Property values in Ras Al Khaimah have seriously skyrocketed over the past year. According to the latest data, prices have climbed as much as 18.5% across both residential and commercial real estate.
Both apartments and villas saw a notable uptick in interest and values over 2023. Popular areas like Al Hamra Village, Al Marjan Island, and Mina Al Arab witnessed price hikes between 5 – 18.5%, indicating the market’s robust health. Recently launched Manta Bay Phase 2 at Al Marjan Island has further boosted the area’s appeal. Rental yields also remain lucrative, topping 11.8% for some apartment buildings.
Several factors underpin RAK’s rise. The emirate’s business-friendly policies, including zero taxes and full foreign ownership, have won over investors globally. Major hospitality and residential projects like the upcoming Wynn Hotel and Emaar Address Residences Phase 2 Al Marjan which recently launched, highlight the scope for development. Overall, RAK seems poised for sustainable expansion.
According to the experts. “During 2023, we witnessed dynamic growth in RAK real estate. The buzz of opportunity is attracting regional and global investors who recognize RAK as a potential hotspot”.
The Ras Al Khaimah government’s strategic vision and initiatives for the thriving market. With mega-announcements still in the pipeline, RAK has cemented itself as the UAE’s next go-to destination for property buyers from Dubai to New York.
The report analyzed search data on its portal during 2023. For apartment buyers and renters, Al Hamra Village led demand, with prices and rents climbing by 7 – 10%. The high-end Al Marjan Island and Mina Al Arab also saw interest. On the villa front, Al Hamra Village and Mina Al Arab remained preferred choices, with rising rental but marginally cheaper sale prices. As RAK charts an ambitious growth trajectory, its real estate market looks set for an eventful 2024. With urban expansion plans and new attractions in the works, investors can expect the good times to continue rolling if they park their money in this once-quiet emirate now solidifying itself as a real estate gem.
