Now is the best time to invest in Ras Al Khaimah

Industry experts say Ras Al Khaimah’s economic upward trend is attracting the attention of real estate investors seeking noteworthy returns. According to these experts interviewed by Arabian Business News, current market conditions and expected increases in real estate values make investing in the region a strategic move. The simultaneous advancement across various sectors is instrumental in bolstering the real estate market in this region.

Anna Skigin, CEO of Frank Porter, remarked that despite current prices appearing elevated, they are anticipated to rise further as the company progresses into the northern emirate. The announcement by Wynn, expected to attract new projects and investors, is set to usher in considerable foreign investment into the swiftly growing emirate this year. This comes on the heels of 2023’s unprecedented international investment and business achievements.

The neighborhood has witnessed remarkable growth over the past few years, she observed. Highlighting the current period as the prime opportunity to invest in property, she mentioned, “When we first started operations there in 2018, there was already a strong demand, which has only increased since.”

Read More: Dubai’s Population Grows Faster Than Property Supply

RAK real estate prices are rising

As the area develops, property value rises to support investors in maximizing profits from asset investment.

Skigin also thinks that with the influx of companies relocating, the emirate will become a hotspot for Dubai and Abu Dhabi residents seeking “second ‘holiday’ homes,” resulting in a significant increase in commercial property values.

Sameh Muhtadi, CEO of RAK Properties, describes residential real estate in the emirate as a “superb investment offering stable, consistent returns.” This statement comes as residential properties, especially those sold off-plan, experience unprecedented levels of interest in Ras Al Khaimah.

Muhtadi points out that the market for off-plan properties is flourishing. He notes a surge in rental demand in the first half of 2023, with apartment prices in sought-after areas increasing by as much as 9.86% and villa prices by up to 6.5%.

The escalating rental costs in Dubai are prompting residents to look further north for more affordable living options, enhancing their lifestyle. He mentioned that these shifts, coupled with the continuous developments in the city, are expected to significantly contribute to the market’s growth.

He says a strong trend has been established and is currently influencing the absorption of lease sectors for both villas and apartments.

“The high-quality waterfront living that residents of RAK seek and find more financially accessible is precisely what RAK Properties aims to provide with our developments, including the Lagoon View apartments and villas like Marbella, Flamingo, or Grenada,” he explained.

The real estate company is prioritizing the development of high-quality branded residences to meet the growing demand for luxurious living spaces linked to prestigious brands. This year, it expects to disclose more information about these upscale housing options as part of its strategic focus for 2024.

“Our residents are in search of a lifestyle that goes beyond what is offered by standard property rentals,” he stated.

Read More: Dubai Property Price Trends In 2024

Global curiosity sparked by Wynn Resort

The CEO of RAKEZ Group, the leading entity for business licensing in the city, told Arabian Business that a significant investment surge across multiple sectors is expected in 2024.

Currently, the northern emirate is experiencing rapid growth in sectors such as real estate, services, e-commerce, trade, tourism, and hospitality. The announcement of the new bar at the Wynn Al Marjan Island resort has significantly influenced this.

JALLAD expects the resort to attract “major investment” in the construction, entertainment, and hospitality sectors, which seriously affect the economy and create numerous employment opportunities. He mentioned, “There’s already considerable attention from global investors eager to integrate into the emirate’s business environment.”

“This scale project usually causes growth in the relevant sector through ripple effects.”

JALLAD predicts that capital in residential and commercial real estate will increase significantly in response to the tourism and hospitality industries. This financial injection is expected to increase employment in various areas, including construction, real estate operations, maintenance, and related service industries.

Significant investments in the hotel, service, and real estate sectors follow Wynn Resort.

This development holds considerable promise for the economy of Ras Al Khaimah, with international investors showing keen interest in becoming part of the emirate’s economic landscape, as Jallad has observed.

Ras Al Khaimah has emerged as a significant economic power in the UAE and a larger Gulf area due to its strategic investment initiative.

According to current predictions, Emirates will increase by 5.1% in 2024 due to strategic expansion in the real estate, hotel, and tourism industries.

This economic rise is encouraged by real estate investors looking for significant yields. The real estate market is expected to experience a surge in demand, partly due to the impact of notable developments such as the $3.6 billion Wynn Resort, which not only boosts related industries but also attracts an influx of businesses to the Ras Al Khaimah region.

In addition, as the city’s expansion can expand property prices, the current period provides a significant opportunity for prospective buyers to take advantage of the favorable conditions in the real estate market.

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