Ras Al Khaimah’s real estate market on upward trajectory
New projects are expected this year but the current delivery timeline creates a gap in supply and demand
Ras Al Khaimah’s (RAK) real estate market is poised for substantial growth and price appreciation in the coming years, driven by a surge in demand and a housing shortage, according to Metropolitan Premium Properties (MPP), a full-service real estate agency and a subsidiary of the Metropolitan Group. Despite the launch of new projects on Marjan Island, the market is projected to experience a significant shortage of homes by the time the Wynn Gaming resort structure is completed in late 2025, said MPP.
According to MPP, new projects are expected this year but the current delivery timeline creates a gap. The number of new units expected to be delivered in RAK this year remains relatively low. In 2024, only 318 units were delivered in Marina Residence at Al Hamra and 89 in Marbela 2. In 2025, two projects in Mina are promising, but demand will likely exceed supply.
Maxim Novikov, Head of RAK branch, Metropolitan Premium Properties said, “Even with new projects underway on Marjan Island, RAK will face a shortage of available homes. Demand is expected to continue to outpace supply, making it an exciting market to watch in the near future. There has been strong demand, particularly for waterfront and beachfront properties in RAK, with many new developments selling out quickly. Several projects are selling out during their launch phase or even before they are officially announced. We are witnessing exceptionally strong demand, particularly for beachfront properties.”
The shortage of ready units has resulted in off-plan property prices increasing on average 15-20% in 2024, and this is expected to continue this year as well. The highest demand is for studios and one-bedroom units in waterfront projects near the Wynn Resort.
“Properties close to the Wynn Resort are seeing significant interest, especially smaller studio and one-bedroom units. At the same time, there is a noticeable demand for commercial, retail spaces, as well as villas and townhouses in prime waterfront locations. However, the supply of these types of properties remains limited. The real estate market in RAK is set for dynamic growth and entering an exciting phase. Investors and home-buyers alike should be prepared for rising prices and increased competition for the limited available properties,” added Novikov.
Several key factors are expected to drive demand for real estate in RAK over the next few years. The population of the emirate is projected to nearly double, reaching 650,000 residents by 2030. Additionally, the rapid progress of the Wynn Resort construction is fueling excitement and interest in the area.
Ras Al Khaimah’s Economic Zone (RAKEZ) is also attracting entrepreneurs from around the world, boosting demand for both residential and commercial properties. RAKEZ achieved record growth in 2024, welcoming 13,141 new companies, which represents a 66% increase in registrations compared to 2023. Also, the emirate’s approach to cryptocurrency trading and blockchain technology is another factor contributing to its appeal, said the statement from MPP.
While Marjan Island continues to garner considerable attention, other regions in Ras Al Khaimah are also poised for substantial growth, as per the Ministry of Planning and Public Works (MPP). Areas like Mina, Al Hamra, and RAK Central are anticipated to witness substantial development, presenting lucrative opportunities for real estate investors.
