Ras Al Khaimah's residential property stock to double by 2030: report

02/05/2025 02:19 AST

The residential property stock in Ras Al Khaimah (RAK) is projected to double by the end of 2030 with over 11,000 units scheduled for completion, based on the supply from launches up to the end of 2024, according to a real estate consultancy.

At over Dh11 billion in 2024, sales transaction values have gained considerable momentum post-pandemic, it said.

Off-plan sales dominated the market in 2024 and communities such as Al Marjan Island, Mina Al Arab, and Al Hamra have seen an upward trend in capital values and rents since 2022, coinciding with the Wynn announcement.

"There is growing demand for premium residential offerings in RAK. Branded residences now make up 32 per cent of anticipated supply on Al Marjan Island, reflecting buyer appetite for well-located, lifestyle-led investments," said Andrew Cummings, head of residential agency at Savills Middle East.

The northern emirate is experiencing rapid growth across its tourism and real estate sectors, driven by rising visitor numbers, and new residential project launches which have led to solid off-plan sales.

The upcoming Wynn Al Marjan resort is set to revolutionise the emirate's economy. Spanning 62 hectares, Wynn Al Marjan Island is set to open in 2027, and will introduce 1,542 rooms and suites, 225,000 sqft of gaming space, 15,000 sq m of retail, and large-scale event and entertainment facilities.

Driving this demand for real estate is the rise in visitor numbers. In 2024, the Emirate welcomed 1.28 million tourists, a 5.1 per cent increase compared to the previous year. International and domestic visitors were evenly split, with 661,000 air arrivals reflecting a 28 per cent year-on-year increase, underscoring RAK's growing appeal as a short-stay leisure destination.

"RAK's evolution is now beyond tourism alone. We're seeing the pieces come together - infrastructure, education, entertainment, and residential development - which together make a compelling case for long-term investment and growth," said Rachael Kennerley, head of research at Savills Middle East.

Khaleej Times