Ras Al Khaimah boasts scenic beauty, provides you a peaceful and serene living close to nature and promising real estate opportunities which is just beyond words.
The market report of Ras Al Khaimah H1 2024 reveals that it’s a dynamic real estate market that repeatedly receives major developments and possesses a positive growth trend.
Here in this blog let’s take a look at the market performance, future demands and Ras Al Khaimah real estate market forecast. The data provided here gives insight to future home buyers and investors.
Market Performance in H1 2024
Residential Sector
The residential sector in Ras Al Khaimah has seen a steady growth in H1 2024. The city is known for delivering affordable luxury apartments and villas.The recent report says apartment prices in Ras Al Khaimah surged by 18.5%, while the rental costs escalate between 7-11%. Similarly, villa prices also witnessed an increase of 3.55% and rental price rise up to 9.37% in Al Hamra Village .
Knight Frank also forecasts rental yield could read 7-8% in 2024. The most driving factor is Ras Al Khaimah’s $ 3.9 billion Wynn Casino which not only attracts investors but visitors too. It’s another strong reason to boost property value here in this city.
Key Location and Performance Data
| Location | Average Sale Price (AED) | Property Types) | Average Rental Price (AED) |
|---|---|---|---|
| Al Hamra Village | 1,200,000 | Apartments | 80,000 |
| Al Marjan Island | 2,000,000 | Villas | 120,000 |
| Mina Al Arab | 1,500,000 | Apartments | 100,000 |
| RAK City | 1,800,000 | Villas | 90,000 |
Commercial Sector
The commercial sector also has seen a surge, demand for office space and retail units are high in Downtown prime locations. The office rents here escalated 4% while the retail rents surged 7%.
Hospitality Sector
Ras Al Khaimah’s hospitality sector escalates 9%, occupancy rates 12% rise in average daily rates.
Future Demands and Market forecast 2024 for Ras Al Khaimah Reals Estate
There are certain factors which boost the real estate value in Ras Al Khaimah, and shape the market forecast for the year ahead.
Sustainable Development and Eco-Friendly Initiatives
Ras Al Khaimah is (RAK) known as an eco-friendly yet sustainable city which promotes green living and energy -efficient designs of homes or buildings. Demand for such types of properties are high in this region, and currently such a trend is leading to a 7% increase.
DAMAC Properties launches new sustainable Projects at Al Marjan Island
DAMAC Shoreline launched recently on Al Marjan Island has gained a lot of media coverage due to its focus on sustainability and environmentally sound living. This coastal project stands against the magnificent view of Al Marjan Island and integrates environmentally friendly practices aimed at reducing its impact to the environment. DAMAC Shoreline, therefore, stands out as the embodiment of luxury living that is sustainable through its use of energy-efficient materials, brisk water conservation schemes and some green places.
Such environmental actions are expected to boost demand for this real estate both from homebuyers and investors alike. Nowadays more people understand environmental problems hence there is an increasing trend in people looking for constant homes for themselves. It serves the purpose perfectly and hence it is extremely popular with investors who want long-term benefits from their investments because sustainability increases the quality of life for residents and adds value in the long term.
Tourism and Hospitality Sector Expansion
The Tourism sector of RAK is also escalating and many projects like resorts, hotels and tourist attraction sights are developed here. Such growth supports and boosts the residential as well as commercial properties value. Property demands in Al Marjan Island and Mina Al Arab escalate. These two regions are popular for tourists and mostly visited destinations in RAK.
Affordable Housing Initiatives
The RAK government is continuously focused on affordable housing options hence supply of such types of properties with corresponding growth will stay in demand.
Foreign Investment and Freehold zones
Freehold zones in RAK provide incentives to foreign investors and attract international buyers. With complete ownership and appealing investment opportunities RAK real estate is projected to grow by 15%.
Key Statistics and Projections for H2 2024 and Beyond
| Sector | 2024 Projected Growth(%) | Key Drivers |
|---|---|---|
| Residential | 6-8% | Sustainable Development, affordable Housing |
| Commercial | 8% | New Business Parks, Infrastructure development |
| Retail | 5-7% | Tourism Growth, New retail development |
| Hospitality | 10-12% | New Resorts and hotels, increased tourist arrivals |
| Foreign Investment | 15% | Freehold Zones , investment incentives |
Conclusion
Ras Al Khaimah holds higher yield opportunities and there are some areas which you can consider for strong capital appreciation potential. There are affordable luxury options as well as premium waterfront properties with high returns property types are available.
Ras al Kahimah’s real estate market in H1 2024 has given us an idea that the city has seen robust growth in various sectors. With outstanding developments, sustainable initiatives, and thriving tourism RAK is currently a lucrative investment zone for both end-users and investors. And the real estate market continues to surge which makes it an ideal real estate investment zone.
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