Investing in RAK Island property: last call

by admin on July 23, 2024

Investing in RAK Island property: last call to invest while prices are still reasonable.

Image source:www.travel.economictimes.com

Ras Al Khaimah (RAK), particularly its island developments, has seen notable growth in real estate prices over the past year. The price surge reflects heightened demand driven by new developments, infrastructural enhancements, and investor interest. But let’s have a look and see how the prices have evolved over the past 12 months for different property types on RAK’s island key developments, highlighting the annual increases.

Taking a closer look at the year-on-year price comparison

1. 1-Bedroom Apartments

2023 Prices:

• Hayat Island: AED 650,000 – AED 850,000
• Mina Al Arab: AED 600,000 – AED 800,000

2024 Prices:

• Hayat Island: AED 750,000 – AED 950,000
• Mina Al Arab: AED 700,000 – AED 900,000

Percentage Increase:

• Hayat Island: 15% – 20%
• Mina Al Arab: 17% – 20%

2. 3-Bedroom Apartments

2023 Prices:

• Hayat Island: AED 1.8 million – AED 2.2 million
• Mina Al Arab: AED 1.7 million – AED 2.1 million

2024 Prices:

• Hayat Island: AED 2.1 million – AED 2.6 million
• Mina Al Arab: AED 2 million – AED 2.5 million

Percentage Increase:

• Hayat Island: 15% – 18%
• Mina Al Arab: 17% – 19%

3. Penthouses

2023 Prices:

• Hayat Island: AED 5.5 million – AED 7 million
• Mina Al Arab: AED 5 million – AED 6.5 million

2024 Prices:

• Hayat Island: AED 6.5 million – AED 8.2 million, up 18% – 22%.
• Mina Al Arab: AED 6 million – AED 7.5 million, up 20% – 23%.

Substantiating the Price Increases

The introduction of high-end developments such as Hayat Island and the ongoing enhancement of Mina Al Arab has raised property values. These projects have introduced modern amenities, luxurious designs, and beachfront living, making them highly desirable for both residents and investors.

    In Hayat Island, projects like Marbella Villas and InterContinental Mina Al Arab Resort have increased the demand for high-quality residential properties, driving prices up.

    In Mina Al Arab, continuous improvements and new residential complexes have added value to the properties, attracting more buyers and investors.

Significant investments in infrastructure have made RAK’s island developments more accessible and attractive. Improved road networks, public facilities, and retail spaces contribute to the overall appeal, enhancing property values.

New roads and bridges have reduced travel time to and from the islands, making them more appealing to commuters and tourists. Same goes for the the development of retail spaces, schools, and healthcare facilities within these islands that have added to their desirability.

Increase in Tourism

The expected launch of the UAE’s first casino and the development of luxury resorts like Nikki Beach Resort have boosted RAK’s profile as a tourist destination. The affluence of tourists has led to higher demand for rental properties, pushing property prices upwards.

• Nikki Beach Resort: The luxury resort has attracted international tourists and high-net-worth individuals, increasing demand for nearby residential properties.
• Casino Development: The casino’s anticipated opening is set to attract a new demographic of tourists, further boosting demand for real estate in the vicinity.

The year-on-year increase in property prices on Ras Al Khaimah’s islands reflects the emirate’s evolving real estate landscape, driven by infrastructural advancements, new luxury developments, and a rising tourism sector. With promising capital appreciation and strong rental yields, RAK’s island developments represent a lucrative investment opportunity.

Investors looking to capitalize on the growth potential of Ras Al Khaimah’s real estate market should consider acting now, as continued developments and rising demand are likely to drive prices even higher.

Why Choose Arabian Sunrise Properties?

At Arabian Sunrise Properties, we provide expert guidance and access to prime listings in Ras Al Khaimah’s island developments. Our local expertise and commitment to client satisfaction ensure you find the best investment opportunities. Contact us today to explore your options in RAK’s thriving real estate market.