RAK real estate: Ras Al Khaimah property prices to surge 50% ahead of Wynn casino launch

Ras Al Khaimah’s property market has seen a notable increase in prices, with a rise of 20-25 percent in the past eight months, according to a report by Metropolitan Premium Properties (MPP).

This trend is particularly prominent in Al Marjan Island, where regular property launches are driving prices higher with each new phase.

The market has been active, with approximately 1-2 new property launches each week over the last three months. This has introduced a range of options, from high-end branded properties to more affordable units.

High demand for studios, 1-bedroom units in Ras Al Khaimah

Data from MPP indicates that studios and one-bedroom units are in the highest demand, driven by investors seeking holiday and short-term rental opportunities.

Studio prices have increased by an average of 10-15 percent in the last quarter, while one-bedroom units have seen a rise of 5-10 percent.

Branded apartments, three-bedroom units, and waterfront villas priced at AED7 million and above are popular among buyers looking for personal residences or secondary holiday homes as larger properties gain interest.

“One Metropolitan customer who purchased a 2-bedroom apartment in Mina Al Arab in early May has already seen the unit’s value increase by AED500,000, a 24 percent increase in just a few weeks,” the report said.

To maintain momentum through the slower summer months, developers are offering promotions to attract buyers, the report said, adding that this includes post-handover payment plans, waived registration fees, and other deals valid until the end of August.

Investors must ‘act now’, says MPP RAK boss

“The surge in property prices in Ras Al Khaimah reflects the growing attractiveness of the emirate as a real estate investment destination. With ongoing developments and increasing demand, we anticipate prices to rise by 50 percent by the time the casino opens. For investors looking to take advantage of the market the time to act is now,” Maxim Novikov, Head of the RAK branch at Metropolitan Premium Properties said.

Currently, the most sought-after areas include Al Marjan Island, Mina Al Arab, and Al Hamra Village, with projects featuring private beaches seeing the highest demand.

Al Marjan Island is the top choice for investment, while Al Hamra Village and Mina Al Arab attract investors looking for properties for personal use.

Additionally, projects like JW Marriott Residences are seeing significant activity, with a recent bulk deal by MPP involving six units for over AED20 million.

According to MPP, the RAK market is attracting “strong interest” from investors, especially from the US, UK, Europe, CIS, and a growing number of Chinese investors.

Source: Arabian Business