Ras Al Khaimah’s (RAK) property market is experiencing a red-hot boom, with prices surging by 20-25% in just eight months, according to Metropolitan Premium Properties (MPP). This trend is particularly strong in the developing Al Marjan Island, where new property launches are happening weekly and prices are rising with each phase.

The market is buzzing with activity, with roughly 1-2 new property launches every week for the past three months. This surge offers buyers more diversity, from high-end branded residences to more affordable options. Data from MPP reveals that studios and 1-bedroom apartments are in the hottest demand, driven by investors seeking lucrative vacation rental opportunities. Studio prices have skyrocketed 10-15% on average in the last quarter, while one-bedroom units have seen a jump of at least 5-10%.

Commenting on the growth in the market, Maxim Novikov, Head of RAK branch at Metropolitan Premium Properties, said, “The surge in property prices in Ras Al Khaimah reflects the growing attractiveness of the emirate as a real estate investment destination. With ongoing developments and increasing demand, we anticipate prices to rise by 50% by the time the casino opens. For investors looking to take advantage of the market the time to act is now.”

Larger properties are also attracting significant interest. Branded apartments, three-bedroom units, and waterfront villas priced at AED 7 million and above are popular choices for buyers seeking primary residences or secondary vacation homes. Notably, one recent MPP client who purchased a 2-bedroom apartment in Mina Al Arab just a few weeks ago has already seen its value increase by AED 500,000, a staggering 24% gain.

To maintain momentum during the typically slower summer months, developers are offering enticing promotions to attract buyers. These include flexible post-handover payment plans, waived registration fees, and other attractive deals valid until the end of August. Currently, the hottest-selling areas are Al Marjan Island, Mina Al Arab, and Al Hamra Village, with projects featuring private beaches experiencing the most significant demand. Al Marjan Island remains the top choice for pure investment due to its high potential returns, while Al Hamra Village and Mina Al Arab are popular with investors seeking properties for personal use.

Additionally, projects like JW Marriott Residences are witnessing significant activity, with a recent bulk deal involving six units for over AED 20 million facilitated by MPP. MPP reports strong investor interest in the RAK market, particularly from the US, UK, Europe, and the CIS region. They also note a growing interest from Chinese investors.