The real estate market in Ras Khaimah has been showing signs of stability and growth in the past six months, according to Bayut’s Ras Al Khaimah Real Estate Market Report for H1 2023. The report highlights that the rental costs of apartments in Ras Al Khaimah’s popular districts generally increased by up to 9.86%, while rental villas experienced price upticks of up to 6.5% in H1 2023. Sales trends in Ras Al Khaimah reveal that popular districts in the emirate reported increases of up to 7.49% for apartments, with villa prices rising by up to 6%. Al Hamra Village is the most popular area to buy apartments in the emirate, with a price-per-square-foot of AED 596 in H1 2023.
The upcoming luxury casino resort in Ras Al Khaimah, set to be the world’s largest and the UAE’s first legal casino, is expected to have a significant impact on the local real estate market, according to Simon Quinton, Off-plan Manager, Residential Brokerage, at Colliers MENA. The presence of this major attraction is expected to transform the local real estate landscape and position the city as an exciting and lucrative property market in the UAE. With increased demand, economic growth, rising property prices, and major infrastructure development, the casino will not only rival Dubai’s real estate market but also attract more of the world’s wealthy to Ras Al Khaimah.
According to a recent report by Realiste, the real estate landscape in Ras Al Khaimah, especially in areas like Al Marjan Island, is poised for further appreciation, with projections indicating potential price jumps of up to 21% in the next 12 months. The report also highlights that the real estate market in Ras Al Khaimah is more affordable compared to neighboring emirates, providing cost-effective yet high-value investment opportunities. With the upcoming casino in Ras Al Khaimah, the emirate is poised to follow in Macau’s footsteps and become a major player in the global casino industry. The casino is expected to attract high rollers from around the world, leading to a surge in demand for luxury properties in the emirate. The casino is also expected to create thousands of jobs and contribute significantly to the emirate’s economy. However, it is important to note that the casino industry is highly regulated in the UAE, and the government has strict laws in place to ensure that the industry operates in a responsible and sustainable manner.
