An in-depth analysis of Ras Al Khaimah’s real estate marketplace for May, reveals a trajectory of impressive growth and uncovers significant investment opportunities. Let’s delve into the data and trends that are driving this dynamic market’s evolution.
May 2024 marked a significant surge in the real estate market, with sales values soaring by 135% to 618 Mil AED (equivalent to 168 Mil $) and transaction volume recording an 8% uptick compared to the same period in the previous year, May 2023.
Source: RAK Municipality
Key trading area
The highest sale for the month was for a plot of land in Al Marjan Island for 166 million AED. This significant increase in land acquisitions activity emphasizes the growing appeal for real estate investment return in this prime touristic destination.
Freehold properties
There were 129 transactions with freehold properties, including from the secondary market, across various areas in the emirate, with a 45% increase in values. The breakdown is as follows:
Apartments sales value worth: 74,417,230 AED
Number of Sales: 109
Villas sales value worth: 36,618,060 AED
Number of Sales: 20
The emirate’s appeal for real estate demand is 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
Closing remarks
The positive trend observed in May 2024 offers a favorable window of opportunity to take advantage of the upcoming master-planned projects that will be delivered in the coming years. 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 tuned for more updates and insights as we closely monitor the evolving landscape of this emirate.
コメント