RAK's real estate market witnesses remarkable growth amid luxury appeal
Ras Al Khaimah is experiencing a remarkable surge in its real estate market, marked by record-breaking transaction volumes that underscore the emirate's growing allure for luxury living at a fraction of the cost compared to established markets worldwide, property experts said.
In 2024, total real estate transactions skyrocketed to Dh15.08 billion, reflecting an astonishing 118 per cent increase from Dh 6.94 billion in 2023, according to the latest data from Ras Al Khaimah Municipality.
This unprecedented growth highlights RAK's transformation into a hub for high-end yet accessible real estate, offering a unique blend of luxury, affordability, and long-term investment potential. Real estate experts assert that this uptrend solidifies the emirate's position as one of the UAE's most promising property markets.
'The surge in transactions reflects the emirate's continued evolution into a premier destination for high-end real estate, combining luxury with affordability,' said Andrei Charapenak, CEO of Major Developers. 'As an early believer in RAK's potential, we are committed to delivering premium waterfront projects that align with the emirate's vision for sustainable, high-value real estate.'
The emirate's appeal is further enhanced by its prime waterfront developments, ongoing infrastructure projects, and expanding entertainment options, including the much-anticipated Wynn Al Marjan Island. These developments are drawing both global and regional investors seeking lucrative opportunities.
Charapenak elaborated, 'Our commitment to shaping RAK's future through innovative projects is evident. In 2024, we've seen a surge in demand, confirming that both investors and homebuyers recognise the unique opportunities this market presents. We are dedicated to creating world-class developments that maximise long-term returns.'
Real estate analysts highlight that RAK is not just a property market; it is evolving into a major lifestyle and tourism destination. The emirate's burgeoning hospitality sector, bolstered by new world-class resorts and enhanced air connectivity, is amplifying its appeal to global visitors and residents alike. Projects like Al Marjan Island, known for its sought-after waterfront residences, are experiencing heightened demand as investors anticipate strong rental returns ahead of the Wynn Resort's grand opening.
Major Developers is at the forefront of this transformation, actively contributing to the emirate's growth with innovative residential and mixed-use projects designed for both end-users and investors. 'Ras Al Khaimah boasts an exceptional quality of life, investor-friendly regulations, and high rental yields, solidifying its status as one of the UAE's most dynamic real estate markets,' added Charapenak.
The emirate's appeal extends beyond homebuyers, with a robust rental market supported by a growing expatriate population and strong demand for quality properties. 'Ras Al Khaimah's strategic developments, particularly the limited supply of 20,000 units on Al Marjan Island, position it as a lucrative destination for investors,' noted a realty expert. 'Projects like Manta Bay, which offers the most affordable studio apartments starting at Dh 1.2 million, are especially attractive due to their proximity to key attractions like the upcoming Wynn Resort.'
With two years remaining until the Wynn Resort's grand opening, the average hotel room rate in the area currently ranges between Dh1,000 and Dh1,500 per night. For property investors in Manta Bay, renting an apartment at Dh 1,000 per night for 255 days a year—a conservative 75 per cent occupancy rate—could yield Dh 255,000 in annual rental income.
After deducting management fees (15 per cent, or Dh30,000), service charges (Dh 6,000), and other expenses (Dh 7,000 for utilities), investors would net Dh 212,000 annually. This translates to an impressive rental return on investment (ROI) of 15 per cent, reaffirming RAK's position as a stable and well-regulated environment offering long-term returns.
Market pundits said RAK's real estate market is not only thriving but also redefining luxury living, making it a compelling destination for investors and homebuyers alike. As demand continues to rise, developers are poised to create landmark projects that promise to elevate the emirate's profile on the global real estate stage, they added.
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