Ras Al Khaimah's (RAK) residential real estate sector is set to witness substantial growth, with its residential supply expected to double by 2030. This increase is driven by rising tourism demand and large-scale developments, such as the Wynn Al Marjan Island resort, according to a new report by real estate consultancy Savills.
The report reveals that more than 11,000 new residential units are projected to be delivered by the end of the decade, based on launches through 2024.
Growth in Off-Plan Sales and Premium Residences
Off-plan sales have become the dominant force in 2024, with areas like Al Marjan Island, Mina Al Arab, and Al Hamra showing significant growth in both capital values and rental prices. According to Andrew Cummings, Head of Residential Agency at Savills Middle East, branded residences now represent 32% of the expected supply on Al Marjan Island, highlighting the growing demand for lifestyle-led, premium real estate investments.
The surge in sales transaction values exceeded Dhs11 billion in 2024. Notably, Sunshine Bay on Al Marjan Island sold all 240 units in just three months, with an average price of Dhs2,200 per square foot. International buyers are a significant presence, with British nationals accounting for over 40% of the buyers, joined by buyers from 37 different nationalities.
Tourism Boom Driving Growth
RAK’s residential real estate boom is closely tied to its burgeoning tourism sector. The emirate welcomed 1.28 million tourists in 2024, marking a 5.1% year-on-year increase. Air arrivals saw an impressive rise of 28%, with 661,000 visitors arriving by air, cementing RAK’s position as a prominent short-stay regional destination. The growth is expected to continue, especially with the upcoming Wynn Al Marjan Island resort set to open in 2027. The 62-hectare project will feature 1,542 rooms and introduce the UAE’s first commercial gaming operation.
Beyond Tourism: A Long-Term Investment Destination
Rachael Kennerley, Head of Research at Savills Middle East, emphasized that RAK’s development is now expanding beyond tourism. Infrastructure, education, and lifestyle amenities are increasingly aligning to make RAK a desirable destination for long-term investment.
Improvements in the education sector are also contributing to RAK’s growing appeal, with seven schools receiving “good” ratings in the 2023-24 academic year, up from three the previous year. The British School Al Hamra was notably rated “very good,” marking a first for the Northern Emirates.
New Residential Launches
In 2025, Savills will launch Anantara Mina Ras Al Khaimah Residences, offering 84 units starting from Dhs2.2 million. The handover for these properties is expected in the third quarter of 2028, further solidifying RAK's position as a key player in the region’s residential real estate market.
With these developments, Ras Al Khaimah is poised to become a prominent residential and tourism destination, attracting both investors and residents seeking a high-quality lifestyle and a sustainable real estate market.
