Ras Al Khaimah real estate deals top $740m in first half of 2018

Ras Al Khaimah Municipality says value of property deals in emirate rise by 33% during first six months of 2018
Ras Al Khaimah real estate deals top $740m in first half of 2018
By Sam Bridge
Mon 27 Aug 2018 02:04 PM

The total value of real estate transactions in Ras Al Khaimah rose to AED2.7 billion ($740 million) in the first half of 2018, according to official figures.

The emirate saw an increase of 33 percent compared to the corresponding half of 2017, according to a report issued by the Lands and Properties Sector at Ras Al Khaimah Municipality.

The bi-annual report indicated that 2,632 real estate transactions were registered in the January to June period, with 1,412 sales worth AED902.1 million and 844 mortgage deals valued at AED1.5 billion.

Mohammed Al Zaabi, director of the RAK Municipality Department, noted that the highest deal in value was registered for a tourism plot in Al Jazirah Al Hamra at AED19 million, while the highest sale deal in size, was for a 272,083 square metre agricultural land in Al Hamraniya at AED5.1 million.

According to Asteco, apartment rental rates in the Northern Emirates continued to soften during the second quarter of 2018 with an average quarterly drop of 2 percent and a decrease of 11 percent over the year.

The real estate consultants said while high-end properties in Ajman noted the highest annual decline of 13 percent among the Northern Emirates, the drop for the same unit type in Ras Al Khaimah was less pronounced at 7 percent.

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