RAK nets $688mln in real estate sales amid property boom
The real estate market in Ras Al Khaimah has witnessed unprecedented growth, with transaction volumes skyrocketing by nearly 25,000% over the past seven years, according to the latest data from the Ras Al Khaimah Statistics Centre.
The total value of real estate transactions in June 2024 reached an astonishing AED2.53 billion ($688 million) - an exponential leap from just AED10 million ($2.72 million) in June 2017.
Similarly, mortgage values have soared, recording AED3.47 billion in July 2024, compared to AED15.8 million in July 2017 - an unprecedented increase of approximately 21,849%.
This surge underscores the growing investor confidence and the emirate's rising prominence as a real estate powerhouse, said Andrei Charapenak, the CEO of Major Developers, a leading developer in Ras Al Khaimah.
"Ras Al Khaimah is no longer an emerging player, it has cemented itself as a prime investment destination. The staggering increase in real estate transactions and mortgage values reflects the emirate's economic momentum, fuelled by visionary leadership, strategic infrastructure developments, and a strong appetite for premium residential and commercial spaces," he noted.
The surge in transactions, he stated ,comes at a time when Ras Al Khaimah is attracting heightened interest due to its strategic initiatives, including the expansion of Ras Al Khaimah International Airport, hospitality and entertainment investments, and a strong push toward sustainable urban development.
"We are seeing a paradigm shift in investor sentiment - luxury, sustainability, and lifestyle integration are driving purchasing decisions. Major Developers is committed to shaping the future of real estate in Ras Al Khaimah," he added.- TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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