Ras Al Khaimah, UAE – The existing and upcoming waterfront and island developments in Ras Al Khaimah have witnessed a rise in demand in the first half of 2023. Bayut, the UAE’s property portal, said in its latest report. The steady demand for properties in the emirate’s most popular residential areas contributed to price increases across both the rental and sales sectors.
Sale Apartments
When it comes to apartments for sale in Ras Al Khaimah, Al Hamra Village has been the top choice for investors. Apartments for sale in Al Hamra Village have recorded an increase of over 4% in average price-per-square-foot.
Buyers have shown a preference for the apartments in Al Marjan Island where the average price-per-square-foot increased by 7.49%, and Mina Al Arab where apartments have become cheaper by under 1%.
Investors buying apartments in Ras Al Khaimah have also shown a keen interest in areas such as Yasmin Village and Dafan Al Nakheel.
Al Hamra Village and Mina Al Arab have been the top choices for investors looking to buy villas in RAK, further highlighting considerable market interest in the emirate’s premier waterfront developments.
ROI
With an excellent ROI of 11.61%, the apartments for sale in Yasmin Village offered the best rental yields. Al Hamra Village and Dafan Al Nakheel also reported favorable projected rental yields of around 7%.
The villas in Al Hamra Village have recorded average rental yields of 6% during H1 2023, with houses in Mina Al Arab offering 5% rental returns.
Rent Apartments
For the first half of 2023, rental apartments in Al Hamra Village have been in high demand.
There was an increased demand in the following areas: Flats for rent in Al Hamra Village, Al Marjan Island and Mina Al Arab have reported increases of up to 9.86% in average annual rent.
Villas
Al Hamra Village has been the most-searched-for area to rent villas in RAK, resulting in rental increases in both 3-bed and 5-bed configurations. Mina Al Arab has also attracted considerable tenant interest, despite overall increases in average rent.
Haider Ali Khan, the CEO of Bayut & Dubizzle and the Head of Dubizzle Group MENA said: “Throughout the first half of 2023, we have witnessed a dynamic market that has defied global expectations and showcased its potential for sustainable growth. Traffic has gone up by well over 20-25% in most key areas in Ras Al Khaimah, and investors from across the globe have recognized the emirate as a strategic destination, making it a hotspot for real estate opportunities”.
“The government’s proactive measures, strategic initiatives, and vision for sustainable growth continue to position the emirate as an investment destination of choice in the region”, Khan added.
