Ras Al Khaimah real estate hits AED 11.95bn, up 70% since 2020
Ras Al Khaimah’s real estate sector is experiencing unprecedented growth, with transaction values for the first three quarters of 2024 soaring to AED 11.95 billion, according to figures from the Ras Al Khaimah Statistics Center. This marks a staggering 70 per cent increase compared to AED 3.84 billion during the same period in 2020.
Andrei Charapenak, CEO of Major Developers, described the emirate as one of the UAE’s most dynamic real estate markets, offering luxury living at prices that are highly competitive compared to matured global markets.
The appeal of Ras Al Khaimah lies in its ability to combine luxury and affordability, attracting both investors and residents. Strategic developments, including the limited supply of 20,000 units on Al Marjan Island, have solidified the emirate’s position as a lucrative market.
Projects such as Manta Bay, offering studio apartments starting at AED 1.20 million, are particularly attractive due to their proximity to key attractions, including the upcoming Wynn Resort, which is set to redefine leisure and hospitality in the region.
Ras Al Khaimah’s rental market remains robust, bolstered by a growing expatriate population and consistent demand for high-quality properties.
For example, properties like those in Manta Bay offer exceptional rental income potential. Based on a conservative 75 per cent occupancy rate, an apartment rented at AED 1,000 per night for 255 days annually could generate AED 255,000 in rental income.
After deducting management fees, service charges, and miscellaneous expenses, the net annual income would stand at AED 212,000, translating to an impressive rental ROI of 15 per cent.
The emirate’s rise is underpinned by investments in world-class developments like the Wynn Resort, as well as enhanced international flight connectivity and a focus on sustainable, eco-friendly homes.
These initiatives are reshaping Ras Al Khaimah into a premier destination for modern buyers seeking a vibrant lifestyle, as well as investors looking for long-term returns.
With a balance of affordability, luxury, and a thriving rental market, Ras Al Khaimah is quickly emerging as one of the UAE’s high-growth real estate markets.