Market Report 2023: Annual Analysis of RAK Property Market Trends

• Popular Areas to Buy Apartments
• Popular Areas to Rent Apartments
• Popular Areas to Buy Villas
• Popular Areas to Rent Villas

2023 has been yet another successful year for Ras Al Khaimah’s (RAK) real estate market, as properties in the emirate continued to garner the attention of investors, buyers and tenants. Completion of off-plan projects, latest developments and availability of modern amenities aid RAK’s real estate market to retain attention.  

dubizzle’s RAK annual property market report highlights the overall market performance. The analysis based on users’ search trends on dubizzle sheds light on the rent and sales prices in the emirate. Here are the key takeaways of the RAK real estate market in 2023. 

• Al Hamra Village, Mina Al Arab and Al Marjan Island have remained the most popular areas to buy and rent properties in RAK. 
• The average annual rent of apartments in RAK has ranged from AED 22k to AED 42k. 
• Overall, the annual rent of studio and 2-bed apartments has increased in the Emirate. Meanwhile, Al Seer has observed the highest surge of 15.79% in the average rental prices.
• AED 1.57M has been the highest recorded sales price of apartments in Al Marjan Island. Whereas Yasmin Village has offered the highest ROI of 11.71% for apartments. 
• The average sales prices of apartments in RAK have increased significantly. Al Marjan Island has observed the highest price shift of 33.76% for studio apartments. Completion of off-plan projects in the area significantly contributes to the surge in the sales price of apartments. 
• For villas, Al Hamra Village observed the highest shift of 10.34% in average annual rents. However, the rent of 4-bedroom villas in the area has dropped by 6.87%. 
• The highest recorded sales price of villas has been AED 19.01M in Al Marjan Island. Meanwhile, Al Hamra Village has offered the highest ROI of 4.59% for villas.

Please remember that the average sales and rental prices mentioned are subject to change depending on multiple factors and are subject to change.   

Popular Areas for Buying Apartments in RAK

According to the RAK annual property market report, the following have been the top areas to buy apartments in the Emirate. 

POPULAR AREAS	ROI	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022	STUDIO	1-BED	2-BED
Al Hamra Village	ROI 7.33%	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 638 19.62%	STUDIO 333,000	1-BED 541,000	2-BED 848,000
Al Marjan Island	ROI 4.48%	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 1,212 83.74%	STUDIO 420,000	1-BED 1,160,000	2-BED 1,505,000
Mina Al Arab	ROI 4.33%	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 1,090 26.63%	STUDIO 614,000	1-BED 944,000	2-BED 1,583,000
Yasmin Village	ROI 11.71%	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 260 9.53%	STUDIO N/A	1-BED 301,000	2-BED 299,000
Al Seer	ROI 8.87%	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 373 2.18%	STUDIO 187,000	1-BED 300,000	2-BED 361,000

Al Hamra Village

The waterfront community of Al Hamra has topped the list of the most popular areas to buy apartments in RAK. The vibrant community features luxurious villas accompanied by high-end recreational areas. Al Hamra is home to a number of 5-star restaurants, an 18-hole Golf Club and a Marina and Yacht Club. The area has gained immense popularity in 2023, mainly due to the completion of off-plan projects. Royal Breeze Apartments, Al Hamra Golf Apartments, Ellington Views I and Al Hamra Views have garnered significant attention from buyers. 

• The average sale price of apartments in Al Hamra Village has been AED 656k, with an estimated ROI of 7.33%. 
• The per-square-foot price of apartments has increased from AED 533 in 2022 to AED 638 in 2023. 
• The sales price of studio apartments has averaged AED 333k. Whereas the average prices for 1-bed and 2-bedroom apartments have been AED 541k and AED 848k, respectively.    

Al Marjan Island

Al Marjan is a man-made island located near the RAK and Umm Al Quwain marina. The Island spans over an area of 115 acres consisting of four islets arranged in the shape of a coral. World-class beach resorts and high-end hotel apartments aid in the popularity of Al Marjan Island. Besides, here are some more reasons justifying why you should buy properties on Al Marjan Island.

Multiple projects, including Bab Al Bahr Residence, Pacific, Nikki Beach Residence, Rosso Bay Residencies and Oceano, aided the area in climbing the popularity list.  

• The sales price of apartments in Al Marjan Island has averaged AED 1.57M, with an estimated ROI of 4.48%. 
• In Al Marjan Island, the per-square-foot price has averaged AED 1,212 in 2023. 
• The average asking price of studio apartments for sale in Al Marjan Island has been AED 420k. Whereas, AED 1.16M and AED 1.50M have been the average sales price recorded for 1 and 2-bedroom apartments, respectively. 

Mina Al Arab

Mina Al Arab is another waterfront community that remained popular among investors for buying apartments. The community is surrounded by naturally preserved wetlands and dunes, making it home to a wide range of animal species. Buyers can opt for modern projects, including Hayat Island and The Lagoons.  

• With natural sceneries and luxury residential options, the sales prices of apartments in Mina Al Arab have averaged AED 1.27M with a 4.33% estimated ROI.
• The sales prices have increased collectivity in the area. The per-square-foot price has jumped from AED 861 in 2022 to AED 1,090 in 2023.
• The average sales price of studio apartments has increased by 39.86%, standing at AED 614k in 2023. 
• For 1 and 2-bedroom apartments, the average sales prices have been AED 944k and AED 1.58M, respectively.  

Aside from the above-mentioned areas, Yasmin Village has also remained popular for buying apartments in RAK. The gated community is surrounded by the Al Hajjar Mountains and lakes, offering a serene environment to its residents. With an average sales price of AED 318k, Yasmin Village has offered an ROI of 11.71% in 2023. Browse through these apartments for sale in Yasmin Village and opt for an appropriate unit.

Yasmin Village is followed by Al Seer, where the average price has been AED 233k with an ROI of 8.87%. 

Popular Areas for Renting Apartments in RAK

Mentioned below are the most popular areas to rent apartments in RAK. 

POPULAR AREAS	STUDIO Avg. Yearly RentChange from 2022	1-BED Avg. Yearly RentChange from 2022	2-BED Avg. Yearly RentChange from 2022
Al Hamra Village	STUDIO Avg. Yearly RentChange from 2022 27,000 17.39%	1-BED Avg. Yearly RentChange from 2022 38,000 11.76%	2-BED Avg. Yearly RentChange from 2022 55,000 12.24%
Al Marjan Island	STUDIO Avg. Yearly RentChange from 2022 29,000 20.83%	1-BED Avg. Yearly RentChange from 2022 41,000 13.89%	2-BED Avg. Yearly RentChange from 2022 62,000 12.73%
Mina Al Arab	STUDIO Avg. Yearly RentChange from 2022 20,000 5.26%	1-BED Avg. Yearly RentChange from 2022 38,000 5.00%	2-BED Avg. Yearly RentChange from 2022 65,000 8.33%
Al Seer	STUDIO Avg. Yearly RentChange from 2022 17,000 0.00%	1-BED Avg. Yearly RentChange from 2022 23,000 8.00%	2-BED Avg. Yearly RentChange from 2022 30,000 3.45%
Al Nakheel	STUDIO Avg. Yearly RentChange from 2022 18,000 20.00%	1-BED Avg. Yearly RentChange from 2022 23,000 0.00%	2-BED Avg. Yearly RentChange from 2022 29,000 16.00%

Al Hamra Village

Al Hamra Village has remained the most searched area to rent apartments in RAK. Manicured green spaces, modern lifestyle amenities and a myriad of leisure activities aid in the popularity of Al Hamra Village.  

• The average yearly rent in Al Hamra Village has increased by 14.71%, standing at AED 39k in 2023. 
• For studio apartments, the annual rent has averaged AED 27k. An avergae of AED 38k for 1-bed and AED 55k for 2-bedroom apartments were recorded in 2023.

Al Marjan Island

Al Hamra Village is followed by the waterfront community of Al Marjan. The Island shows an upward trajectory in the annual rent and has jumped from AED 39k in 2022 to AED 42k in 2023. 

• The annual rent of studio apartments has averaged AED 29k. 
• The average annual rents of 1 and 2-bedroom apartments in the area have been AED 41k and AED 62k, respectively. 

Mina Al Arab

With an average annual rent of AED 41k, Mina Al Arab secured third position among the popular areas to rent apartments in RAK.

• The average rent of studio apartments has increased by 5.26%, making it AED 20k in 2023. 
• Meanwhile, AED 38k and AED 65k have been the recorded annual rent of 1 and 2-bedroom apartments in Mina Al Arab.

Al Seer and Al Nakheel have also remained popular among the tenants in search of apartments in RAK. Al Seer has observed the highest increase of 15.79% in annual rent, standing at AED 22k. Whereas, the rent of apartments in Al Nakheel has dropped by 4.35%, making it AED 22k.   

Popular Areas for Buying Villas in RAK

According to dubizzle search trends, the following are the most searched-for areas to buy villas in RAK in 2023. 

POPULAR AREAS	ROI	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022	3-BED	4-BED	5-BED
Al Hamra Village	ROI 4.59%	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 829 16.45%	3-BED 1,831,000	4-BED 3,099,000	5-BED 10,418,000
Mina Al Arab	ROI 3.88%	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 1,067 11.51%	3-BED 2,319,000	4-BED 6,661,000	5-BED 6,723,000
Al Marjan Island	ROI N/A	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 2,436 44.26%	3-BED 5,535,000	4-BED 8,075,000	5-BED 22,592,000
The Cove Rotana	ROI N/A	PRICE PER SQ.FT Avg. Price/sq.ftChange from 2022 720 17.12%	3-BED 2,795,000	4-BED N/A	5-BED N/A

Al Hamra Village

Al Hamra Village features a series of luxurious villas surrounded by green spaces, making it investors’ favourite area for buying villas. The area observed an upward trajectory in the sales prices of villas. With an average sales price of AED 3.68M, villas in Al Hamra offered an ROI of 4.59%. 

• The per-square-foot of villas in Al Hamra has been AED 829 after an increase of 16.45% from 2022. 
• The sales price for 3, 4 and 5-bedroom villas averaged AED 1.83M, AED 3.09M and AED 10.41M, respectively. 

Mina Al Arab

The waterfront community of Mina Al Arab has also remained a popular area for buying villas in RAK. The serene environment, cycling and jogging tracks and a number of upscale amenities are core reasons that make it an ideal place for living. That said, the recorded average price of villas for sale in Mina Al Arab has been AED 4.39M, with an estimated ROI of 3.88%. 

• The per-square-foot price of villas has increased by 11.51%, standing at AED 1,067 in 2023. 
• The sales prices of 3 and 4-bedroom villas in the area have averaged AED 2.31M and AED 6.66M, respectively. 
• Contrary to 3 and 4-bedroom, the price of 5-bedroom villas has dropped by 8.41% making it AED 6.72M in 2023. 

Al Marjan Island

Moving forward, Al Marjan Island has been the most popular area among investors for buying villas. On average, the recorded sales price of villas in Al Marjan Island has been AED 19.01M. 

• The per-square-foot price in the area has increased from AED 1,689 in 2022 to AED 2,436 in 2023. 
• Similarly, the sales price of a 3-bed villa has increased by 35.33% and averaged AED 5.53M. Whereas, for 4 and 5-bed villas, the sales prices have averaged AED 8.07M and AED 22.59M, respectively.  

The Cove Rotana also made it to the list of popular areas to buy villas in RAK, with an average sales price of AED 2.79M in 2023. 

Popular Areas for Renting Villas in RAK

Tenants looking for villas have preferred the following areas in 2023, as per the annual property market report for Ras Al Khaimah.  

POPULAR AREAS	3-BED Avg. Yearly RentChange from 2022	4-BED Avg. Yearly RentChange from 2022	5-BED Avg. Yearly RentChange from 2022
Al Hamra Village	3-BED Avg. Yearly RentChange from 2022 99,000 10.00%	4-BED Avg. Yearly RentChange from 2022 122,000 6.87%	5-BED Avg. Yearly RentChange from 2022 335,000 43.16%
Mina Al Arab	3-BED Avg. Yearly RentChange from 2022 115,000 3.60%	4-BED Avg. Yearly RentChange from 2022 222,000 2.78%	5-BED Avg. Yearly RentChange from 2022 295,000 4.24%
Al Dhait	3-BED Avg. Yearly RentChange from 2022 58,000 11.54%	4-BED Avg. Yearly RentChange from 2022 69,000 2.82%	5-BED Avg. Yearly RentChange from 2022 86,000 8.51%
Khuzam	3-BED Avg. Yearly RentChange from 2022 78,000 16.42%	4-BED Avg. Yearly RentChange from 2022 72,000 9.09%	5-BED Avg. Yearly RentChange from 2022 86,000 7.53%
Al Refaa	3-BED Avg. Yearly RentChange from 2022 57,000 3.64%	4-BED Avg. Yearly RentChange from 2022 63,000 7.35%	5-BED Avg. Yearly RentChange from 2022 80,000 5.88%

Al Hamra Village

According to the user search trends on dubizzle, Al Hamra Village has been the most in-demand area for renting villas. The average rent in the area has increased from AED 116k to AED 128k in 2023. 

• The annual rent of 3 and 5-bedroom villas in the area has increased, standing at AED 99k and AED 335k, respectively.
• In comparison, the rent of 4-bedroom villas has dropped by 6.87% and averaged AED 122k in 2023.  

Mina Al Arab

Mina Al Arab has gained second position on the list of most popular areas to rent villas in the Emirate. The area has registered an average annual rent of AED 149k for villas, after an increase of 4.93% from the previous year. 

• The annual rent of a 3-bedroom villa in Mina Al Arab has averaged AED 115k. Meanwhile, the rent has been AED 222k and AED 295k for 4 and 5-bedroom villas, respectively. 

Al Dhait

Al Dhait is another waterfront community that remained popular for renting villas in RAK. The community offers a wide range of lifestyle amenities, including easy access to Flamingo Beach and Al Hamra Beach. With all these amenities and a serene environment, the average annual rent of villas in Al Dhait has been AED 74k. 

• The annual rent of 3,4 and 5-bedroom villas in the area averaged AED 58k, AED 69k and AED 86k, respectively. 

Al Dhait has been followed by Khuzam, with an average annual rent of AED 77k. Moreover, Al Refaa has also been a popular area among tenants, with an average annual rent of AED 73k.  

This concludes our Ras Al Khaimah annual real estate market report. The insights stated above clearly elaborate on positive trends in the market. That said, if you are interested in availing this growing market, browse through these properties for sale in RAK and invest as per your budget. Alongside purchase, you can also opt for properties for rent in RAK.

Besides, if you are new to the Emirate, here is how to buy properties in RAK.  

Stay tuned to dubizzle’s property blog for more information on property prices in Ras Al Khaimah. 

Disclaimer: The prices mentioned above are based on the consumer trend on dubizzle. Therefore, these figures may or may not differ from the actual market prices and trends.