Bayut’s Ras Al Khaimah Real Estate Market Report for H1 2023
Our analysis of Ras Al Khaimah’s real estate market trends for the past six months reflects a sense of stability and growth. Bayut’s Ras Al Khaimah real estate market report H1 2023 examines the sales and rental prices for the in-demand localities in the emirate, as advertised on Bayut.
Generally, we have seen an upward trend for both apartments and villas, particularly in the prominent waterfront areas, during the first half of the year:
- Rental costs of apartments in Ras Al Khaimah’s popular districts generally increased by up to 9.86%. Rental villas also experienced price upticks of up to 6.5% in H1 2023.
- Sales trends in Ras Al Khaimah reveal that popular districts in the emirate reported increases of up to 7.49% for apartments, with villa prices rising by up to 6%.
To present a comprehensive picture of the emirate’s real estate market, our data analysts have compared rent and sales prices advertised on Bayut during H1 2023 to the trends observed during H2 2022. Our Ras Al Khaimah real estate report H1 2023 reveals key insights into the fluctuations and trends of the emirate’s property market.
RAS AL KHAIMAH REAL ESTATE MARKET REPORT H1 2023
Over the last six months, it has become evident that the RAK property market continued to perform well. The general demand for properties has risen. So, if you are considering buying or renting a property in the emirate, Bayut’s Ras Al Khaimah real estate report H1 2023 provides all the data points and insights to help you make an informed decision.
AL HAMRA VILLAGE IS THE MOST POPULAR AREA TO BUY APARTMENTS IN THE EMIRATE
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 | 1-BED | 2-BED | 3-BED |
|---|---|---|---|---|---|
| Al Hamra Village | ROI 7.17% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 1-BED
| 2-BED
| 3-BED
|
| Al Marjan Island | ROI 6.32% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 1-BED
| 2-BED
| 3-BED
|
| Mina Al Arab | ROI 6.35% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 1-BED
| 2-BED
| 3-BED
|
| Yasmin Village | ROI 11.61% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 1-BED
| 2-BED
| 3-BED
|
| Dafan Al Nakheel | ROI 7.03% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| 1-BED
| 2-BED
| 3-BED
|
Al Hamra Village topped the charts in terms of investor interest with regard to apartments for sale:
- The price-per-square-foot in the area has risen by 4.28% from H2 2022 to stand at AED 596 in H1 2023.
- To buy a 1-bed flat in Al Hamra Village, investors paid AED 500k on average. The 2 and 3-bed flats were priced at AED 829k and AED 1.4M, respectively.
Our RAK real estate market report H1 2023 shows that people looking for real estate investment opportunities in RAK were also keen on the properties in Al Marjan Island:
- In Al Marjan Island, the price-per-square-foot has surged by 7.49%, to average at AED 745 in H1 2023.
- Those who bought a 1-bed flat in Al Marjan Island paid an average price of AED 664k. For larger 2 and 3-bed units, the buyers paid on average AED 1M and AED 2M, respectively.
Real estate investment statistics highlighted other popular areas to buy apartments in Ras Al Khaimah:
- Mina Al Arab
- Yasmin Village
- Dafan Al Nakheel
Mina Al Arab saw a small dip of 0.90% in the asking price compared to the preceding six-month period. Whilst the average asking price remained unchanged for the other two localities.
RAK REAL ESTATE MARKET REPORT H1 2023: YASMIN VILLAGE TOPS THE LIST OF ROI FOR APARTMENTS
One of the reasons for Yasmin Village’s popularity is the high ROI:
- Yasmin Village’s ROI stands at a highly impressive 11.61%.
- Next is Al Hamra Village with a 7.17% projected ROI.
- Dafan Al Nakheel generated an average ROI of 7.03%.
- STUDIO
- |
- 1 BATH
- |
- 454 SQFT
- 1 BED
- |
- 1 BATH
- |
- 712 SQFT
- STUDIO
- |
- 1 BATH
- |
- 444 SQFT
- 2 BEDS
- |
- 2 BATHS
- |
- 1215 SQFT
- 1 BED
- |
- 2 BATHS
- |
- 1075 SQFT
- 2 BEDS
- |
- 3 BATHS
- |
- 2496 SQFT
AL HAMRA VILLAGE IS THE MOST POPULAR AREA TO RENT 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
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
| Al Marjan Island | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
| Mina Al Arab | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
| Al Nakheel | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
| Al Seer | STUDIO Avg. Yearly RentChange from H2 2022
| 1-BED Avg. Yearly RentChange from H2 2022
| 2-BED Avg. Yearly RentChange from H2 2022
|
| Not available due to low/no historical inventory or influx of off-plan properties | |||
As per the data analysis for the Ras Al Khaimah real estate report H1 2023, Al Hamra Village secured the top spot when it comes to rental apartments in RAK:
- The average rent for flats in Al Hamra Village reported upticks of between 3% and 6% in the first six months of 2023.
- For a rental studio in Al Hamra Village, tenants paid an average of AED 25k. The average rent for 1 and 2-bed units was recorded at AED 36k and AED 52k, respectively.
Rental apartments in Al Marjan Island were also in-demand among tenants:
- There was no change in the average rent for studios. However, a considerable jump of up to 10% was recorded in the average rents for 1 and 2-bed units.
- The average rent for studios stood at AED 25k, whereas tenants paid AED 40k and AED 54k respectively for 1 and 2-bed flats.
Trends observed in Bayut’s Ras Al Khaimah real estate market report H1 2023 also highlighted other areas that attracted a lot of interest:
- Mina Al Arab
- Al Nakheel
- Al Seer
The average rent in Mina Al Arab increased between 2.36% and 5.01% for studio and 2-bed flats, whereas the 1-bed units became more affordable by 8.34%. Average rental costs in Al Nakheel and Al Seer remained unchanged in H1 2023.
Those who wish to rent here should know the process for tenancy contract online registration in RAK.
- 1 BED
- |
- 2 BATHS
- |
- 1099 SQFT
- 1 BED
- |
- 2 BATHS
- |
- 1099 SQFT
- STUDIO
- |
- 1 BATH
- |
- 433 SQFT
- STUDIO
- |
- 1 BATH
- |
- 605 SQFT
THE MOST POPULAR AREAS TO BUY AND RENT VILLAS IN RAK
Renting Villas | Buying Villas |
|---|---|
Renting Villas Al Hamra Village | Buying Villas Al Hamra Village |
Renting Villas Mina Al Arab | Buying Villas Mina Al Arab |
Real estate investment trends in RAK, as observed on Bayut, highlighted Al Hamra Village as the area that garnered the most investor attention in the first half of 2023:
- The price per square foot of villas for sale in Al Hamra Village jumped by 3.98% from AED 593 in H2 2022 to AED 616 in the first six months of 2023.
- To buy a 3-bed villa in the area, investors paid an average of AED 1.4M. The required financial outlay was AED 2.1M and AED 8.2M for 4 and 5-bed villas respectively.
Mina Al Arab was another area popular with investors looking to purchase villas in Ras Al Khaimah:
- Investors took advantage of a near 5% drop in the asking price per square foot, which decreased from AED 871 in H2 2022 to AED 820 in H1 2023.
- Those who bought a 3-bed villa in Mina Al Arab paid AED 2.1M, on average. The average sales price for 4 and 5-bed villas stood at AED 4.6M and AED 5.6M, respectively.
AL HAMRA VILLAGE OFFERS THE HIGHEST ROI ON VILLAS IN RAK
The data collected for Ras Al Khaimah real estate market report H1 2023 shows:
- A 6% projected rental yield was recorded for villas in Al Hamra Village.
- Mina Al Arab villas offered an average ROI of 5%.
POPULAR AREAS TO RENT VILLAS IN RAK: AL HAMRA VILLAGE LEADS THE SEARCHES
Al Hamra Village maintains its popularity among tenants as well:
- The average rent for a 3-bed villa in Al Hamra Village stood at AED 93k.
- The average rents for larger 4 and 5-bed units were recorded at AED 113k and AED 341k respectively.
In contrast, the real estate property market H1 Ras Al Khaimah showed that there was an increase in rents for villas in Mina Al Arab, another popular area among potential tenants in RAK:
- To rent a 3-bed villa in Mina Al Arab tenants paid AED 113k, on average.
- Those who rented 4 and 5-bed villas paid an average of AED 217k and AED 328k respectively.
As per our Ras Al Khaimah real estate market report H1 2023, other popular areas to rent villas in RAK included:
- Khuzam
- Al Dhait
- Al Refaa
- 2 BEDS
- |
- 2 BATHS
- |
- 2892 SQFT
- 2 BEDS
- |
- 4 BATHS
- |
- 1969 SQFT
- 2 BEDS
- |
- 2 BATHS
- |
- 2599 SQFT
Commenting on the findings, 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 recognised 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.
At Bayut, we take immense pride in being part of this transformative journey, providing cutting-edge technology and invaluable insights to empower buyers, sellers, and investors in making well-informed decisions. Our commitment to transparency and excellence has translated into creating a positive environment for the market as a whole and we are proud to be playing a pivotal role in shaping the future of the emirate’s real estate landscape.”
That concludes Bayut’s Ras Al Khaimah real estate market report H1 2023. If you are looking for real estate investment opportunities in RAK, the trends detailed throughout the report should give you a solid idea of the level of financial commitment required. The RAK market is developing rapidly and there are potentially significant gains to be made if, as seems likely, those trends continue.
If you’re interested in how rents have fared in Dubai during the first half of the year, our Dubai Rental Report H1 2023 analyses all the essential information.
Disclaimer: The above report (MKTRPTH12023) is based on prices advertised by real estate agencies on behalf of their clients on Bayut and does not represent actual real estate transactions conducted in Ras Al Khaimah.
