Ras Al Khaimah’s property market is currently attracting strong investor interest, according to industry experts.
The emirate, which is undergoing “massive transformation,” has “enormous potential” for appreciation in property value over time, Sameh Muhtadi, CEO of RAK Properties told Arabian Business.
“It has established a robust governance structure and a clear and bold vision for sustainable economic growth by 2030, providing the reassurance local and global investors need to invest,” Muhtadi said adding that investing in the Ras Al Khaimah (RAK) property market “can yield exciting returns on investment and income generation opportunities.”
Ras Al Khaimah property prices expected to jump 50 percent
RAK Properties’ Muhtadi also explained that renting residents now stay in their homes for a “longer, safer, and regular income.”
Despite the strong investor attraction, property prices could still rise 50 percent, Maxim Novikov, Head of RAK branch at Metropolitan Premium Properties told Arabian Business, adding that the upcoming gaming resort will be a “major catalyst” for the market.
“For investors seeking to purchase property in RAK, the time to act is now as prices are expected to surge an additional 50 percent upon the resort’s opening,” Novikov explained, referring to the multi-billion dollar Wynn gaming resort scheduled to launch soon.
Buyers from Russia, CIS countries, GCC, Europe continue to show interest in RAK real estate
According to both Muhtadi and Novikov, they are seeing increasing interest from property buyers from the world over.
“We have seen increased diversity in the buyer mix and now have 42 countries represented, including Western and Asian buyers from Russia, the CIS (Commonwealth of Independent States) countries, China, Germany, and the UK, supported by a stable outlook on quality property in RAK, and changes such as the real estate and visa laws,” Muhtadi said.
Echoing the sentiment, Metropolitan Premium Properties’ Novikov said investors are also arriving from India, Pakistan, China, the GCC and Europe, attracted by the emirate’s development outlook.
In addition, “the emirate is attracting increasing interest from investors across the globe, particularly residents from the Middle East seeking holiday homes,” he said adding that there is also a “high demand” from UAE residents including Dubai, both locals and expatriates.
Moreover, these industry experts assert the emirate offers investors affordable entry points compared to other UAE locations, promising strong rental yields and capital appreciation as the market continues to expand rapidly in the years ahead.
Ras Al Khaimah branded residences lure investors
“Additionally, the emirate wants to become a regional leader in sustainable tourism by 2025 and is quickly becoming a world-class destination for tourism, living, and working. That’s also what makes RAK so attractive for investors: they have well understood the need to make responsible investments that will allow future generations to continue to thrive,” Muhtadi said, adding that he demand for luxury villas and apartments have the “most demand,” leading to quick, regular sell-outs.
Due to this demand, the property developer revealed that they are currently “investing heavily” in branded residences.
“With more announcements to come on that front this year, as the demand for quality, high-end properties associated with luxury brands keeps rising,” he said.
RAK property prices “cheaper” than Dubai, Abu Dhabi
However, despite the high demand, property prices in RAK are “significantly cheaper,” compared to both Dubai and Abu Dhabi, Novikov said.
“This makes it attractive to both residents and investors looking for good value for their money. The emirate has implemented policies that make it easy for foreigners to own property. This has fuelled investment and development in freehold areas like Mina Al Arab, Al Marjan Island and Al Hamra Village,” he added.
Novikoc also revealed that there is an increasing demand for smaller properties in the premium segment like studio apartments starting from AED800,000 and 1-bedroom apartments from AED1.2 million.
“Additionally, there is a notable demand for larger properties such as branded apartments, 3-bedroom units and waterfront villas in the AED7 million-plus price range. For rental properties, we anticipate a very high demand for any type of property located on Al Marjan and in the vicinity of the Casino, especially for the short term,” he said, revealing that Metropolitan Premium Properties aims to open a new office in the emirate “to capitalise on” the projected growth of the emirate.
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