Ras Al Khaimah (RAK) is rapidly becoming one of the UAE’s most sought-after real estate destinations. With an influx of demand, limited supply, and major developments on the horizon, the emirate is set for substantial growth.
RAK’s real estate market
According to Metropolitan Premium Properties (MPP), there are several key reasons why RAK’s real estate market will experience significant growth and price appreciation in the coming years.
Strong demand outpaces supply
Despite ongoing development projects on Marjan Island, RAK is facing a growing shortage of available homes. The market is expected to continue to see demand exceed supply, making it an attractive area for investors and homebuyers.
The Impact of Wynn Resort
The construction of the Wynn Gaming Resort, is already generating excitement and interest in Ras Al Khaimah. With luxury properties and waterfront real estate in high demand, this development is expected to drive significant growth in the local property market.
Limited supply of ready homes
While new projects are in development, the supply of ready homes in RAK remains limited. In 2024, only a small number of units were completed, including 318 units in Marina Residence at Al Hamra and 89 units in Marbela 2. The projected delivery of new units in 2025, such as 648 apartments in Bay Residence and 146 apartments in Gateway 2, still falls short of meeting the growing demand.
Increased interest in waterfront properties
There is particularly strong demand for beachfront and waterfront properties in RAK. Smaller units, such as studios and one-bedroom apartments, are seeing significant interest, especially near the upcoming Wynn Resort. With limited availability, these properties are expected to become even more desirable as the resort nears completion.
Economic growth and population boom
RAK is experiencing impressive economic growth, with its population expected to nearly double by 2030, reaching 650,000 residents.
Additionally, Ras Al Khaimah’s Economic Zone (RAKEZ) has achieved remarkable success, welcoming 13,141 new companies in 2024 — a 66% increase over the previous year. This rapid economic expansion is driving the demand for both residential and commercial properties in the emirate. Furthermore, RAK’s progressive stance on cryptocurrency trading and blockchain technology is adding to its appeal.
Metropolitan Premium Properties
Maxim Novikov, Head of RAK Branch at Metropolitan Premium Properties, noted, “Even with new projects underway on Marjan Island, RAK will face a shortage of available homes. Demand is expected to continue to outpace supply, making it an exciting market to watch in the near future.
Maxim Novikov
“We are witnessing exceptionally strong demand, particularly for beachfront properties. Properties close to the Wynn Resort are seeing significant interest, especially smaller studio and one-bedroom units. At the same time, there is a noticeable demand for commercial, retail spaces, as well as villas and townhouses in prime waterfront locations. However, the supply of these types of properties remains limited.
“The real estate market in RAK is set for dynamic growth and entering an exciting phase. Investors and homebuyers alike should be prepared for rising prices and increased competition for the limited available properties,” Novikov added.
tanvir@dubainewsweek.com
