Now is an opportune moment for investors to consider real estate in Ras Al Khaimah (RAK), as property prices are poised for significant increases amid rapid market expansion. According to industry insiders, the real estate sector in this northern emirate is experiencing unprecedented growth due to a surge in multi-sector investments.
Anna Skigin, CEO of Frank Porter, emphasized that despite current high property prices, they are expected to continue rising. “Even though prices might seem steep right now, they’re set to climb even further,” she remarked. Frank Porter is expanding into RAK, driven by the emirate’s promising outlook. The announcement of the Wynn casino has been a major catalyst, attracting substantial foreign investment and a wave of new projects. This comes after 2023 saw record-breaking business and foreign investment levels in the region.
Skigin highlighted that the demand for real estate in RAK has been surging over the past few years. “We had a brief presence in the area in 2018, and even then, demand was high and has only increased since,” she noted. This growth trend indicates that now is an ideal time to invest in property in the emirate.
Rising Property Values and Investment Opportunities
As Ras Al Khaimah continues its development, property values are expected to rise, making it a lucrative market for investors aiming to maximize their returns. Skigin anticipates that RAK will increasingly become a hotspot for “second vacation homes” for residents of Dubai and Abu Dhabi. Additionally, there is a growing demand for commercial real estate as businesses seek to relocate to the area.
Sameh Muhtadi, CEO of RAK Properties, supports this optimistic outlook, describing investment in residential real estate in RAK as a “very good investment with safe regular income.” He notes that the emirate is experiencing unprecedented demand for residential properties, including off-plan developments. “The off-plan market is booming,” Muhtadi said, adding that rental demand is also soaring. In the first half of 2023, apartment prices in popular districts increased by up to 9.86%, while villa costs rose by up to 6.5%. The rising rental costs in Dubai are driving residents northward to Ras Al Khaimah, where they can afford to enhance their lifestyles.
Wynn Resort Fuels Global Interest
The upcoming Wynn Resort on Al Marjan Island is a key factor in the emirate’s exponential growth across various sectors, including tourism, hospitality, trading, e-commerce, real estate, and services. This high-profile development is drawing global attention and contributing to Ras Al Khaimah’s transformation into a major investment destination.
As RAK continues to evolve and attract international interest, the real estate market offers promising opportunities for investors seeking growth and stability in an emerging and dynamic region.
