RAK real estate defies summer slowdown with soaring demand and rising prices

Khaleej Times

4 days ago

Ras Al Khaimah's property market is defying seasonal expectations, with a surge in investment activity during the traditionally slow summer months. Rather than cooling off, the emirate is attracting serious interest from both regional and international buyers, prompted by visible progress on mega-projects, competitive incentives, and the promise of long-term returns.
A key catalyst is the upcoming Wynn integrated resort, the first casino development of its kind in the region, which has rapidly transformed market sentiment. 'The visibility of the Wynn project has shifted market sentiment,' said Junaid Imtiaz Qureshi, real estate agent at Kings Real Estate. 'As construction progresses, confidence rises. This summer and the next are key investment windows.'
Qureshi added that summer, often perceived as a quiet period, is a strategic time for investors. With reduced foot traffic and less congestion, buyers can explore developments at ease. At the same time, developers take advantage of the season to release pre-launch units in stages, often at more attractive prices. 'Some of these early-stage investors are seeing returns of up to Dh300,000 even before public launches,' he said, pointing to an accelerating demand curve compared to previous years.
Waterfront living remains a significant draw, as Ras Al Khaimah offers approximately 70 per cent of its properties with direct sea views, particularly in sought-after communities such as Al Hamra, Mina Al Arab, and Al Marjan Island. This unique positioning appeals to both investors and lifestyle-focused buyers seeking resort-style living.
However, Qureshi warns that a potential supply-demand imbalance is looming. 'By 2030, RAK expects around 5.3 million visitors annually, but only about 45,000 residential units are planned and fewer than 30,000 will be ready when the Wynn integrated resort opens,' he said. That shortfall is expected to push prices significantly higher.
Prices have already surged across key projects. Units that were once selling for Dh1,600–Dh1,800 per square foot are now reaching Dh3,500, a more than 90 per cent increase in just two years. 'These increases are not speculative,' Qureshi said. 'They're backed by real infrastructure and delivery milestones.'
This momentum is also reflected in growing international interest. Cherif Sleiman, chief revenue officer at Property Finder, noted a sharp increase in online buyer activity, especially from abroad. 'We've seen demand for Ras Al Khaimah grow fivefold since the Wynn announcement in 2022,' he said. 'Fifteen to 20 per cent of leads for RAK now come from international audiences, significantly higher than the 3 to 10 per cent we see in Abu Dhabi or Dubai.'
From a developer's perspective, the outlook remains optimistic. Ankur Aggarwal, chairman and founder of BNW Developments, stated that RAK's momentum is driven by consistent demand and a robust infrastructure pipeline. 'Serious investors don't wait for weather windows,' he said. 'It's about the kind of projects coming up, especially on Al Marjan Island, and the lifestyle tourism that's transforming into second-home ownership.'
He added that RAK is evolving beyond an investor-driven market. 'We're seeing more end-user families from Sharjah, digital nomads, and professionals choosing Ras Al Khaimah as a primary residence,' he said. 'That's what brings long-term stability, and it gives us the confidence to keep launching quality, future-proof developments.'
The numbers support the bullish outlook. According to data from Colliers and the Ras Al Khaimah Tourism Development Authority (RAKTDA), the emirate recorded Dh15.09 billion in real estate transactions in 2024, representing a 118 per cent increase compared to the previous year.
With projected tourism hitting 3.8 million annual visitors by 2027 and infrastructure advancing rapidly, developers and investors alike agree that Ras Al Khaimah is no longer just a seasonal story. In Ras Al Khaimah, summer is no longer a slowdown; it's a launchpad.