The northern emirate’s real estate market grew by nearly 45% between 2011 and 2015, as more global investors focus on the opportunities in the region.
- The real estate sector in Ras Al Khaimah registered 15% growth per annum in the four years between 2011 and 2015
- Total market value increased by AED 1.54bn during this period
- Increased activity underlines the current demand for property investment opportunities in the northern emirate from buyers across the GCC and around the world
Property in the UAE’s northern-most emirate continues to rise in value, as more global investors demand opportunities in Ras Al Khaimah.
The value of RAK’s real estate market increased by AED 1.54bn in the four years between 2011 and 2015, according to the latest industry data released by the RAK Chamber of Commerce and Industry. Now totalling AED 4.94 billion, the region’s real estate industry registered 15% growth per annum during this period.
There was also a substantial increase in the number of real estate companies operating in the area, rising 14.7% from 9,844 in 2014 to 11,294 in 2015. In total, these firms accounted for 33.4% of all new companies registered in RAK in 2015.
In January 2017, global ratings agency Standard & Poor’s (S&P) gave RAK’s economy a A/A-1 rating and a stable outlook for future growth and performance. S&P also found that 9% of RAK’s total gross domestic product was contributed by real estate businesses and property services.
As RAK continues to rise in prominence as one of the world’s next major tourist destinations, the demand for property investment opportunities has increased in kind. According to the Assistant Director General of the RAK Chamber of Commerce, Dr Ahmed Rashed Al Shemaili, the region’s property market offers “good returns with low risks”, adding that RAK’s potential is yet to be “fully exploited”.