Property

RAK property sector ‘grew by 45% in five years’

The emirate’s real estate sector was valued at AED 5 billion ($1.4bn) in 2015

The real estate sector in Ras al-Khaimah has grown in value by 45% in the space of five years, data show.

According to a study by the RAK Chamber of Commerce, the sector grew from AED3.401 billion in 2011 to AED4.947 ($1.4bn) in 2015.

The annual growth of the real estate sector amounted to 15 percent per annum over the stated period, according to the numbers, quoted by state news agency WAM.

The sector ranked third after the industrial and tourism sectors, contributing 13.3 percent, or AED1.209 billion, of the emirate’s total capital in 2015.

Rajaa Mohammed bin Juma Al Tunaiji, Head of the Economic Studies and Commercial Cooperation Department at RAK Chamber, said that the developments in Ras al-Khaimah’s economy over the last five years indicate the importance of the real estate sector and its overall contribution to the growth of the emirate’s economy.

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