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Revealed: Top nationalities buying properties in Ras Al Khaimah in 2024
Prices in the emirate are projected to increase by another 50% ahead of the opening of Wynn Al Marjan resort in 2027
Property prices in Ras Al Khaimah have risen by up to 25 per cent in the past eight months and are projected to increase by another 50 per cent ahead of the opening of Wynn Al Marjan resort in 2027.
“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 per cent by the time the casino opens. For investors looking to take advantage of the market the time to act is now,” said Maxim Novikov, head of RAK branch at Metropolitan Premium Properties (MPP).
The RAK market is eliciting strong interest from investors, particularly from the US, UK, Europe and CIS countries. There is also a growing interest from Chinese investors in the emirates.
The Northern Emirate’s property market is experiencing a significant boom. The market is experiencing a surge in activity with approximately one or two 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 trend is particularly evident in the rapidly developing Al Marjan Island, where launches are occurring regularly and prices are escalating with each new phase launch.
According to data from MPP, studios and one-bedroom units are experiencing the highest demand, driven by investors seeking lucrative holiday and short-term rental opportunities. Prices of studios have jumped on average 10-15 per cent in the last quarter, while one-bedroom units have seen a rise of at least 5-10 per cent.
Larger properties are also attracting significant interest. Branded apartments, three-bedroom units and waterfront villas priced at Dh7 million and above are popular choices for buyers seeking personal residences or second holiday homes.
The hottest-selling areas currently include Al Marjan Island, Mina Al Arab and Al Hamra Village, with projects featuring private beaches experiencing the 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.
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