Staff Report
Dubai, UAE
The real estate sector in Ras Al Khaimah (RAK), one of the Northern Emirates in the UAE, is witnessing a significant boom, with prices rising by 20-25 percent in the past eight months. The trend is particularly evident in the rapidly developing Al Marjan Island, RAK’s landmark megaproject, where launches are occurring regularly and prices are escalating with each new phase launch.
The market is experiencing a surge in activity with approximately one to two new property launches each week for the last three months, bringing more diversity to the market, from high-end branded properties to more affordable options.
The market has noted the highest demand for studios and one-bedroom units, driven by investors seeking lucrative holiday and short-term rental opportunities. Prices of studios have jumped on average 10-15 percent in the last quarter, while one-bedroom units have seen a rise of at least 5-10 percent.
On the other hand, branded apartments, three-bedroom units, and waterfront villas priced at Dh7 million and above are popular choices for buyers seeking personal residences or secondary holiday homes.
To sustain momentum through the typically slower summer months, developers are rolling out promotions aimed at enticing buyers. These include appealing post-handover payment plans, waived registration fees, and other attractive deals valid until the end of August.
Commenting on the growth in the market, Maxim Novikov, Head of RAK branch at Metropolitan Premium Properties, said, “The surge in property prices in Ras Al Khaimah reflects the growing attractiveness of the emirate as a real estate investment destination. With ongoing developments and increasing demand, we anticipate prices to rise by 50 percent by the time the casino opens. For investors looking to take advantage of the market the time to act is now.”
The hottest-selling areas currently include Al Marjan Island, Mina Al Arab, and Al Hamra Village, with projects featuring private beaches in highest demand. Al Marjan Island remains the top choice for pure investment, offering high potential returns while Al Hamra Village and Mina Al Arab are popular with investors seeking properties for personal use. Additionally, projects like JW Marriott Residences recorded a bulk deal of six units for over Dh20 million, signifying the vibrancy of the market.
The RAK market has garnered strong interest from investors, particularly from the US, UK, Europe, and a growing interest from Chinese investors.
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Also read: Ras Al Khaimah Government increases stake in RAK Properties to 34%
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