 to AED 14,74,95,000.
- Freehold Villas showed strong performance, with transactions ranging from AED 3,09,14,599 to AED 15,70,63,213.
- Freehold Apartments saw high activity in Q1 with sales of AED 21,09,88,768, but decreased in subsequent quarters.
2017 also saw transactions in other categories:
- Popular houses (ranging from AED 21,00,000 to AED 54,10,000)
- Tourist lands (with a significant transaction of AED 4,62,70,005 in Q1)
- Industrial lands (with transactions up to AED 30,00,000)
- Investment lands (ranging from AED 1,28,90,000 to AED 1,62,42,750)
This diverse range of transactions across various property types indicates a maturing luxury real estate market in RAK, catering to different investor preferences and needs.
2018: Fluctuations Year
2018 presented a more volatile picture of the RAK real estate market, with significant fluctuations across different quarters and property types.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 72,57,56,498 | 52,72,93,715 | 11,46,29,663 |
| Q2 | 39,55,19,796 | 18,90,41,472 | 10,27,26,963 |
| Q3 | 34,61,10,023 | 1,43,81,47,123 | 11,07,64,993 |
| Q4 | 39,19,45,622 | 38,21,88,251 | 33,87,43,654 |
The total real estate sales value for 2018 amounted to AED 185,93,31,939, showing a continued upward trend from previous years. Yet, sales weren’t spread out . Q1 stood out with high sales of AED 72,57,56,498 almost twice as much as other quarters.
The mortgage values in 2018 followed the same trend as 2017, with a big jump in Q3 hitting AED 1,43,81,47,123. This similarity points to a repeating pattern of major financing activities in the third quarter.
The waiver market value showed a big uptick in Q4 just like in 2017 reaching AED 33,87,43,654. This might suggest a trend of high-value property transfers as the year comes to a close.
Examining specific property types:
- Free Residential Land sales ranged from AED 3,56,22,050 to AED 4,31,95,000, showing relative stability.
- Built Residential Land saw a significant spike in Q4 with sales of AED 11,52,19,043.
- Commercial Residential Land transactions varied from AED 2,16,25,000 to AED 4,51,97,448.
- Freehold Villas showed strong performance, particularly in Q1 with sales of AED 10,51,82,916.
- Freehold Apartments saw high activity in Q2 with sales of AED 24,45,03,804.
Other notable transactions in 2018 included:
- Popular houses (ranging from AED 1,320,000 to AED 4,887,000)
- Tourist lands (with a significant transaction of AED 207,377,780 in Q1)
- Industrial lands (with transactions up to AED 5,500,000)
- Investment lands (ranging from AED 11,475,000 to AED 28,884,000)
2019: Consolidation Year
2019 saw the RAK real estate market entering a phase of consolidation, with more balanced figures across quarters compared to the previous year.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 333,372,816 | 182,936,796 | 477,965,148 |
| Q2 | 233,350,918 | 251,041,207 | 151,657,713 |
| Q3 | 263,032,367 | 220,313,370 | 113,669,592 |
| Q4 | 341,944,027 | 238,408,821 | 208,843,850 |
The total real estate sales value for 2019 was AED 117,17,00,128, showing a decrease from 2018. This drop might point to a market adjustment or a change in how investors feel. Unlike 2018, sales values spread more across quarters in 2019 hinting at a steadier market scene.
Mortgage values in 2019 fluctuated less than in earlier years, moving between AED 182.9 million and AED 251.0 million each quarter. This steady trend in mortgage values might show that lenders and buyers are taking a more careful approach.
Looking at specific property types:
- Free Residential Land sales ranged from AED 32,496,739 to AED 69,743,760, showing some volatility.
- Built Residential Land transactions varied from AED 71,335,000 to AED 100,886,500.
- Commercial Residential Land sales ranged from AED 7,725,000 to AED 28,780,000.
- Freehold Villas showed consistent performance, with transactions ranging from AED 23,404,020 to AED 44,954,328.
- Freehold Apartments saw relatively stable activity, with sales ranging from AED 4,54,65,013 to AED 65,020,721.
Other notable transactions in 2019 included:
- Popular houses (ranging from AED 1,633,334 to AED 2,670,000)
- Commercial Land (with transactions up to AED 8,671,306)
- Agricultural Land (ranging from AED 9,635,000 to AED 34,354,199)
- Investment lands (ranging from AED 5,975,000 to AED 12,775,000)
2020: Challenging Year
2020 was a year of unprecedented challenges globally due to the COVID-19 pandemic, and the RAK real estate market was not immune to these effects. However, the data shows a resilient market that adapted to the new realities.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 20,75,71,127 | 91,43,53,713 | 12,06,09,555 |
| Q2 | 15,63,88,891 | 29,41,47,851 | 3,35,65,117 |
| Q3 | 31,64,34,595 | 16,02,15,405 | 10,41,45,895 |
| Q4 | 32,10,17,588 | 1,09,46,69,197 | 12,37,78,918 |
In 2020 real estate sales totaled AED 100,14,12,201 dropping even more from 2019. The worldwide economic downturn and travel limits due to COVID-19 had an impact on this decrease. Still, it’s worth mentioning that sales jumped up a lot in the second half of the year. This shows how the market bounced back and adjusted to the new situation.
Mortgage values in 2020 had ups and downs, with a big jump in Q1 (AED 91,43,53,713) and Q4 (AED 1,09,46,69,197). This might mean people rushed to get loans before lockdowns in Q1, and then activity picked up as rules eased and people felt more sure in Q4.
The waiver market value remained relatively stable throughout the year, ranging from AED 3,35,65,117 to AED 12,37,78,918, suggesting that non-monetary property transfers were less affected by the pandemic.
Examining specific property types:
- Free Residential Land sales ranged from AED 3,31,02,414 to AED 6,81,50,099, showing resilience in this sector.
- Built Residential Land saw strong performance, particularly in Q3 with sales of AED 11,08,25,000.
- Commercial Residential Land transactions, while lower than previous years, still ranged from AED 64,50,000 to AED 1,91,20,000.
- Freehold Villas showed increasing popularity, with sales peaking in Q4 at AED 5,26,81,995.
- Freehold Apartments maintained steady interest, with sales ranging from AED 2,23,27,843 to AED 4,03,35,021.
Other notable transactions in 2020 included:
- Popular houses (ranging from AED 9,00,000 to AED 34,75,000)
- Agricultural Land (with transactions up to AED 2,25,35,000)
- Investment lands (ranging from AED 85,85,000 to AED 1,83,50,000)
2020 reveals a luxury real estate market in RAK that demonstrated remarkable resilience in the face of global challenges. While the first half of the year saw a dip in activity, the strong recovery in the latter half suggests that investors saw RAK’s luxury property market as a safe haven during uncertain times. The increased interest in villas and residential land could indicate a shift in buyer preferences towards more spacious and private properties, a trend observed globally in response to lockdowns and work-from-home policies.
2021: Recovery and Growth Year
2021 marked a significant turnaround for the RAK real estate market, showing strong signs of recovery and growth as the world began to adapt to the new normal post-pandemic.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 56,07,86,669 | 97,85,24,567 | 12,06,09,555 |
| Q2 | 36,95,80,590 | 40,86,24,857 | 3,35,65,117 |
| Q3 | 37,62,08,178 | 1,67,59,63,952 | 10,41,45,895 |
| Q4 | 43,24,19,528 | 1,08,92,32,847 | 12,37,78,918 |
The total real estate sales value for 2021 jumped to AED 173,89,94,965, a big rise from 2020 almost getting back to 2018 levels. This strong comeback shows that investors feel more confident and there’s a lot of pent-up demand in the high-end property market.
Mortgage values in 2021 grew a lot in Q3 and Q4 hitting AED 1,67,59,63,952 and AED 1,08,92,32,847 . This big increase in mortgage activity points to easier lending conditions and strong interest from buyers in the luxury segment.
The waiver market value remained relatively stable throughout the year, similar to 2020, ranging from AED 3,35,65,117 to AED 12,37,78,918.
Looking at specific property types:
- Free Residential Land sales showed strong performance, ranging from AED 5,16,86,950 to AED 7,95,49,524.
- Built Residential Land transactions varied from AED 3,98,20,222 to AED 7,24,34,100.
- Commercial Residential Land saw increased interest, with sales ranging from AED 1,72,08,000 to AED 6,98,27,778.
- Freehold Villas continued their popularity from 2020, with sales reaching AED 8,48,03,729 in Q4.
- Freehold Apartments saw a significant uptick, with sales peaking at AED 23,88,37,484 in Q2.
Other notable transactions in 2021 included:
- Popular houses (ranging from AED 19,90,000 to AED 55,80,000)
- Tourist lands (with significant transactions reaching AED 37,32,71,371 in Q3)
- Agricultural Land (with transactions up to AED 8,78,46,522)
- Investment lands (ranging from AED 2,20,83,004 to AED 18,29,63,139)
2022: Sustaining the Momentum
2022 saw the RAK real estate market building upon the strong recovery of 2021, with continued growth and stability across various segments.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 82,35,48,765 | 19,66,73,433 | 15,00,06,200 |
| Q2 | 31,19,34,044 | 2,30,06,71,724 | 22,01,66,145 |
| Q3 | 61,19,24,084 | 16,61,49,803 | 58,21,73,428 |
| Q4 | 43,67,34,831 | 1,42,45,93,618 | 10,78,08,984 |
The total real estate sales value for 2022 hit AED 218,41,41,724, which shows big growth from 2021 and beats pre-pandemic levels. This points to more than just a bounce back, but a booming luxury property market in RAK.
Mortgage values in 2022 showed some interesting trends. Q1 and Q3 had lower mortgage values, while Q2 and Q4 saw big jumps reaching AED 2,30,06,71,724 and AED 1,42,45,93,618 . This might mean new launches of major luxury projects or a cycle in financing big property investments.
The waiver market value experienced more ups and downs than in past years, with a big jump in Q3 hitting AED 58,21,73,428. This might point to more action in pricey property sales or shifts in who owns luxury properties.
Examining specific property types:
- Free Residential Land sales ranged from AED 3,54,71,599 to AED 7,38,64,601, showing continued strong interest.
- Built Residential Land transactions varied from AED 4,62,34,500 to AED 7,25,81,490, indicating stable demand.
- Commercial Residential Land saw significant activity, with sales ranging from AED 2,58,18,000 to AED 7,85,64,680.
- Freehold Villas maintained their popularity, with sales reaching AED 8,94,89,472 in Q3.
- Freehold Apartments showed consistent demand, with sales ranging from AED 5,64,72,678 to AED 8,91,27,711.
Other notable transactions in 2022 included:
- Commercial Land (with transactions up to AED 64,25,552)
- Agricultural Land (ranging from AED 1,87,78,954 to AED 2,89,88,000)
- Investment lands (with significant transactions reaching AED 39,49,20,541 in Q3)
If we look at the 2022 data, it shows RAK’s luxury real estate market bounced back strongly after the pandemic. Sales went up a lot, showing investors were confident and many people wanted to buy. All types of properties did well - from land to houses to apartments. This means RAK’s market was meeting different buyers’ needs. Big jumps in mortgages in the middle and end of the year might mean new luxury projects were launched. Companies might have timed these launches to match when buyer interest was highest.
2023: Record Year
2023 marked a year of exceptional growth and record-breaking performance in the RAK real estate market, particularly in the luxury segment.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 58,90,66,397 | 22,80,04,655 | 20,37,46,583 |
| Q2 | 73,18,75,786 | 41,60,51,182 | 12,97,00,174 |
| Q3 | 1,03,75,41,612 | 72,70,14,132 | 31,46,40,782 |
| Q4 | 1,12,42,34,887 | 1,13,31,38,168 | 31,06,03,078 |
The total real estate sales value for 2023 reached an unprecedented AED 3,48,27,18,682, showing explosive growth from previous years. This remarkable increase indicates a booming luxury property market in RAK, attracting significant investment and interest.
Mortgage values in 2023 showed a consistent upward trend throughout the year, culminating in a substantial Q4 value of AED 1,13,31,38,168. This steady increase suggests growing confidence among lenders and buyers, particularly in the luxury segment.
The waiver market value remained relatively high throughout the year, ranging from AED 12,97,00,174 to AED 31,46,40,782, indicating continued activity in high-value property transfers.
Looking at specific property types:
- Free Residential Land sales ranged from AED 3,62,92,700 to AED 4,83,56,710, showing consistent demand.
- Built Residential Land saw strong performance, particularly in Q2 with sales of AED 9,02,92,367.
- Commercial Residential Land transactions varied widely, from AED 5,43,70,821 to AED 16,90,10,425.
- Freehold Villas continued their strong performance, with sales reaching AED 15,67,78,172 in Q3.
- Freehold Apartments saw exceptional growth, with sales peaking at AED 23,88,37,484 in Q2.
Other notable transactions in 2023 included:
- Tourist lands (with significant transactions reaching AED 40,63,08,836 in Q4)
- Agricultural Land (with transactions up to AED 3,32,05,518)
- Investment lands (ranging from AED 1,86,39,030 to AED 18,29,63,139)
In 2023, RAK’s luxury real estate market grew rapidly and attracted major investments. Sales values increased significantly, especially in the second half of the year, suggesting more high-value deals and possibly new luxury projects. Mortgage values grew steadily, showing strong financial support and confidence from banks and buyers. This could be due to good economic conditions, attractive investment options, or RAK’s development plans. The market performed well across different property types, from homes to businesses, and from land to finished buildings. This variety shows that RAK’s luxury real estate market was meeting the needs of different investors, whether they wanted ready-to-live-in homes or land for development.
2024: Extraordinary Growth and Diversification Year
2024 marked an extraordinary year for Ras Al Khaimah’s real estate market, with unprecedented growth that far surpassed previous years’ performances, showcasing the emirate’s rising status as a prime investment destination.
| Quarter | Real Estate Sales Value (AED) | Mortgages Value (AED) | Waiver Market Value (AED) |
|---|---|---|---|
| Q1 | 52,68,85,883 | 41,45,51,524 | 1,64,80,13,279 |
| Q2 | 3,40,81,68,405 | 40,04,72,063 | 38,62,60,241 |
| Q3 | 1,29,46,68,681 | 3,71,36,27,749 | 16,55,24,518 |
| Q4 | 1,20,92,60,867 | 36,04,18,155 | 1,55,76,15,104 |
| Total | 6,43,89,83,836 | 4,88,90,69,491 | 3,75,74,13,142 |
The total real estate sales value for 2024 hit AED 6.44 billion showing an 84.8% jump from last year. This big increase cements Ras Al Khaimah’s spot as one of the UAE’s most energetic and promising property markets.
- Quarterly Fluctuations: The second quarter had an impact on real estate sales, which jumped to AED 3.41 billion outperforming other quarters by a wide margin. This might point to the introduction of major projects or key policy shifts that boosted market activity.
- Strong Mortgage Market: The year’s total mortgage value reached AED 4.89 billion, with a noticeable jump in Q3 (AED 3.71 billion). This indicates robust support from the financial sector and investors’ trust in the market’s growth potential.
- High Waiver Market Activity: The waiver market value reached AED 3.76 billion for the year, with busy periods in Q1 and Q4. This might suggest more transfers of expensive properties or shifts in how luxury properties are owned.
Looking at specific property types:
- Commercial Residential Land saw explosive growth, with sales peaking at AED 588.2 million in Q4, a significant increase from previous years.
- Freehold Apartments maintained strong demand throughout the year, with sales ranging from AED 147.8 million to AED 186.3 million per quarter.
- Freehold Villas showed consistent popularity, with sales reaching AED 163.9 million in Q3.
- Tourist Lands saw a massive transaction of AED 2,64,99,84,906 in Q2, indicating significant investment in the tourism and hospitality sector.
- Investment Lands showed volatility, with a peak of AED 394.9 million in Q3.
Other notable trends include:
- Steady demand for Free Residential Land and Built Residential Land.
- Consistent transactions in Agricultural Land and Popular Houses.
- The introduction of a new category, Built Infrastructure, with a transaction of AED 35.2 million in Q4.
Conclusion
Over the past ten years, Ras Al Khaimah’s property market has grown significantly, especially in luxury real estate. Despite challenges like the 2020 downturn, the market bounced back strongly, with 2024 showing exceptional growth.
Key points to remember:
- The market recovered quickly after 2020 and grew rapidly in 2024.
- People are increasingly interested in villas, luxury apartments, and commercial land.
- The market now offers a wide range of property types.
- RAK has become a popular place for luxury real estate investment in the UAE.
- Banks and investors have shown strong support for the market.
- The government has helped boost the real estate sector through supportive policies and infrastructure development.
- The growth in tourism has positively impacted real estate development.
If you’re thinking about investing in Ras Al Khaimah luxury real estate, keep these trends in mind. The market looks promising, with signs pointing to continued growth in the luxury sector. However, it’s important to do your own research, consider your investment goals, and possibly talk to local experts before making any decisions.
RAK’s real estate market has transformed over the past decade, showing resilience and strong growth. As the emirate continues to develop and attract investors, the luxury real estate sector is likely to play a big role in its economic future. This could be an exciting time to invest in RAK’s thriving and promising real estate market.
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