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Why is Ras Al Khaimah an exclusive destination to invest in 2024?

ras al khaimah

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Real Estate in Ras Al Khaimah

With the valuable presence of the United Arab Emirates’s (UAE) first Casino, Ras Al Khaimah is regularly gaining attraction as a rising star in the real estate sector. This northernmost emirate has contributed a tremendous performance in 2023. But will 2024 make Ras Al Khaimah lead beyond Dubai and Abu Dhabi? Yes, currently all signs and symptoms indicate a great thumbs up. Please continue reading to get a clear cut idea on why international investors eye Ras Al Khaimah.

Ras Al Khaimah

What Drives The Value Of Ras Al Khaimah?

A major factor driving RAK real estate is the presence of mega-projects in the Emirate. The main attraction among these is the $3.9 billion Wynn Casino resort development. Expected to be completed in late 2026, Wynn will be a global luxury tourism and leisure destination, serving as a magnet for visitors and second homeowners. Since the introduction of the casino, we have seen a great rush towards the real estate market in the Emirates and we have new projects by giant developers like; Emaar, Aldar, Ellington, Durar, Fortune 5, Missoni, Range and a lot more. 2024 will also see meaningful progress on other multi-billion-dollar schemes like Al Marjan Island, Al Hamra Village, and Mina Al Arab. As these integrated communities come up with luxury villas, townhouses, waterfront apartments, and amenities over the coming months, they will significantly enrich Ras Al Khaimah’s value proposition.

What Upgrades The Appeal Of Ras Al Khaimah?

Here a number of factors have come together to upgrade Ras Al Khaimah’s appeal. Firstly, RAK holds an authentic charm with beautiful natural landscapes like lush mangroves, pristine beaches and the dramatic Hajar Mountains. This traditional atmosphere combined with world-class infrastructure, means this emirate is offering the best of both the worlds.

Types of Properties in Demand

Smart government initiatives are boosting the economy and population. Looking to diversify beyond oil, Ras Al Khaimah has placed big promise on industries like tourism and logistics. While considering the real estate market, the pandemic has reversed real estate preferences which are no longer satisfied with densely packed high-rise properties, but people started craving room to breathe with more living space, private amenities, and proximity to nature. RAK has accepted this and brought these into existence with a lot of standalone villas, exclusive beachfront communities, and green spaces throughout cities.

What’s going on currently in the market?

Average sales prices in the emirate have increased 15-20% year-on-year for the past two years, with Al Marjan Island studio apartment rates reaching an impressive 33.8%. Prime freehold coastal land values have doubled from AED 600-800 per sqft to AED1,200-1,600 per sq ft.

As the numbers indicate, RAK real estate is in demand right now. Appreciating prices, returns and occupancy indicates that the market is rising with no signs of slowing, but things are only going to get bigger in 2024 and beyond.

Top opportunities in Ras Al Khaimah

But what specific areas and property types are shining brighter? Here are some of the top opportunities in RAK:

  • Al Marjan Island is a hot spot development with its luxury hotels, ultra-exclusive villas and world-class lifestyle infrastructure and the values here consistently grow 30% annually. Over AED 1.5 million studio apartments point out the high demand here.
  • Al Hamra Village is a waterfront community that mixes authentic charm with beaches, an 18-hole golf club, and new hotels or residential towers sustaining 15-20% price growth and the rental returns of 7-8% make it tremendously appealing.
  • Mina Al Arab is an upscale dual island city surrounded by coral lagoons; this is one of the fastest-growing hubs of Ras Al Khaimah.

What’s on Horizon?

As this emirate focuses particularly on its progress, RAK is steadily emerging as one of the most dynamic places to live, work, and invest in the UAE. So, now let’s see what’s on the way.

RAK is getting a big upgrade. A new AED 4 billion airport expansion is ongoing, and an Etihad Rail freight station will boost easy connectivity. Expansions of roads, hospitals, and schools are also paving the way for the next development phase. In the case of real estate supply, at least 600 units are scheduled for handover in 2024, massively focused on family-oriented and luxury beach communities. Talking about population growth, the goal is to welcome over 3 million residents by 2030 with an aim of growing RAK’s GDP. An influx of multinational companies will attract high-income tenants. New beachfront resorts will experience a 50% boost in the number of visitors by 2025. The boost will be applicable mainly on the beachfront resorts by Anantara, Mandarin Oriental, and Rotana. Wadi Adventure and the National Museum of Ras Al Khaimah will also be part of this.

Ras Al Khaimah in 2024

The highly emerging real estate plot of Ras Al Khaimah is set to conquer its future growth. All these factors point to 2024 being an important year that could mark the arrival of Ras Al Khaimah in the mainstream real estate sector. The increasing demand, doubling population, affordability benefits and high returns mean both buyers and investors have compelling reasons to consider Ras Al Khaimah. If you’re planning to own a property in the emirates, this is your time for it.

FAQs

What makes Ras Al Khaimah so appealing?

Here a number of factors have come together to upgrade Ras Al Khaimah’s appeal. Firstly, RAK holds an authentic charm with beautiful natural landscapes like lush mangroves, pristine beaches and the dramatic Hajar Mountains. This traditional atmosphere combined with world-class infrastructure, means this emirate is offering the best of both the worlds.

What are the top areas to invest in Ras Al Khaimah?

But what specific areas and property types are shining brighter? Here are some of the top opportunities in RAK:

  • Al Marjan Island is a hot spot development with its luxury hotels, ultra-exclusive villas and world-class lifestyle infrastructure and the values here consistently grow 30% annually. Over AED 1.5 million studio apartments point out the high demand here.
  • Al Hamra Village is a waterfront community that mixes authentic charm with beaches, an 18-hole golf club, and new hotels or residential towers sustaining 15-20% price growth and the rental returns of 7-8% make it tremendously appealing.
  • Mina Al Arab is an upscale dual island city surrounded by coral lagoons. This is one of the fastest-growing hubs of Ras Al Khaimah where international investors hopefully look forward.
Is Ras Al khaimah the best city to invest in?

Yes, average sales prices in the emirate have increased 15-20% year-on-year for the past two years. Prime freehold coastal land values have doubled from AED 600-800 per sq ft to AED 1,200-1,600 per sq ft. As the numbers indicate, RAK real estate is in demand right now. Appreciating prices, returns and occupancy indicates that the market is rising with no signs of slowing, but things are only going to get bigger in 2024 and beyond.

Why is Ras Al Khaimah in high demand?

A major factor driving RAK real estate is the presence of mega-projects in the Emirate. The main attraction among these is the $3.9 billion Wynn Casino resort development. Expected to be completed in late 2026, Wynn will be a global luxury tourism and leisure destination, serving as a magnet for visitors and second homeowners. Since the introduction of the casino, we have seen a great rush towards the real estate market in the Emirates and we have new projects by giant developers like; Emaar, Aldar, Ellington, Durar, Fortune 5, Missoni, Range and a lot more. 2024 will also see meaningful progress on other multi-billion-dollar schemes like Al Marjan Island, Al Hamra Village, and Mina Al Arab. As these integrated communities come up with luxury villas, townhouses, waterfront apartments, and amenities over the coming months, they will significantly enrich Ras Al Khaimah’s value proposition.

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