Ras Al Khaimah (RAK) is experiencing rapid growth in both its tourism and real estate sectors. The Emirate welcomed 1.28 million tourists in 2024, marking a 5.1% increase from the previous year.
This growth is driving demand for real estate, with areas like Al Marjan Island, Mina Al Arab, and Al Hamra seeing rising property values and rents.
In 2024, residential sales transaction values reached over Dhs 11 billion, with off-plan sales leading the market.
Wynn Resort and new residential projects
RAK’s real estate growth is supported by major developments like the Wynn Al Marjan Island resort, which will open in 2027.
The integrated resort, the first in the UAE to hold a commercial gaming operator’s license, will feature 1,542 rooms, 225,000 sq ft of gaming space, and expansive retail and event facilities. According to Savills, RAK’s residential stock is expected to double by 2030, with over 11,000 new units planned.
Premium developments
The demand for high-end residential offerings is evident in the success of projects like Sunshine Bay on Al Marjan Island. Savills sold out the 240 units within three months, with prices averaging over Dhs 2,200 per sq ft.
Additionally, the upcoming Anantara Mina Ras Al Khaimah Residences is set to launch in April 2025, offering luxury suites, apartments, and duplex villas. Prices start from Dhs 2.2 million, with handover expected in Q3 2028.
The combination of tourism growth, new infrastructure, and premium real estate options has positioned RAK as an increasingly attractive destination for investors. With developments like Wynn Al Marjan Island and improved educational offerings, the Emirate is diversifying beyond tourism, creating a solid foundation for long-term growth.
tanvir@dubainwesweek.com
