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The Ras Al Khaimah property market is witnessing a significant surge in prices, with a staggering 20-25% increase in just eight months, according to a report by Metropolitan Premium Properties (MPP). This trend is particularly pronounced in Al Marjan Island, where regular property launches are driving prices higher with each new phase.

High Demand for Studios and 1-Bedroom Units

Data from MPP indicates that studios and one-bedroom units are in highest demand, driven by investors seeking holiday and short-term rental opportunities. Studio prices have increased by an average of 10-15% in the last quarter, while one-bedroom units have seen a rise of 5-10%.

Branded Apartments and Waterfront Villas in High Demand

Branded apartments, three-bedroom units, and waterfront villas priced at AED7 million and above are popular among buyers looking for personal residences or secondary holiday homes. Larger properties are gaining interest, and “One Metropolitan customer who purchased a 2-bedroom apartment in Mina Al Arab in early May has already seen the unit’s value increase by AED500,000, a 24% increase in just a few weeks,” the report said.

Developers Offer Promotions to Attract Buyers

To maintain momentum through the slower summer months, developers are offering promotions to attract buyers, including post-handover payment plans, waived registration fees, and other deals valid until the end of August.

Investors Must ‘Act Now’ to Capitalize on RAK’s Growing Attractiveness

“The surge in property prices in Ras Al Khaimah reflects the growing attractiveness of the emirate as a real estate investment destination. With ongoing developments and increasing demand, we anticipate prices to rise by 50% by the time the casino opens. For investors looking to take advantage of the market, the time to act is now,” Maxim Novikov, Head of the RAK branch at Metropolitan Premium Properties said.

Most Sought-After Areas in RAK

Currently, the most sought-after areas include Al Marjan Island, Mina Al Arab, and Al Hamra Village, with projects featuring private beaches seeing the highest demand. Al Marjan Island is the top choice for investment, while Al Hamra Village and Mina Al Arab attract investors looking for properties for personal use.