Skip to content Skip to Search
Skip navigation

Development plans push up RAK property prices

By Valentina Pasquali
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.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

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”.

Latest articles

U.S. Secretary of State Marco Rubio poses for a photo with UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan at ADNEC Centre Abu Dhabi in Abu Dhabi, United Arab Emirates, February 19, 2025

UAE’s $1.4trn US pledge is political positioning, experts say

The UAE’s pledge to invest $1.4 trillion in the US over the next 10 years is about political positioning rather than exact numbers, according to experts. The country committed to a 10-year $1.4 trillion investment in AI infrastructure, semiconductors, energy and American manufacturing during a meeting in Washington last week, according to a White House announcement. […]

Students from several universities take part in a protest against the detention of Istanbul mayor Ekram İmamoğlu

Protests in Turkey predicted to worsen fall in industrial activity

Industrial activity in Turkey fell for a fourth straight month to a two-year low in March, hit by fewer export orders and cooling domestic demand, central bank data shows. The decline is likely to be exacerbated by political unrest and financial fallout from the arrest last week of the mayor of Istanbul, Ekram İmamoğlu, a […]

Nomu, which means 'growth' in Arabic, has become a platform for small and medium sized companies to scale up

Junior Saudi market considers easing investor requirements

Saudi Arabia’s Capital Markets Authority has proposed reforms to broaden the investor base of the kingdom’s junior stock market in an attempt to increase liquidity. The changes relax the requirements to register as a “qualified investor” on Nomu, the parallel alternative to the Tadawul, and extend this designation to board and committee members of listed […]

Tesla Saudi Arabia

Tesla to launch in Saudi Arabia next month

Tesla is due to launch in Saudi Arabia on April 10, with a special event at the Bujairi Terrace in Riyadh to show off its products, including its autonomous driving Cybercab and Optimus, its humanoid robot.   Elon Musk’s electric vehicle company is currently facing slowing sales and rising competition from cheaper Chinese rivals in key […]

A worker fills a tank at a petrol station in Riyadh. The rise of renewable energy and electric vehicles are having an impact on oil demand

Oil’s share of energy demand dips below 30% for first time

Oil’s share of the global energy mix has hit a historic low, dipping below 30 percent of demand for the first time as renewables and electric vehicles reshape markets, according to the International Energy Agency. The IEA’s Global Energy Review 2025 reveals that energy demand rose by 2.2 percent last year, outpacing the average yearly […]

Stalls in Bahrain's Manama Souq. Bahrain’s manufacturing sector is likely to bear the brunt of the new tax

Bahrain approves environmental tax on companies

Bahrain is to become the first country in the Arabian Gulf to introduce an environmental tax on companies as the island state struggles to rein in a growing budget deficit and bring government finances under control. The government of the region’s smallest nation by population has approved in principle a levy on carbon dioxide emissions […]

Oman's oil exports grew steeply after the Duqm refinery opened but non-oil exports fell

Oman’s exports rise after Duqm refinery comes online

Oman’s exports grew last year as a result of a sharp increase in oil refining production after the Duqm Refinery became operational, official figures show. Export of refined products almost trebled last year after the start-up of the $9 billion Duqm Refinery, a joint venture between the Omani government-owned OQ and Kuwait Petroleum International, a […]

The MT Sounion being towed through Egypt's Suez Canal earlier this month after it was attacked in the Red Sea. Suez Canal revenues have dropped from $2.4bn to $1bn

Egypt’s deficit stretched by high imports and regional tension

Egypt’s current account deficit more than doubled in the first quarter of the current fiscal year and the gap is expected to widen further, a Kuwaiti bank says. Key factors for the massive deficit include a surge in imports and lower Suez Canal revenues due to regional tensions, National Bank of Kuwait (NBK) said in […]

Turkey Wealth Fund owns almost half of Turkish Airlines

UAE banks back Turkey Wealth Fund’s $1.2bn loan

State-backed Turkey Wealth Fund has secured its first loan without a treasury guarantee, backed by UAE-listed banks, a local newspaper reported. The sovereign fund raised €1.1 billion ($1.2 billion) two-year syndicated loan from 20 banks from 12 countries, Daily Sabah reported. The interest rate was set at Euro interbank offered rate, plus 2 percent annually for […]

London-headquartered Ardonagh will use the fresh funds for potential acquisitions

Adia-backed London insurer seeks funds for growth

Ardonagh Group, a British insurance group backed by the Abu Dhabi Investment Authority (Adia), is reportedly close to raising $2.5 billion to fund its expansion. The London-based company will also use the funds for potential acquisitions, Bloomberg reported, citing unnamed sources. In December 2024, Adia and US private equity Stone Point Capital announced an investment in […]

aramco blue hydrogen

Aramco buys 50% of local blue hydrogen producer

Saudi Aramco has purchased a 50 percent stake in a low-carbon hydrogen production plant in Jubail, a city on the Gulf, owned by a unit of the Saudi Arabia-based company Air Products Qudra (APQ). The stake buyout will enable Blue Hydrogen Industrial Gases Company (BHIG), a wholly owned subsidiary of APQ, to provide blue hydrogen […]

Agility acquired Menzies Aviation in 2022, which has operations in more than 65 countries

ADX-listed Agility targets $130m dividend payout

Logistics company Agility Global has proposed a final dividend of $65 million for 2024, taking the total payout to $130 million, reflecting a healthy growth in earnings last year. The company paid a $65 million dividend in December 2024, with a further $65 million set to be approved at the upcoming general assembly for approval, […]