Ras Al Khaimah’s property market is experiencing a significant boom, with prices predicted to rise by 50% ahead of the Wynn casino launch, according to a report by Metropolitan Premium Properties (MPP). The most coveted areas in the emirate include Al Marjan Island, Mina Al Arab, and Al Hamra Village, with private beach projects seeing the highest demand.
Rising Property Values
The property market in Ras Al Khaimah has recorded a 20-25% increase in prices over the past eight months. Al Marjan Island, a top investment choice, has witnessed frequent property launches, which have consistently pushed prices higher. The last three months alone have seen one to two new property launches each week, offering a variety of options from high-end branded properties to more affordable units.
High Demand for Small Units
MPP’s data shows a significant demand for studios and one-bedroom units, primarily driven by investors seeking holiday and short-term rental opportunities. Studio prices have surged by 10-15% in the last quarter, while one-bedroom units have seen a 5-10% rise. Larger properties, such as three-bedroom units and waterfront villas priced at AED7 million and above, are also gaining popularity among buyers looking for personal residences or secondary holiday homes.
“One Metropolitan customer who purchased a 2-bedroom apartment in Mina Al Arab in early May has already seen the unit’s value increase by AED500,000, a 24% increase in just a few weeks,” the report highlighted.
Developer Incentives
To sustain market momentum during the slower summer months, developers are offering attractive promotions. These include post-handover payment plans, waived registration fees, and other deals valid until the end of August.
Investment Urgency
Maxim Novikov, Head of the RAK branch at MPP, emphasized the urgency for investors to act now. “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% by the time the casino opens. For investors looking to take advantage of the market, the time to act is now.”
International Interest
The RAK market is drawing strong interest from international investors, especially from the US, UK, Europe, CIS, and a growing number of Chinese investors. Projects like JW Marriott Residences are seeing significant activity, including a recent bulk deal by MPP involving six units for over AED20 million.
With the property market in Ras Al Khaimah heating up, investors are encouraged to seize the current opportunities before prices escalate further as the Wynn casino launch approaches.
For more information about the latest trends in the UAE real estate market, check out our fam Properties blog.