Ras Al Khaimah (RAK) is rapidly emerging as a dynamic real estate market in the UAE. This growth is attributed to several factors, including attractive property prices, strategic governance, and significant economic development, complemented by the emirate's natural beauty, making it an ideal destination for both residential living and investment.
According to Bayut's 2023 market report, RAK has experienced a notable increase in property demand, leading to a surge in prices. Rental prices for villas in popular areas rose by up to 9.37% during the year, with apartment rental costs increasing by 10.5%. Villa sales prices saw a 3.55% rise, while apartment sales prices surged by an impressive 18.5%. These trends indicate a robust and expanding market, offering promising returns for investors.
The Bayut report identifies the most in-demand areas in RAK as Al Hamra Village, Al Marjan Island, Mina Al Arab, Al Nakheel, and Al Dhait. These areas have become investment hotspots due to their strategic locations, modern amenities, and high-quality developments.
RAK has also witnessed several luxury-focused launches, particularly in the realm of mega hotel projects. The flagship Wynn Resorts, which merits a special mention, is set to open a 1,000-room property with entertainment and gaming amenities on Al Marjan Island in 2026. Developed by the Las Vegas hotel operator, this project will feature at least 10 restaurants and a large convention center.
Similarly, RAK Properties PJSC (ADX: RAKPROP), a leading property developer in Ras Al Khaimah, has launched EDGE, a striking residential development on Raha Island, slated for completion in Q2 2027. This development will comprise 237 elegant homes with panoramic sea views, blending modern urbanity with coastal tranquility. Raha Island, the tower’s location, is set to become a hub of luxury living with its mix of high-end hotels and branded residences. The island will boast a members-only beach, five-star restaurants, and new retail outlets, creating a complete luxury lifestyle ecosystem.
In another significant venture, Dar Global, the international arm of Saudi Arabia's major developer Dar Al Arkan, has partnered with British luxury brand Aston Martin to develop a beachfront residential community on Al Marjan Island. With a development value of $250 million, the project will be officially announced next month, with construction set to be completed in 2028, in collaboration with Aarvees Group.
Likewise, Almal Real Estate Development, a prominent luxury developer from Dubai, has unveiled its landmark hotel and residence project, ‘The Unexpected Al Marjan Island Hotel & Residences’. In collaboration with renowned brands, Palladium Hotel Group will operate the project under The Unexpected Hotels & Residences brand, inspired by its properties in Ibiza. The Design & Architecture bureau (DAR) will serve as the lead design consultant, managing all aspects of the property's lifecycle.
In an interview with Middle East Economy, Bayut CEO Haider Ali Khan emphasized Ras Al Khaimah’s rising prominence as an investment hub. He remarked that the government’s proactive measures, strategic initiatives, and commitment to sustainable growth are steadily establishing the emirate as a top investment destination in the region. This is claimed by experts to have instilled confidence in the stability and security of investments. On top of it, the implementation of zero tax policies and the option for full foreign ownership have emerged as key catalysts in attracting global investors to RAK. Similarly, as shared with Khaleej times, Jeff RK, CEO of Manifest Properties, opines that being a much-sought tourist destination, the demand for real estate has risen in the emirate, which has lead several several developers of Dubai like Emaar, Ellington and others to take a keen interest in Ras Al Khaimah..
Adding to it, the government's commitment to improving infrastructure ensures that RAK remains a competitive and accessible market for investors. The expansion of airports, ports, and road networks, for instance, have enhanced the economic potential further, particularly in real estate areas in the emirate.
With growing interest from big players in the UAE real estate industry, robust economic growth, strategic initiatives, and significant infrastructure development, RAK presents a compelling case for real estate investment. The time is ripe for investors to consider investing in property in this rapidly progressing emirate with a potential for substantial returns.
To explore the market further, you can join Ras Al Khaimah Investment and Trade Summit 2024, which offers a gateway for investors to delve deeper into the emirate's flourishing real estate market. This premier platform connects visionaries, industry leaders, and government officials to explore a wealth of investment opportunities in the sector.
