"Focus on Ras Al Khaimah": Real estate appreciates by 18.5%

05 Mar 2024

In 2023, experts recorded an 18.5% increase in Ras Al Khaimah's real estate, reflecting the escalating prices in the city's most sought-after district. Over the past two years, Ras Al Khaimah's property market has significantly surged, with expectations set for further growth.

A path of triumph

Ras Al Khaimah's policies strikingly resemble what we witnessed in Dubai a decade or two ago. They abolished income taxes and granted full property ownership rights to foreigners, acting as a catalyst for growth. Moreover, the city's emphasis on elite hotels has fostered a conducive environment for the expansion of the residential real estate free market. Ras Al Khaimah stands as a city of vast opportunities for investors.

Popular districts

Among potential buyers, Al Hamra Village emerges as the most popular district, witnessing a 7.84% increase in average price per square meter. The Al Marjan Island also made its mark, experiencing a 4.88% rise in property value. However, leading the charts is Mina Al Arab, where average prices surged by 18.5% across its two islands boasting luxurious beaches.

As for villas, Al Hamra Village and Mina Al Arab continue to dominate. Rental rates for villas in these areas increased by 7%. Villas for sale in Al Hamra Village saw a 3.55% uptick, while homes in Mina Al Arab became more accessible, with a 2.56% rise.

Areas with rising prices:

• Yasmine Village;

• Al Seer.

Highest ROI areas

Yasmine Village apartments demonstrated remarkable returns with an ROI of 11.8% for long-term rentals. Following are Al Seer with a 9.44% return and Al Hamra Village with 6.95%. Regarding villas, Al Harma Village boasted a 5.87% ROI in 2023, while Mina Al Arab villas saw an average ROI increase to 4.43%.