As visitor numbers and hotel occupancy rates grew once again in 2016, the emirate’s real estate market is tipped to undergo a huge transformation.
- Ras Al Khaimah’s rise as a global tourism destination saw total visitor numbers increase by 10.9% and hotel occupancy rates by 9.8% in 2016
- The growth was driven by its key tourist markets, namely the UK, Germany and Russia
- With increased demand, and with the revival of a number of large projects, experts believe that RAK’s real estate sector will undergo a “substantial transformation” over the next five years
The UAE’s northern-most emirate continued its rise to prominence as a global tourist destination last year – and its property market is tipped to undergo a significant period of growth over the next few years.
According to CBRE’s latest MarketView report, Ras Al Khaimah’s growth continued to outstrip those found in other tourism markets in the UAE and wider region in 2016. It found that full year visitor numbers increased by 10.9% over 2015, while average hotel occupancy rates also saw year-on-year growth of 9.8%.
Visitor numbers in 2016 totalled 821,000, versus the previous year total of 740,000. The strong annual growth was driven most significantly by tourists from RAK’s key markets, including the UK, India, Germany and Russia.
With demand for visitors rising, a number of developers have revived large projects in RAK. And CBRE believes this will form just a small part of a significant uplift in growth for the emirate’s property sector.
Matt Green, Head of Research and Consulting UAE for CBRE Middle East, declared that “Ras Al Khaimah’s real estate market is set to see substantial transformation over the next five years”, pointing to a number of large scale projects recently launched by the country’s leading developers in areas of RAK such as Al Marjan Island.