dubizzle’s RAK Property Market Report: Analysis of H1 2023 Performance

With the year’s first half finally wrapped up, let’s look back at how the property market in Ras Al Khaimah (RAK) performed during this period. Ras Al Khaimah’s real estate has become a rapidly growing property market in the region showing an influx of inventory and consumer interest.

The dubizzle RAK market report for H1 2023 presents an in-depth analysis of the sales and rental price trends recorded during the first half of the year. The analysis is based on the user search behaviour observed on dubizzle.

To provide a comprehensive overview of the H1 2023 property rental and sales market in RAK, we have divided the market report into separate segments for apartments and villas available for purchase and rent in the Emirate.

First, let’s go through some key takeaways from the H1 2023 RAK property sales and Rental Market report to develop a better understanding of the overall sales price and rental trends in the Emirate for both apartments and villas.

• A surge has been observed in the RAK’s property advertisements on dubizzle which has rose by 42.2%. Contrary to H2 2022, demand for properties in RAK has increased by 69% in H1 2023
• According to the H1 2023 RAK property sales and rental market report on dubizzle, Al Hamra Village remained a top choice among both buyers and renters searching for apartments in RAK.
• Al Hamra Village has also been the most sought-after neighbourhood in RAK for villas for sale and rent during H1 2023.
• With an average sales price of AED 308k, Yasmin Village achieved the highest ROI of 11.7% among the top neighbourhoods with apartments for sale in Ras Al Khaimah. The area has also witnessed the highest inventory listings on dubizzle 
• The average sales price per square foot has increased by 5.55% to AED 1,805 in Al Marjan Island, the highest increase among the top searched villa communities in RAK during H1 2023.
• According to dubizzle data, Mina Al Arab recorded the highest average sales prices of AED 1.07M for apartments among the top-performing neighbourhoods in RAK.

Below are detailed insights into the average sales and rental prices for the most searched areas in RAK during the first half of 2023.

Please note that average prices and rents mentioned are subject to change depending on factors such as the availability of amenities, location and the emergence of new developments, among other key factors.

Popular Areas for Buying Apartments in RAK

POPULAR AREAS	ROI	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022	Studio	1-bed	2-bed
Al Hamra Village	ROI 7.60%	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 585.84 4.28%	Studio 298,000	1-bed 497,000	2-bed 807,000
Al Marjan Island	ROI 6.73%	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 742.12 6.44%	Studio 355,000	1-bed 663,000	2-bed 1,064,000
Mina Al Arab	ROI 4.74%	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 950.59 5.66%	Studio 451,000	1-bed 831,000	2-bed 1,368,000
Yasmin Village	ROI 11.70%	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 258.95 7.34%	Studio N/A	1-bed 246,000	2-bed 301,000
Al Seer	ROI 8.89%	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 376.63 2.95%	Studio 189,000	1-bed 300,000	2-bed 362,000

Let’s start with the analysis of RAK’s most searched areas for buying apartments in RAK in H1 2023 and find out more about property prices in Ras Al Khaimah.

Al Hamra Village

In H1 2023, Al Hamra Village emerged as the preferred locality for buyers seeking apartments for sale in Ras Al Khaimah. Surrounded by the pristine waterfront, Al Hamra Village is a master plan development comprising a variety of mid to high-rise apartments and residential complexes, providing buyers with a diverse range of options.

• This well-established area has witnessed an average sales price of AED 566k and an impressive ROI of 7.6% during the first half of the year.
• The per-square-foot price of apartments in Al Hamra Village in H1 2023 has jumped by 4.28%.
• The average asking price for studio apartments stands at AED 298k, while 1-bedroom apartments have an average price of AED 497k. As for 2-bedroom apartments, their average price has been AED 807k. 

Al Marjan Island

Al Marjan Island, also known as Marjan Island, is a man-made island located near the border of Ras Al Khaimah and Umm Al Quwain Marina. During H1 2023, it has been the second-most favoured option among those interested in buying apartments in Ras Al Khaimah.

• The apartments in Al Marjan Island achieved an average sales price of AED 807k with a return on investment (ROI) of 6.73%. 
• The average sales price per square foot experienced an increase of 6.44%, reaching AED 742 compared to AED 697 recorded in H2 2022.
• In terms of specific apartment types, the average asking price for a studio apartment in Al Marjan Island was registered at AED 355k. Additionally, 1-bedroom apartments had a price of AED 663k, while 2-bedroom apartments for sale in Al Marjan Island averaged AED 1.06M.

Mina Al Arab

Mina Al Arab is the next most searched area by apartment seekers in RAK. It is another picturesque and peaceful waterfront community in the Emirate. 

• An average sales price of AED 1.07M with an ROI of 4.74% has been observed for apartments in the area during H1 2023.
• The average sales price per square foot for apartments in Mina Al Arab increased by 5.66%, going up to AED 950.
• The asking prices of apartments for sale in Mina Al Arab have recorded a collective increase. The price of studio, 1-bed and 2-bedroom apartments has averaged AED 451k, AED 831k and AED 1.37M, respectively, in H1 2023.

Yasmin Village is ranked fourth on the list with the highest ROI of 11.7%. In H1 2023, the sales prices of apartments in the area dropped by 12.75% averaging AED 308k. The dip in average price is due to the influx of newly completed projects in the area. 

Yasmin Village has been followed by Al Seer, in terms of popularity among apartment buyers in the Emirate. The sales price for apartments in the neighbourhood averaged AED 234k and an ROI of 8.81%.

Popular Areas for Renting Apartments in RAK

POPULAR AREAS	Studio Avg. Yearly RentChange from H2 2022	1-bed Avg. Yearly RentChange from H2 2022	2-bed Avg. Yearly RentChange from H2 2022
Al Hamra Village	Studio Avg. Yearly RentChange from H2 2022 26,000 8.33%	1-bed Avg. Yearly RentChange from H2 2022 37,000 8.82%	2-bed Avg. Yearly RentChange from H2 2022 55,000 10%
Al Marjan Island	Studio Avg. Yearly RentChange from H2 2022 26,000 4%	1-bed Avg. Yearly RentChange from H2 2022 40,000 8.11%	2-bed Avg. Yearly RentChange from H2 2022 54,000 8%
Mina Al Arab	Studio Avg. Yearly RentChange from H2 2022 20,000 11.11%	1-bed Avg. Yearly RentChange from H2 2022 38,000 9.52%	2-bed Avg. Yearly RentChange from H2 2022 60,000  N/A
Al Nakheel	Studio Avg. Yearly RentChange from H2 2022 18,000 12.5%	1-bed Avg. Yearly RentChange from H2 2022 23,000 4.17%	2-bed Avg. Yearly RentChange from H2 2022 28,000 7.69%
Al Seer	Studio Avg. Yearly RentChange from H2 2022 17,000  N/A	1-bed Avg. Yearly RentChange from H2 2022 23,000 8%	2-bed Avg. Yearly RentChange from H2 2022 29,000  N/A
Not available due to low/no historical inventory or influx of off-plan properties

Al Hamra Village

According to the H1 2023 RAK property sales and rental market report, Al Hamra Village has emerged as the most sought-after area for renting apartments in Ras Al Khaimah.

• With a combined price increase of 8.82%, the average rent for apartments in Al Hamra Village has reached AED 37k.
• Following an 8.33% surge, the annual rent for studio apartments in Al Hamra Village averaged AED 26k, while 1-bedroom and 2-bedroom rental flats in Al Hamra Village averaged AED 37k and AED 55k per year after a gain of 8.82% and 10%, respectively.

Al Marjan Island

Moving on, let’s talk about Al Marjan Island. The area has secured the second rank with an impressive upward trajectory of 8.33% in the average rental price, reaching AED 39k.

• The rental price of studio apartments in Al Marjan Island witnessed a 4% increase, averaging AED 26k per year. 
• In H1 2023, the average yearly rent for 1-bedroom and 2-bedroom apartments stood at AED 40k and AED 54k, respectively. These figures reflect a significant upward trend compared to the average rental rates in H2 2022.

Mina Al Arab

Mina Al Arab has secured the third position among the most searched areas for rental apartments in RAK during H1 2023.

• The annual rent for studio and 2-bedroom apartments in Mina Al Arab increased by 11.11%, compared to H2 2022. However, the average asking rent for 1-bedroom apartments in Mina Al Arab experienced a decrease of 9.52% in H1 2023.
• According to dubizzle’s listings, the average rents for studio, 1-bedroom, and 2-bedroom apartments in Mina Al Arab were recorded as AED 20k, AED 38k, and AED 60k respectively.

Renters in RAK have also demonstrated a preference for the suburban neighbourhood of Al Nakheel. With a cumulative increase of 10% in rental prices, the average asking rents for apartments in this community have reached AED 22k per year.

Another popular area for apartment rentals in RAK is Al Seer. However, in H1 2023, no change has been recorded in the average rental prices of AED 21,000 per year in this neighbourhood.

Popular Areas for Buying Villas in RAK

POPULAR AREAS	ROI	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022	3-bed	4-bed	5-bed
Al Hamra Village	ROI 4.87%	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 758.51 4.39%	3-bed 1,704,000	4-bed 2,943,000	5-bed 9,178,000
Mina Al Arab	ROI 4.43%	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 938.96 0.99%	3-bed 2,266,000	4-bed 6,101,000	5-bed N/A
Al Marjan Island	ROI 5.55%	PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 1,805.99 5.55%	3-bed 5,720,000	4-bed 7,808,000	5-bed 13,687,000

Al Hamra Village

Al Hamra Village has emerged as the top choice for buying villas in RAK, thanks to its impressive selection of luxurious residential units. The average sales price of villas in this community has been recorded at AED 3.47M, with an ROI of 4.87%.

• After experiencing a decline of 4.39% in H1 2023, the average price per square foot of villas in Al Hamra Village stood at AED 758.
• The sales price for a 3-bedroom villa in Al Hamra Village averaged AED 1.7M, while for a 4-bedroom villa, it averaged AED 2.94M. 
• As for 5-bedroom villas, the average asking price has been recorded at AED 9.18M in H1 2023.

Mina Al Arab

Mina Al Arab is another prominent addition to our list of top areas for purchasing villas in the Emirate. This urban waterfront settlement provides a serene lifestyle coupled with a wide range of upscale amenities. In H1 2023, the area recorded an average sales price of AED 3.69M, with an ROI of 4.43%.

• In H1 2023, the per-square-foot price in Mina Al Arab decreased by around 1%, dropping from AED 948 to AED 938.
• The average price for a 3-bedroom villa in Mina Al Arab has been recorded as AED 2.26M. 
• As for 4-bedroom villas in the neighbourhood, the average price stood at AED 6.1M.

Al Marjan Island

Owning a villa on the peaceful man-made island of Al Marjan turned out to be another preferred choice among property seekers in RAK. The neighbourhood recorded an average sales price of AED 7.78M for villas. 

• In the first half of 2023, there has been a 5.55% increase in the average price per square foot of villas in Al Marjan, reaching a value of AED 1,805. 
• The average price for 3-bedroom villas has been recorded at AED 5.72M, while 4-bedroom and 5-bedroom apartments have been priced at AED 7.8M and AED 13.68M, respectively.

Popular Areas for Renting Villas in RAK

POPULAR AREAS	3-bed Avg. Yearly RentChange from H2 2022	4-bed Avg. Yearly RentChange from H2 2022	5-bed Avg. Yearly RentChange from H2 2022
Al Hamra Village	3-bed Avg. Yearly RentChange from H2 2022 95,000 7.95%	4-bed Avg. Yearly RentChange from H2 2022 112,000 14.5%	5-bed Avg. Yearly RentChange from H2 2022 312,000 33.33%
Mina Al Arab	3-bed Avg. Yearly RentChange from H2 2022 112,000 1.82%	4-bed Avg. Yearly RentChange from H2 2022 238,000 13.33%	5-bed Avg. Yearly RentChange from H2 2022 286,000 1.42%
Khuzam	3-bed Avg. Yearly RentChange from H2 2022 75,000 5.63%	4-bed Avg. Yearly RentChange from H2 2022 56,000 27.27%	5-bed Avg. Yearly RentChange from H2 2022 85,000 13.27%
Al Dhait	3-bed Avg. Yearly RentChange from H2 2022 55,000 7.84%	4-bed Avg. Yearly RentChange from H2 2022 67,000  N/A	5-bed Avg. Yearly RentChange from H2 2022 82,000 2.38%
Al Refaa	3-bed Avg. Yearly RentChange from H2 2022 63,000 14.55%	4-bed Avg. Yearly RentChange from H2 2022 62,000 8.82%	5-bed Avg. Yearly RentChange from H2 2022 78,000 8.24%
Not available due to low/no historical inventory or influx of off-plan properties

Al Hamra Village

According to our H1 2023 RAK property market report, Al Hamra Village has emerged as the most sought-after location among renters looking for villas in the Emirate. Following a slight 0.84% decrease, the average yearly rent for villas in the area stood at AED 117k.

• During H1 2023, the yearly rent for 3-bedroom and 5-bedroom villas experienced an increase of 7.95% and 33.33% respectively, reaching AED 95k and AED 312k. 
• On the other hand, the rent for 4-bedroom villas in the neighbourhood saw a decrease of 14.5%, dropping from AED 131k in H2 2022 to AED 112k.

Mina Al Arab

Mina Al Arab has ranked as the second most popular area for renting villas in RAK. The average rent in this area has seen a 3.62% increase, reaching an average of AED 143k.

• In H1 2023, the yearly rent for 3-bedroom villas in Mina Al Arab has increased from AED 110k to AED 112k. 
• Similarly, the rental cost for 4-bedroom and 5-bedroom villas has risen by 13.33% and 1.42% respectively. The average yearly rent for 4-bedroom villas reached AED 238k, while 5-bedroom villas reached AED 286k in H1 2023.

Khuzam

Khuzam, a small suburban neighbourhood in Ras Al Khaimah, has also gained popularity as one of the top areas for renting villas in the Emirate. According to dubizzle data, the average yearly rent for villas in Khuzam decreased from AED 76k in H2 2022 to AED 73k in H1 2023.

• In the case of 3-bedroom villas in Khuzam, the yearly rent has inclined by 5.63%, averaging AED 75k. 
• However, there has been a notable decline in the average yearly rents for both 4-bedroom and 5-bedroom villas, which stood at AED 77k and AED 85k respectively in H1 2023.

After Khuzam, Al Dhait has secured the fourth position among the top communities for renting villas in RAK. The average yearly rent for villas in Al Dhait experienced a slight decline of 1.49%, dropping from AED 67k in H2 2022 to AED 66k in H1 2023.

According to the dubizzle data analysis, Al Refaa has emerged as another popular area for renting villas in RAK. The yearly rents for apartments in Discovery Gardens have been reduced by 5.55% and averaged AED 68k during the first half of the year.

This concludes our H1 2023 RAK property sales and rental market report. The detailed analysis of dubizzle user data has provided valuable insights into the most popular neighbourhoods among both buyers and renters in the Emirate during the first half of the year.

For more insightful property reports from across the UAE, keep reading the dubizzle real estate blog.

Disclaimer: The above data presented in the H1 sales and rental property market report for RAK is fetched from the average prices of properties listed for sale and rent on dubizzle.com. Please keep in mind that these figures are not indicative of actual real estate transactions that have taken place in the Emirate.