Ras Al Khaimah’s real estate market figures for June, reveals significant investment opportunities. This blog report examines the data and trends driving the evolution of the dynamic market within the emirate.
Sales
2.5 Bil AED (equivalent to 690 Mil $) worth of Real estate sales transactions which represents an increase by 752% compared to June last year (297.5 mil AED).
Transactions volume were -18% lower compared to May '24 and -50% lower than the same month in the previous year, June 2023.
Source: RAK Municipality
Key trading area
Once again Al Marjan Island recorded the highest sale for the month for a plot of land for 640 million AED (or 174 million $). This transaction may be attributed to a recent news about Wynn Resorts which was announced that it bought more land in Ras Al Khaimah for future expansion plans.
This emphasizes the growing appeal for real estate investment return in a prime emerging touristic destination.
Freehold properties
111 transactions with freehold properties were recorded in June, including from the secondary market, across various areas in the emirate, with a -10% decrease in overall value compared to the prior month in May '24.
The breakdown by asset class is as follows:
Apartments sales value worth: 56,7 million AED
Number of Sales: 89
Villas sales value worth: 42,7 million AED
Number of Sales: 22
The emirate continues to improve it's appeal as a preferred business and leisure destination in UAE, which has a positive impact for real estate demand, driven by several key advantages 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
“The UAE has always understood that development can, and should, be reciprocal. I am convinced that by joining forces, we can establish a new investment landscape, with growth that is inclusive, sustainable, and as far as possible, universal.”
H.H. Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah
at 13th edition of the AIM Congress
Conclusion
The upcoming world class events coming to the emirate this year such as RAK Investment and Trade Summit in December and RAK Energy Summit in November, will consolidate the position the Emirate as a regional hub for investment.
With rising demand, attractive investment returns potential, and supportive policies, Ras Al Khaimah's real estate market, like the Dubai market, emerges as a lucrative investment destination.
Stay informed with our latest updates and insights as we closely track the evolving landscape of Ras Al Khaimah development.
Comments