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Development plans push up RAK property prices

Ras al Khaimah property prices are soaring, driven in part by the UAE's hunger for beachfront residences Alamy via Reuters
Ras al Khaimah property prices are soaring, driven in part by the UAE's hunger for beachfront residences
  • RAK property prices up 25%
  • Planned Wynn casino a draw
  • New launches every week

Residential real estate prices in Ras Al Khaimah have grown by as much as 25 percent in the past eight months as developers vie to secure prime waterfront lots.

The allure of the UAE’s first casino, which is under construction, is also contributing to the hike, according to Dubai-based brokerage firm Metropolitan Premium Properties.

Studios and one-bedroom apartments are proving especially attractive, as investors consider their potential as profitable holiday and short-term rentals. 

The brokerage found that the average price of a studio in Ras Al Khaimah grew 10-15 percent just in the last quarter, and that of a one-bedroom apartment jumped at least 5-10 percent over the same period.

Larger properties are also experiencing rapid price growth, according to MPP’s figures. One of its clients who bought a two-bedroom apartment in Mina Al Arab two months ago has seen its value increase by AED500,000, or 24 percent.

“With ongoing developments and increasing demand, we anticipate prices to rise by 50 percent by the time the casino opens,” Maxim Novikov, head of the RAK branch at MPP, said.

The multi-billion-dollar Wynn is slated to open in early 2027 on 62 hectares of Al Marjan Island, which MPP found to be among the top three busiest areas for launches and deals, along with Mina Al Arab and Al Hamra Village.

The latter two communities are the top choices for buyers looking for properties for personal use.

Each week for the last three months RAK has witnessed an average of one or two new launches, attracting “strong interest” from nationals of the US, UK, Europe and Eastern Europe and Central Asia, as well as more and more Chinese investors, MPP said.

In May local publicly listed developer RAK Properties reported a 12 percent annual increase in revenue in the first quarter of this year, driven in particular by “ongoing demand for new project launches in Mina Al Arab”.

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