Ras Al Khaimah boasts scenic beauty, offers a peaceful and tranquil life close to nature, and promises more real estate opportunities than words can describe.
The market report for Ras Al Khaimah market H1 in 2024 indicates that it’s a thriving real estate market that regularly sees major changes and has a positive boost trend.
In this blog, we examine the market’s performance, future demand, and the Ras Al Khaimah real estate market forecast. The information provided in this blog provides insight for future home buyers and investors.
Market Performance in H1 2024
Residential Sector
The housing market in Ras Al Khaimah has seen a rise in the number of homes sold in H1 2024. The city is famous for offering affordable, luxurious apartments and villas.
The latest report states that the prices of apartments within Ras Al Khaimah increased by 18.5 percent, and the cost of renting jumped 7-11 percent.
Similar to that, the prices of villas saw increases of 3.55%. Rise of 3.55 percent, and the rental cost increased to 9.37 percent at Al Hamra Village.
Knight Frank also forecasts rental yields could be as high as 7-8% by 2024. The primary driver is Ras Al Khaimah’s 3.9 billion Wynn Casino, attracting investors and tourists. This is another motive to boost the value of properties in the city.
Commercial Sector
Commercial space has witnessed a high demand for retail and office spaces, which is very high in the prime Downtown areas. Office rents in this area increased by 4%, while retail rents jumped 7%.
Hospitality Sector
The hospitality industry in Ras Al Khaimah grows by 9%, while daily average occupancy rates rise by 12%.
The Future Demands as well as Market Forecast 2024 Ras Al Khaimah Reals Estate
Certain factors increase the value of real estate in Ras Al Khaimah and influence the market forecast for the next year.
Sustainable Development and Eco-Friendly Initiatives
Ras Al Khaimah (RAK) is recognized as an eco-friendly and sustainable city that encourages sustainable living and energy-efficient building and home design.
The demand for these properties is extremely high in this area, and the current trend is causing a 7% rise.
Tourism and Hospitality Sector Expansion
The tourism sector in RAK is also expanding, and various projects such as hotels, resorts, and tourist attraction sites are being built in the region.
The growth in tourism supports and increases commercial and residential property value. The demand for properties in Al Marjan Island and Mina Al Arab has risen. Both regions are highly sought-after by tourists and are the top places in RAK.
Affordable Housing Initiatives
The RAK government is constantly focusing on low-cost housing, and the supply of these types of homes with the same growth rate is expected to remain in high demand.
Foreign Investment and Freehold zones
Freehold zones located in RAK focus on providing incentives for foreign investors and attracting international buyers. With full ownership and attractive investment opportunities, the RAK real estate market is predicted to expand by 15%.
Summary
Ras Al Khaimah offers higher yield possibilities, and there are several locations you could consider for capital appreciation. There are reasonably priced luxury homes and top waterfront properties with high returns.
Property types with high returns are accessible.
Ras al Kahmiah’s property market in the first quarter of 2024 has given us an idea of how the city has seen a significant expansion in various industries.
With its impressive development, sustainable initiatives, and thriving tourism sector, RAK is a profitable investment zone for end-users and investors. The real estate market continues to expand, making it a great investment zone.