The real estate market in Ras Al Khaimah is witnessing a remarkable surge, with a recent feasibility study conducted by Colliers on behalf of The Luxe Developers revealing substantial growth in property transactions.
The study highlighted that real estate sales in Ras Al Khaimah reached an impressive AED2.1 billion in 2022, marking a significant 26 percent increase from the previous year. Resale values also soared, experiencing a remarkable 59 percent upswing during the same period.
The upscale Oceano project, launched by The Luxe Developers, has been a focal point of interest for both regional and international investors.
This luxury development, situated on the iconic Al Marjan Island, has garnered substantial attention, solidifying Ras Al Khaimah’s status as an investment destination.
Ras Al Khaimah’s real estate boom
Several factors contribute to the popularity of Ras Al Khaimah’s real estate market. The recent announcement of the multi-billion dollar resort, The Wynn, and the RAK Vision 2030 initiative are pivotal in diversifying the emirate’s offerings.
These initiatives position Ras Al Khaimah as an attractive destination for industrial and business services, fostering tourism, real estate, and stimulating private sector participation.
Shubam Aggarwal, Chairman and Co-owner of The Luxe Developers, said: “We are highly encouraged by the latest figures emerging from both the real estate and tourism sectors in Ras Al Khaimah. The upward trend in these markets is reflected in the strong interest that we have received for our flagship Oceano project, and we’re particularly buoyed by the outlook for 2024.”
“Not only are our buyers attracted to the development because of the vast array of amenities and the private location, which offers residents privacy and seclusion, they are also being drawn by the boom being witnessed in Ras Al Khaimah with investors buying property as both their primary home or using it as a second home as a base when visiting the UAE,” he added.
The Colliers study further detailed the growth in real estate transactions, totaling 2,279 in 2022, with a combined value of AED2.1 billion, reflecting a substantial uptick from the previous year.
Resale transactions painted a similarly positive picture, recording almost a 59 percent increase, with 720 transactions totaling AED1 billion during the same period.
The real estate landscape in Ras Al Khaimah, especially in areas like Al Marjan Island, is poised for further appreciation, with projections indicating potential price jumps of up to 21 percent in the next 12 months, according to proptech company Realiste.
Siddharta Banerji, Managing Director and Co-owner of The Luxe Developers said: “Such has been the interest in Oceano, we have been busy identifying and developing the latest addition to our portfolio, which we will launch in 2024. We will look to do something completely different to Oceano, but one thing we are committed to delivering throughout all our projects is a sense of individualism, unwavering attention to detail and the utmost in quality to deliver a luxurious living experience.”
Follow us on
