Ras Al Khaimah Property market has seen remarkable growth in the last year and it is noticeable; prices increased by 18.5% in both residential and commercial developments and now is the right time to make a move smartly by investing in the RAK real estate market.
This blog is going to be interesting as here I am going to discuss the current RAK real estate news & updates, trending properties and popular areas & ROI, RAK areas where you can safely park your money and upcoming projects which will perfectly shape the Real Estate market of Ras Al Khaimah . Hence, if you are considering investment in RAK then stay tuned with the blog.
RAK Real Estate News & Updates
The latest news circulated on the internet is that the Ras Al Khaimah Property Market is booming and many UAE’s leading property portals have released updates. As compared to the former year 2023 was an opportune year for RAK and in an analysis, it has been found that RAK’s zero tax policies and full foreign ownership are key reasons that attract huge global investors to the emirate.
The Ras al Khaimah property market is creating a buzz worldwide, not only the real estate sector of RAK is delivering residential projects but also many mega hotel projects yet to be delivered. So it is expected that both the residential as well as hospitality space is going to enlarge its empire in RAK. These hotel projects will play a significant role in fuelling the freehold residential boom.
On top of it, property demands are higher in RAK, investors are mostly seeking for apartments as their priority and villa properties as their second option. Average apartments per sq. ft has surged by 7.84% and average villa per sq. ft increased by 3.55%. So reports say that based on buyers’ search interests, demands for property and prices have increased in the last year.
Ras Al Khaimah Trending Property
Currently, apartments and villas are the most trending property types in RAK and end-users as well as investors demand for this.
Trending apartment project in Ras Al Khaimah
- Manta Bay Phase 2
- Emaar Address Residences
- Quattro Del Mar
- Marjan Beach House
- Marjan Beach Vista
- Nikki Beach Residences By Aldar
- Nasim Lofts By Rak Properties
- Cape Hayat 2
Trending villa project in Ras Al Khaimah
- Oceano by Luxe
- Carlton Residences
- Moonstone At Al Marjan
- Falcon Villas
- Masa residence
- Porto Playa
Real Estate Price Trends From 2023
- Apartments –Sales increased by 1.80 points from 89.30 to 91.10 and per sq.ft price of an apartment has increased from AED 533 in 2022 to AED 638 in 2023.
- Rental cost for apartments – 9.86%
- Rental cost for villas – 9.37%
Popular Areas And ROI
AL Hamra Village was the top choice amongst home investors in RAK. In Al Hamra Village the average sale price per sq. ft for apartments increased by 7.84%, while the highest of11.8 % ROI for apartments was recorded in Yasmin Village .
Similarly, the average price-per-square foot in for apartments has risen by 4.88% in Al Marjan Island and 18.5 % in average apartment sales price in Mina Al Arab.
Al Hamra Village & Mina Al Arab is the preferred choice for investors who are seeking villa property. A 3.55% price increase has been seen for villa property in Al Hamra Village whereas 2.56% is recorded for Mina Al Arab. Even the ROI percentage for villa properties in both areas was almost close. Villa’s ROI for Al Hamra Village has stood at 5.87% whereas Mina Al Arab average price was 4.43%.
Likewise, the rental cost was impressive in Al Seer & AL Hamra Village, it was 9.44% and 6.95% respectively.
Ras Al Khaimah The Future Investment Hub
Last year the RAK property market performed brilliantly which I have briefly discussed above. First of all, as compared to other UAE cities RAK offers property in an affordable price range. Moreover, several successful projects, strong demands and a favourable environment for international buyers makes Ras Al Khaimah an ideal investment hub.
If we closely analyse rental demands also increased in the city last year, specifically in Al Hamra Village. 10.5% asking rent has been recorded for apartments in Al Hamra Village, al Marjan Island and Mina Al Arab.
New hospitality projects were announced which certainly create employment opportunities in RAK which will eventually lead to property demand for both rent and buy. So from that standpoint, Ras Al Khaimah is going to be the major investment destination after Dubai in UAE.
Additionally, Ras Al Khaimah takes essential initiatives, and proactive measures with a vision for sustainable growth.
Future Updates
RAK will soon welcome some of the most sought-after mega hotel projects listed below:
- Cloud7 Camp Jebel Jais
- Conrad Marjan Island
- RAK Marriott Hotel and Resort
- Saij. A Mantis Collection Mountain Lodge
Conclusion
The above-mentioned details are enough to choose RAK as the preferred destination for investment. As you can see the recent performance of RAK Real Estate and the numerical value gives you the assurance that you can park your money in Ras Al Khaimah Property Market where you can invest and get lucrative benefits later.
