Ras Al Khaimah Real Estate Update 2024
Overview of Ras Al Khaimah Property Market
The real estate market in Ras Al Khaimah is experiencing substantial growth in 2024, driven by key developments and upcoming projects. Areas like Al Marjan Island, Mina Al Arab, and Al Hamra Village are highly desirable, offering a blend of luxury and accessibility.
Surge in Property Prices
Property prices have surged significantly, with increases ranging from 20% to 25% over the past eight months. Al Marjan Island, with its frequent property launches, has notably contributed to this upward trend.
Demand for Residential Units
Demand is particularly strong for studios and one-bedroom units, favored by investors seeking opportunities in holiday rentals. Studio prices have risen by 10-15% in the last quarter, while one-bedroom units have seen a 5-10% increase.
Preference for Premium Properties
Luxury properties such as branded apartments, three-bedroom units, and waterfront villas priced at AED7 million and above are attracting buyers looking for high-end residences or vacation homes.
Developer Strategies to Attract Buyers
Developers are implementing various strategies to maintain market momentum. These include post-handover payment plans, waived registration fees, and other incentives valid until August.
Rosso Bay Residence in Al Marjan Island
One of the prominent developments on Al Marjan Island is the Rosso Bay Residence. Offering unparalleled waterfront views and luxurious amenities, Rosso Bay is set to redefine living standards in Ras Al Khaimah.
Insights and Predictions
Maxim Novikov, Head of RAK branch at Metropolitan Premium Properties, advises investors to act swiftly, anticipating a 50% price increase by the launch of the Wynn casino.
Q&A Section
Q1: Where are the most sought-after areas in Ras Al Khaimah?
Al Marjan Island, Mina Al Arab, and Al Hamra Village are currently the top choices for real estate investment in Ras Al Khaimah.
Q2: What types of properties are in highest demand?
Studios and one-bedroom units are highly sought-after, especially for short-term rental opportunities due to their profitability.
Q3: What incentives are developers offering to buyers?
Developers are offering attractive incentives such as flexible payment plans and waived fees to encourage immediate purchases.
