Our monthly real estate market report for July, looks at the latest changes and drivers of the demand in the emirate. Wondering how the market performed during summer? Let's dive into it.
Sales
380 Mil AED in transactions sales values (equivalent to 104 Mil $) which represents a 15% lower value compared to July last year (448.8 mil AED)
Transactions volume tough, was 16% higher compared to the same month last year. Notably we saw a massive increase in mortgage values to 3.4 Bil AED (equivalent to 926 MIl $) from 160 Mil AED same time last year.
Source: RAK Municipality
Key trading area
A plot of residential land in Al Hamra Ind area, worth 135 million AED (or 36.7 million $) was the highest sales value during July.
With the area’s potential, more development companies are likely to be attracted by the promising real estate investment returns in this prime location within the emirate.
Freehold properties
In July, a total of 95 sales transactions with freehold properties—both from the secondary market and new developments—occurred across various areas within the emirate. However, these figures represent a 14% decrease in transaction volume and a 4% decline in values compared to the previous month.
The breakdown by asset class was as follows:
Apartments sales value worth: 45,5 million AED
Villas sales value worth: 49.8 million AED
There are several key advantages that drives the emirate's appeal as a preferred business and leisure destination in UAE, such as:
Freehold areas for property ownership
No Property Tax
Growing business ecosystem
Fourth largest of the seven Emirates that make up the UAE (by GDP and territory)
The cost of living and the cost of setting up a company as well as running it in Ras Al Khaimah are 50 percent less than the region
Tourism Vision 2030 to become a regional leader in sustainable tourism attracting over 3 million annual visitors by 2030
The much-anticipated gaming and integrated resort by world-renowned Wynn brand attracts significant number of new developments in Al Marjan Island
“Al Marjan Island is already sold out, and following this success, we are now working on diverse projects across several locations to create world-class master-planned communities that will serve as the ‘downtowns’ of the future, in addition to new lifestyle destinations on the mountains,”
Abdulla Al Abdouli, CEO of Marjan
Conclusion
Driven by increasing demand, promising investment return potential, and favorable local government policies, Ras Al Khaimah’s real estate market—much like Dubai’s—emerged as a highly lucrative investment destination in UAE.
Keep updated with our latest insights as we closely track the evolving landscape of Ras Al Khaimah development.
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