Ras Al Khaimah (RAK) real estate shows a big jump. New numbers highlighted a 118% increase in real estate transactions.
Its total value also increased to AED 15.08 billion ($4.1 billion) in 2024 from AED 6.94 billion ($1.9 billion) in 2023.
Factors Behind This Growth
Many factors are backing RAK’s property market to this growth:
Strategic Development: RAK aims to build high-end yet affordable real estate, which has led to a special market spot. This mix of luxury and reasonable prices draws many investors and home buyers.
Waterfront Projects: Prime developments, particularly on Al Marjan Island, are seeing heightened demand. These projects offer some of the UAE’s most desirable waterfront homes, mixing luxurious living with good investment chances.
Infrastructure Investments: Big infrastructure projects are making RAK easier to reach and live in. This makes it more appealing to both residents and visitors.
Tourism and Hospitality Growth: RAK’s hospitality sector is getting bigger. New luxury resorts and better flight options are making more people interested in buying property there.
Wynn Al Marjan Island: This resort is set to open soon. It’ll have the UAE’s first casino, which excites investors. They’re keen on nearby properties that could bring in good rental money.
Expert Insights
Industry leaders are paying attention to RAK’s impressive growth. Andrei Charapenak, CEO of Major Developers, shared his thoughts on how the market is doing: “The huge increase in real estate deals in Ras Al Khaimah shows how the emirate has become a top place to invest. As an early believer in Ras Al Khaimah’s potential, Major Developers continues to shape its future by delivering premium waterfront projects.”
Looking Ahead
The big 118% jump in property deals is just the start of RAK’s path to becoming a top spot for investment. With many new projects in the works, like the $1.4 billion Mirasol development, and ongoing government backing for a more diverse economy, RAK is set to keep growing its real estate market.
