Ras Al Khaimah’s real estate market is heading towards a significant housing shortage by late 2025, coinciding with the completion of the Wynn Gaming resort, according to Metropolitan Premium Properties (MPP).
Despite new developments on Marjan Island, demand is expected to exceed supply, creating a deficit in available homes.
The market has already seen off-plan property prices increase by 15-20 per cent in 2024, a trend projected to continue this year.
Ras Al Khaimah real estate heats up
“Even with new projects underway on Marjan Island, RAK will face a shortage of available homes. Demand is expected to continue to outpace supply, making it an exciting market to watch in the near future. There has been strong demand, particularly for waterfront and beachfront properties in RAK with many new developments selling out quickly. Several projects are selling out during their launch phase or even before they are officially announced,” Maxim Novikov, Head of RAK branch at Metropolitan Premium Properties said.
The current delivery timeline reveals minimal new housing stock entering the market. In 2024, only 407 units were completed across two developments: 318 units in Marina Residence at Al Hamra and 89 units in Marbela 2.
The 2025 pipeline shows some improvement with 807 units scheduled for completion in Mina (formerly Mina Al Arab), including 648 apartments and 13 lofts in Bay Residence, alongside 146 apartments in Gateway 2.
Waterfront properties near the Wynn Resort are experiencing particularly high demand, with studios and one-bedroom units proving most popular.
“We are witnessing exceptionally strong demand, particularly for beachfront properties. Properties close to the Wynn Resort are seeing significant interest, especially smaller studio and one-bedroom units. At the same time, there is a noticeable demand for commercial, and retail spaces, as well as villas and townhouses in prime waterfront locations. However, the supply of these types of properties remains limited,” Novikov said.
The property shortage comes as Ras Al Khaimah’s population is projected to nearly double to 650,000 residents by 2030.
Additional factors driving demand include the ongoing Wynn Resort construction and growth in the Ras Al Khaimah Economic Zone (RAKEZ), which welcomed 13,141 new companies in 2024—a 66 per cent increase from 2023.
While Marjan Island remains a focal point for development, MPP reports that other areas including Mina, Al Hamra and RAK Central also show substantial growth potential for investors.
“The real estate market in RAK is set for dynamic growth and entering an exciting phase. Investors and homebuyers alike should be prepared for rising prices and increased competition for the limited available properties,” Novikov concluded.
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