Property values in Ras Al Khaimah are forecast to surge a further 50 percent amid expectations that the opening of a new gaming resort will drive strong demand, according to a statement by real estate agency giant Metropolitan Premium Properties.
The firm, which is part of Dubai’s Metropolitan Group, anticipates residential real estate prices in the northern emirate jumping 25 percent this year after climbing 50 percent in 2023.
This is due to a shortage of homes and hotel rooms compared to projected need.
“RAK is already experiencing a significant property boom and the upcoming gaming resort will act as a major catalyst for further growth,” Maxim Novikov, head of MPP’s new RAK branch based in Mina Al Arab waterfront development said.
“For investors wishing to purchase property in RAK, now is the time to act. We foresee prices increasing an additional 50 percent once the Wynn resort opens, presenting a unique opportunity to acquire beachfront properties ahead of the peak.”
Novikov also highlighted the increasing popularity of RAK property among Abu Dhabi investors, mainly for holiday use.
Interest is also rising from India, Pakistan, China, the GCC, Europe and CIS countries.
Currently, MPP is witnessing growing demand for smaller units, with studios priced from AED800,000 and one-bedroom flats AED1.2 million.
There is also high interest in larger offerings such as branded apartments, three-bedroom properties and waterfront villas over AED7 million.
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