Ras Al Khaimah property market to grow in 4 years; 70% leap in nine-month period

Post by: Raman Preet

Ras Al Khaimah is seeing big changes in its real estate market. According to the Ras Al Khaimah Statistics Center, real estate deals in the first three quarters of 2024 reached AED 11.95 billion. This is a huge increase of more than 70% compared to AED 3.84 billion in 2020. This shows how Ras Al Khaimah is quickly becoming one of the fastest-growing property markets in the UAE.

Andrei Charapenak, the CEO of a big development company, shared that Ras Al Khaimah’s real estate market is growing much faster than expected. The emirate is known for offering luxurious homes at much lower prices compared to other markets worldwide. This has made it a popular choice for people who want to buy homes or invest in property.

Ras Al Khaimah is not only growing in real estate, but it is also becoming a center for entertainment. The new Wynn Resort is being built and will bring high-quality hotels, dining, and fun activities. This, along with better flight connections from around the world, is making Ras Al Khaimah an even more attractive place to live and visit. The city is offering modern homes that are eco-friendly and have a lively atmosphere.

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The rental market in Ras Al Khaimah is also growing. More people are moving to the emirate, which means there is a steady demand for good-quality homes. Al Marjan Island, which has only 20,000 properties available, is becoming a key area for investment.

One of the best projects in the area is Manta Bay. It offers studio apartments starting at AED 1.20 million. This is an excellent choice for investors because the area is close to major attractions like the Wynn Resort. The resort will open in two years, and the average price for a hotel room in the area is between AED 1,000 and AED 1,500 per night. This makes the property a good investment.

For example, if an apartment in Manta Bay is rented out for AED 1,000 per night for 255 nights a year (assuming it is rented 75% of the time), the annual rental income would be AED 255,000. After taking out management fees (15%, or AED 30,000), service charges (AED 6,000), and other costs like water and electricity (AED 7,000), the owner would earn AED 212,000 in net income each year.

This gives a great return on investment (ROI) of 15%, which shows that Ras Al Khaimah is a stable and safe place for property investors. With affordable luxury homes and a strong rental market, supported by major investments in the city’s infrastructure and entertainment, Ras Al Khaimah is becoming a top choice for homebuyers and property investors. The city’s economy is growing quickly, and new projects are making it one of the fastest-growing property markets in the UAE.

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