A detailed examination of Ras Al Khaimah’s real estate market sales figures for the first half of 2024, highlighting the data and trends driving the evolution of this growing market within the emirate.
Table of content:
Overall real estate transactions in H1 '24
Source: RAK Municipality
Sales transactions have grown by 198% to 3,9 Bil AED (equivalent to 1.07 Bil USD) compared to first half last year, while mortgages values have increased as well by 27% to 815 Mil AED (or 222 Mil USD)
Sales
Source: RAK Municipality
in Q1-2024 were recorded 527 Mil AED (equivalent to 143 Mil USD) worth of real estate sales transactions, which represents a decrease of -11% compared to same quarter last year (589 mil AED)
in Q2-2024 we've seen transactions sales values increase by 366% compares to last year, at 3.4 Bil AED (equivalent to 929 Mil USD)
Transactions volume in the first half of this year were -9% lower compared to same period last year.
Key trading area
Al Marjan Island recorded the highest sale value in the first half of the year, for a plot of land worth 640 Mil AED (or 174 Mil USD). Second highest sales transaction was registered as well in Al Marjan Island for 166 Mil AED (or 45 Mil USD)
Freehold properties sales
635 transactions with freehold properties were recorded in the first half of the year, including from the secondary market, across various areas in the emirate.
Source: RAK Municipality
The breakdown by asset class is as follows:
Apartments sales value worth: 334 million AED
Number of Sales: 524
Villas sales value worth: 207 million AED
Number of Sales: 111
Why Ras Al Khaimah?
The growing appeal of the emirate as a preferred business and leisure destination in UAE, has a positive impact for real estate demand, driven by several key advantages such as:
Freehold areas for property ownership
No Property Tax
Growing business ecosystem
Fourth largest of the seven Emirates that make up the UAE (by GDP and territory)
The cost of living and the cost of setting up a company as well as running it in Ras Al Khaimah are 50 percent less than the region
Tourism Vision 2030 to become a regional leader in sustainable tourism attracting over 3 million annual visitors by 2030
The much-anticipated gaming and integrated resort by world-renowned Wynn brand attracts significant number of new developments in Al Marjan Island
“We look forward to further enhancing our exclusive range of offerings for discerning investors and residents who have marked out Ras Al Khaimah as a destination par excellence.”
Arch. Abdulla Al Abdouli, Chief Executive Officer, Marjan
Conclusions
Marjan, the master developer of freehold properties in Ras Al Khaimah, has announced several branded residences projects launches from world renowned brands such as:
The Unexpected Al Marjan Island Hotel & Residences a unique collaboration with Ushuaïa Ibiza club
La Mer by ELIE SAAB
Aston Martin
Nikki Beach Residences
W Al Marjan Island
Address Residences Al Marjan Island
Rove Al Marjan Island
Ras Al Khaimah's real estate market emerges as a lucrative investment destination pushed by a rising demand from property buyers and property developers, attractive investment returns potential, and supportive government policies.
Stay informed with our latest updates and insights as we closely track the evolving landscape of Ras Al Khaimah development.
Kommentare