- Top Areas for Apartments
- Popular Areas for Houses
- Top Areas for Rental Flats
- Popular Areas for Rental Villas
The first half of 2024 has marked a strong start for the real estate market of Ras Al Khaimah. With a higher influx of visitors and several emerging developments, the emirate has established itself as a promising real estate market. In recent years, the city’s property portfolio has diversified by a fair margin, bringing in a pool of investors, buyers and renters.
Many mega-developments in this northernmost emirate have played a pivotal role in boosting the property sector. Beachfront communities, resorts, modern-day amenities and upcoming real estate projects in RAK such as Astera at Al Marjan and Quattro Del Mar have made it an investment hotspot. Additionally, the introduction of MENA’s first gaming resort in RAK has catapulted the emirate’s prominence. The Wynn Al Marjan Resort in RAK will house the UAE’s first casino with tonnes of facilities that will boost the investor influx in the city.
Apart from these developments, budget-friendly property options have enhanced the emirate’s appeal in the rental property market.
The H1 2024 RAK property sales and rent market report brings insights into the emirate’s real estate trends. From increases in sale prices to emerging patterns in average asking rents, this report offers a detailed analysis.
Let’s have a look at the key highlights from the Ras Al Khaimah property sales and rent H1 2024 market report. For a better understanding, we have segmented the report into two halves, sales and rental trends. Each category has been further divided into apartments and villas, depicting how the market fared in the first six months of 2024.
- Overall, the average yearly asking rent of apartments in the city has risen by 14.70% in H1 2024.
- Mina Al Arab has recorded the highest increase of 23.81% in the average annual rent of flats.
- Speaking of buying apartments, Al Hamra Village and Al Marjan Island have remained top choices among investors and buyers.
- For buying villas in RAK, Al Hamra Village and Mina Al Arab have garnered the top spots with an average sales price of AED 5.33M and AED 4.57M, respectively.
- Yasmin Village has recorded the highest ROI of 10.72% for apartments for sale in RAK.
- The average annual rent of villas has dropped slightly in H1 2024. However, the average asking rent of houses in Al Refaa has surged by 19.74%.
- The average rent per annum of villas in RAK has ranged from AED 133k in Al Hamra Village to AED 91k in Al Refaa in H1 2024.
POPULAR AREAS FOR BUYING APARTMENTS IN RAK IN H1 2024
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023 | STUDIO | 1-BED | 2-BED |
|---|---|---|---|---|---|
| Al Hamra Village | ROI 5.42% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Al Marjan Island | ROI 3.27% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Mina Al Arab | ROI 3.09% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Yasmin Village | ROI 10.72% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
| Dafan Al Nakheel | ROI 7.47% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| STUDIO
| 1-BED
| 2-BED
|
Apartments have been a popular investment choice in RAK in H1 2024. They offer comfortable living spaces and are easy to maintain. In the first half of 2024, the average sales price of flats in the emirate has risen significantly.
Here are the top areas for buying apartments in RAK that offer healthy ROIs and many amenities.
Al Hamra Village
Al Hamra Village has secured the top position for buying flats in RAK. The mixed-use waterfront community encompasses several residential properties, recreational spaces, hotels and resorts. Also, there are several facilities in Al Hamra Village, including supermarkets, schools and hospitals, making it a top area to buy flats in RAK.
- The average sales price of apartments in the area has amounted to AED 1.12M after a 34.53% surge. These flats have offered an ROI of 5.42%.
- The price per square foot has increased to AED 978 in H1 2024.
- The average asking prices of the studio, 1 and 2-bed apartments in Al Hamra Village have increased to AED 434k, AED 781k and AED 1.81M, respectively.
Al Marjan Island
Al Marjan Island is known for its luxurious lifestyle and high-end amenities. It comprises four islets: Breeze Island, Treasure Island, View Island and Dream Island. The area houses several property types, even in the freehold category. Also, the area is home to many upcoming and new projects in RAK such as Oceano that have added to its popularity.
- The flats in the area have garnered an average sales price of AED 2.87M with an ROI of 3.27%.
- The per-square-foot price of apartments for sale in Al Marjan Island has averaged AED 2,163 after a 29.13% uptick in H1 2024.
- As for the studio, 1 and 2-bed flats, their sale prices have averaged AED 682k, 1.87M and 2.97M, respectively.
Mina Al Arab
As per dubizzle real estate trends, Mina Al Arab is another top area for investing in flats. The area offers a relaxed living environment with serene waterfront views. It is home to many green spaces and beaches.
- Speaking of apartments for sale in Mina Al Arab, their average sales price has amounted to AED 1.78M, offering an ROI of 3.09%.
- After a 31.32% surge, the average per-square-foot price for apartments has reached AED 1,703.
- The sales price of the studio, 1 and 2-bed flats has reached AED 830k, AED 1.56M and AED 2.48M, respectively.
Moreover, Yasmin Village and Dafan Al Nakheel have ranked fourth and fifth. The apartments for sale in Yasmin Village have recorded an average price point of AED 334k with an impressive 10.72% rental yield. Meanwhile, Dafan Al Nakheel has also been on the investors’ radar with an ROI of 7.47%. The asking price of apartments in this area has increased to AED 681k in H1 2024.
POPULAR AREAS FOR BUYING VILLAS IN RAK IN H1 2024
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023 | 3-BED | 4-BED | 5-BED |
|---|---|---|---|---|---|
| Al Hamra Village | ROI 4.04% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Mina Al Arab | ROI 4.15% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Al Marjan Island | ROI NA | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
| The Ritz-Carlton Residences | ROI NA | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2023
| 3-BED
| 4-BED
| 5-BED
|
| Not available due to low/no historical inventory or influx of off-plan properties | |||||
Villas have also remained popular among investors and buyers in H1 2024. Let’s take a look at the most preferred areas for buying a villa in RAK. You can opt for them to diversify your real estate investment portfolio.
Al Hamra Village
As per dubizzle user data, investors have shown a keen interest in Al Hamra Village to purchase a villa. Thanks to the community’s events, the area offers a lively lifestyle. This naturally adds to its appeal. In addition, Al Hamra Village is close to a public beach where residents can spend their leisure time.
- In H1 2024, the average sales prices of villas have increased to AED 5.33M, offering a 4.04% ROI.
- After a hike of 14.60%, the per-square-foot price for villas in the area have averaged AED 1,075.
- The average sales price of 3, 4 and 5-bed houses in the neighbourhood have increased to AED 2.20M, AED 4.93M and AED 13.96M, respectively.
Mina Al Arab
Apart from flats, Mina Al Arab has also offered villas as an investment choice. The community has many residential projects underway, which have boosted its prominence in the real estate landscape. These factors have categorised Mina Al Arab among top areas to buy a villa in RAK.
- As for villas for sale in Mina Al Arab, they have garnered an average asking price of AED 4.57M, with a 4.15% ROI.
- Moreover, the price per square foot has jumped to AED 1,214 in H1 2024 from AED 1,180 in H2 2023 after a 2.85% increase.
- The average sales prices of 3, 4 and 5-bed villas have been recorded at AED 2.81M, AED 5.84M and AED 10.18M, respectively.
Al Marjan Island
Al Marjan Island stands next on our list, offering houses yielding healthy returns. Several eateries, sandy beaches and many outdoor activities make this area a top choice among homebuyers.
- The houses for sale in Al Marjan Island have recorded an average sales price of AED 18.01M in H1 2024.
- The average per-square-foot price for villas has amounted to AED 3,115 after a hike of 10.47%.
- On average, the sales price of 3, 4 and 5-bed villas has increased to AED 6.66M, AED 11.57M and AED 25.37M, respectively.
The next on the list is Ritz-Carlton Residences. As per dubizzle data, the average sales price of villas in this vicinity has amounted to AED 18.84M.
POPULAR AREAS FOR RENTING APARTMENTS IN RAK IN H1 2024
POPULAR AREAS | Studio Avg. Yearly RentChange from H2 2023 | 1-bed Avg. Yearly RentChange from H2 2023 | 2-bed Avg. Yearly RentChange from H2 2023 |
|---|---|---|---|
| Al Hamra Village | Studio Avg. Yearly RentChange from H2 2023
| 1-bed Avg. Yearly RentChange from H2 2023
| 2-bed Avg. Yearly RentChange from H2 2023
|
| Al Marjan Island | Studio Avg. Yearly RentChange from H2 2023
| 1-bed Avg. Yearly RentChange from H2 2023
| 2-bed Avg. Yearly RentChange from H2 2023
|
| Al Seer | Studio Avg. Yearly RentChange from H2 2023
| 1-bed Avg. Yearly RentChange from H2 2023
| 2-bed Avg. Yearly RentChange from H2 2023
|
| Al Nakheel | Studio Avg. Yearly RentChange from H2 2023
| 1-bed Avg. Yearly RentChange from H2 2023
| 2-bed Avg. Yearly RentChange from H2 2023
|
| Mina Al Arab | Studio Avg. Yearly RentChange from H2 2023
| 1-bed Avg. Yearly RentChange from H2 2023
| 2-bed Avg. Yearly RentChange from H2 2023
|
The rental market of RAK has witnessed a promising start into 2024. Apartments have been a popular choice among tenants in the emirate. Overall, flats in RAK have recorded a surge of 14.70% in average asking prices.
Here are the top areas to rent an apartment in RAK, in line with dubizzle’s property trends.
Al Hamra Village
Al Hamra Village has emerged as the most preferred area for renting apartments. The community has many golf and yacht clubs, lush green gardens, flats and houses with contemporary designs.
- The flats for rent in Al Hamra Village have averaged a yearly rent of AED 48k after a 17.07% surge.
- The average rents have reached AED 30k, AED 44k and AED 71k for studio, 1 and 2-bedroom apartments, respectively.
Al Marjan Island
Al Marjan Island is also a popular choice for rental apartments in the emirate. This man-made island is a famous spot in RAK, drawing in several tourists. Additionally, it houses several property types in the UAE, including rental flats.
- The average rent per annum has risen by 21.28%, going from AED 47k in H2 2023 to AED 57k in H1 2024.
- The average annual rent of studio, 1 and 2-bedroom flats has increased by 21.88%, 20% and 10%, respectively.
- For studio flats, the annual rent has averaged AED 39k. Also, 1 and 2-bedroom apartments have averaged an annual rent of AED 54k and AED 77k, respectively.
Al Seer
Al Seer is partially located on the RAK harbour shore and is home to many residential and commercial properties. It also offers accommodation options for tourists such as Al Nakheel hotel apartments.
- The area has observed an upward trend of 17.39% in the average apartment rent, which has amounted to AED 27k per year.
- The average rent per annum has increased to AED 24k and AED 34k for 1 and 2-bedroom apartments, respectively. The annual rent of studio flats for rent in Al Seer has averaged AED 19k.
Securing fourth position, Al Nkaheel has seen a dip of 4.76% in average rent per annum of apartments. The rent now stands at AED 20k in H1 2024. In the fifth spot, the average yearly rent of rental apartments in Mina Al Arab has surged by 23.81%, amounting to AED 52K on average.
POPULAR AREAS FOR RENTING VILLAS IN RAK IN H1 2024
POPULAR AREAS | 3-BED Avg. Yearly RentChange from H2 2023 | 4-BED Avg. Yearly RentChange from H2 2023 | 5-BED Avg. Yearly RentChange from H2 2023 |
|---|---|---|---|
| Al Hamra Village | 3-BED Avg. Yearly RentChange from H2 2023
| 4-BED Avg. Yearly RentChange from H2 2023
| 5-BED Avg. Yearly RentChange from H2 2023
|
| Khuzam | 3-BED Avg. Yearly RentChange from H2 2023
| 4-BED Avg. Yearly RentChange from H2 2023
| 5-BED Avg. Yearly RentChange from H2 2023
|
| Al Dhait | 3-BED Avg. Yearly RentChange from H2 2023
| 4-BED Avg. Yearly RentChange from H2 2023
| 5-BED Avg. Yearly RentChange from H2 2023
|
| Mina Al Arab | 3-BED Avg. Yearly RentChange from H2 2023
| 4-BED Avg. Yearly RentChange from H2 2023
| 5-BED Avg. Yearly RentChange from H2 2023
|
| Al Refa | 3-BED Avg. Yearly RentChange from H2 2023
| 4-BED Avg. Yearly RentChange from H2 2023
| 5-BED Avg. Yearly RentChange from H2 2023
|
| Not available due to low/no historical inventory or influx of off-plan properties | |||
According to the property trends on dubizzle, certain areas such as Khuzam and Al Dhait have been a top choice among those who prefer renting in a villa. Here are the top areas for rental houses in RAK in H1 2024.
Al Hamra Village
Al Hamra Village has secured the top spot for villa seekers RAK. Besides, the annual rent of rental villas in Al Hamra Village has averaged AED 133k in H1 2024.
- The 3-bed villas have witnessed an uptick of 3.70% in average yearly rent.
- On average, the annual rent of 3, 4 and 5-bed flats has been recorded at AED 112k, AED 130k and AED 268k, respectively.
Khuzam
Khuzam is a quaint community, located near the Arabian Gulf. It is known for its traditional lifestyle and peaceful lifestyle. In Khuzam, there are many facilities including malls, resorts and clinics. Residents can also enjoy outdoor activities such as fishing and trekking.
- Speaking of rental villas in the vicinity, their average annual rent has been recorded at AED 76k.
- With this average price shift, the 3,4 and 5-bedroom rental villas in Khuzam stand at an average annual rent of AED 79k, AED 55k and AED 80k, respectively.
Al Dhait
Al Dhait is a distinguished area of RAK, offering rental properties including villas. It also offers many amenities such as jogging trails. In this area, the main mode of transportation is RAK buses.
- For villas in Al Dhait, the rent has averaged around AED 89k per annum after an 11.25% positive shift.
- Also, the average rent prices have increased to AED 61k, AED 84k and AED 110k for 3,4 and 5-bedroom rental villas in Al Dhait, respectively.
Mina Al Arab and Al Refaa have ranked fourth and fifth on the list of our RAK real estate market report. With AED 157k and AED 91k as their average annual rents, respectively, these areas have been top choices among tenants looking for villas.
With that, we conclude our H1 2024 RAK Property Sales and Rent Market Report. In the first half of 2024, the Ras Al Khaimah property market has shown a substantial increase in asking prices and rents, depicting the rise in demand. Moreover, the introduction of off-plan properties and tourist-friendly incentives have added to these positive shifts.
Those who are looking forward to investing in this thriving real estate market can browse through these properties for sale in RAK. Also, if you are interested in renting a unit, here are properties for rent in RAK that you can consider.
Disclaimer: The aforementioned search trends in the H1 2024 RAK Property Sales and Rent Market Report are based on the prices of rental properties on dubizzle. It is not a representation of the real estate transactions regulated in the Emirates.
To learn more about Ras Al Khaimah real estate market and its trends, keep reading dubizzle’s property blog.
