During H1 2023, Ras Al Khaimah's real estate market showcased distinct rental trends. Al Hamra Village led in sought-after rental apartments, witnessing up to 9.86% rent growth. Al Marjan Island and Mina Al Arab also drew attention. Villa rentals mirrored this trend, with Al Hamra Village being the prime choice. Apartments for purchase were favoured in Al Hamra Village, showing over 4% price per square foot increase. Al Marjan Island stood out for buyers, while Mina Al Arab saw a slight price decrease. Ras Al Khaimah's waterfront developments, especially Al Hamra Village and Mina Al Arab, attracted investors, reflecting the emirate's rising prominence in real estate. Anticipated projects like Wynn Al Marjan Island contribute to its continued appeal.
During the first half of 2023, the real estate market in Ras Al Khaimah demonstrated significant trends in the rental market for both apartments and villas. Notably, Al Hamra Village emerged as a highly sought-after area for rental apartments, closely followed by Al Marjan Island and Mina Al Arab, which also attracted substantial interest. Average annual rents in these regions experienced significant growth, with increases of up to 9.86%. Conversely, areas such as Al Nakheel and Al Seer maintained steady rental rates throughout this period.
The popularity of Al Hamra Village extended to the villa rental market, positioning it as the most desirable location for villa rentals in Ras Al Khaimah. This demand surge led to rental escalations for both 3-bedroom and 5-bedroom villa configurations. Mina Al Arab, despite overall rent increases, managed to capture considerable tenant attention, solidifying its standing in the market.
In the domain of available apartments for purchase in Ras Al Khaimah, Al Hamra Village has taken the lead as the primary choice for investors. Apartments within Al Hamra Village have witnessed an increase of more than 4% in the average price per square foot. Al Marjan Island stands out as another preferred location for buyers, with the average price per square foot experiencing a rise of 7.49%. Additionally, in Mina Al Arab, apartment prices have seen a slight decrease of less than 1%. Investors interested in purchasing apartments in Ras Al Khaimah have also shown significant interest in areas such as Yasmin Village and Dafan Al Nakheel.
For those considering villa investments in RAK, Al Hamra Village and Mina Al Arab have emerged as the favoured choices among investors. This highlights the considerable market enthusiasm for Ras Al Khaimah's leading waterfront developments.
In recent years, Ras Al Khaimah has positioned itself as a promising hub for real estate investment opportunities. This trend is clearly evident from the insights presented in Bayut's Ras Al Khaimah H1 2023 report. The data from the report underscores a consistent and robust demand for properties in the most popular residential areas of the emirate. This high demand is contributing to price increases in both the rental and sales segments of the market.
Bayut's findings reveal that investor interest is predominantly concentrated on existing and upcoming waterfront and island developments in Ras Al Khaimah. This inclination is unsurprising, considering the appealing lifestyle offered by the emirate and the exciting forthcoming projects.
The robust condition of Ras Al Khaimah's real estate market is expected to endure for a considerable period, particularly with the imminent opening of the Wynn Al Marjan Island resort, featuring a dedicated "gaming area," slated to launch in 2027.
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