Ras Al Khaimah (RAK), the northernmost Emirate of the UAE, is poised for significant growth in the real estate sector. Projections indicate that its residential stock will double, reflecting the increasing demand for housing and investment opportunities in this vibrant region.
According to real estate company Savills, this transformation is driven by new project launches aimed at diversifying the emirate’s economy, which has historically relied on sectors outside of oil. RAK features a stunning 64-kilometre coastline and diverse landscapes, including the UAE’s highest mountain, Jebel Jais.
As of 2023, RAK’s population stands at 400,000, supported by a GDP growth rate of 3.6 percent for the year. The Consumer Price Index (CPI) is reported at 106.53. In 2024, RAK welcomed 1.284 million tourists, marking a year-on-year growth of 5.1 percent, with air passenger visits increasing by 28 percent.
Strategically located, RAK International Airport connects the emirate to 13 direct destinations across 7 countries, placing it within a four-hour flight radius of 30 percent of the world’s population. The announcement of Wynn Al Marjan Island in January 2022 is set to further enhance RAK’s tourism landscape, opening in early 2027 as the UAE’s first commercial gaming operator.
Booming gaming revenue, luxury getaways, and expanding real estate
With estimates suggesting that UAE gaming revenue could exceed $6 billion, RAK stands to benefit significantly from its connectivity to both its airport and Dubai. The average tourist stay in RAK is about three nights, appealing to visitors looking for quick getaways from busy cities, the report highlighted.
RAK’s educational infrastructure is robust, with 107 schools serving the community, making it increasingly attractive to expatriate families. The emirate’s real estate market is also thriving, with capital values and rental prices rising since 2022, particularly after the Wynn Al Marjan Island announcement.
In January 2024, RAK Central was launched to diversify the freehold property market, featuring plans for 3 million square feet of office space and over 4,000 residential units. This initiative underscores RAK’s ambitions to establish itself as a significant business hub in the Northern Emirates.
RAK is positioning itself as a leading tourist destination with diverse offerings, from luxury resorts to outdoor activities, promising substantial growth and investment opportunities in the future, Savills further noted.
