Bayut’s RAK Annual Market Report for 2024

• Buying Apartments
• Renting Apartments
• Buying and Renting Villas

Bayut’s RAK Annual Market Report showcases the growing interest from local and international investors in Ras Al Khaimah’s real estate sector. This upward trajectory in demand has persisted, reflecting the emirate’s increasing appeal. In the 2024 edition, we provide a comprehensive analysis of the market, including insights into the average rent and sales prices for villas and apartments.

In order to properly monitor the fluctuating market trends, Bayut’s Ras Al Khaimah Annual Market Report compares the average sales prices and rents from 2024 to those observed in 2023.

AT A GLANCE: RAK’S PROPERTY MARKET 2024

• Rental prices for villas in popular areas increased by up to 28% during 2024.
• Apartment rental prices also significantly increased by up to 42.7%.
• The sales price of villas in Ras Al Khaimah rose by up to 35.65% in 2024.
• Apartment sales prices increased by up to 33.3%.

RAK MARKET REPORT FOR 2024

Ras Al Khaimah’s real estate market experienced significant growth during 2024, driven by strategic developments and increasing investor interest. The emirate plans to add over 14,000 residential units between 2026 and 2029, with a notable emphasis on branded residences. This upward trend underscores Ras Al Khaimah’s evolution into a sought-after destination for both investors and residents, offering a blend of luxury and affordability in its real estate offerings.

Bayut’s Ras Al Khaimah Annual Market Report highlights the following areas as those experiencing the highest demand:

• Al Hamra Village
• Al Marjan Island
• Mina Al Arab
• Al Dhait

In this RAK Annual Market Report, we look at users’ search patterns and the advertised prices observed on Bayut during 2024.

AL HAMRA VILLAGE IS THE MOST POPULAR AREA TO BUY APARTMENTS IN THE EMIRATE

As per our data analysis, Al Hamra Village leads the charts when it came to flats for sale in RAK:

• The price-per-square-foot in the area surged by 31.5%, reaching AED 753 in 2024.

• To buy a 1-bed apartment in Al Hamra Village, buyers paid an average of AED 623k. The cost of 2 and 3-bed units registered at AED 931k and AED 1.9M, respectively.

Next in our RAK Market Report for 2024, we look at Al Marjan Island; another preferred choice for investors:

• The price-per-square-foot rose by 33.3% to AED 1,067 in 2024.

• The sales price for a 1-bed flat in Al Marjan stood at AED 877k. Whereas, for 2 and 3-bed units, the average cost was AED 1.3M and AED 2.6M, respectively.

Other areas that garnered attention from investors include:  

• Yasmin Village
• Mina Al Arab
• Dafan Al Nakheel

In Yasmin Village, the average price-per-square-foot increased by 2.01%, reaching AED 269. In comparison, sale prices for apartments in Mina Al Arab surged by 21.8% and in Dafan Al Nakheel by 15.9%, highlighting greater demand for the properties in those areas.

RAK MARKET REPORT FOR 2023: YASMIN VILLAGE TOPS THE LIST OF ROI FOR APARTMENTS

If you are looking for a property as an investment, Yasmin Village’s impressive ROI could make it a viable option.

• The ROI for flats in Yasmin Village stood at an impressive 11.7%.

• Rental yields in Dafan Al Nakheel, Al Hamra Village and Al Marjan Island all averaged around 6%.

AL HAMRA VILLAGE IS THE MOST POPULAR AREA TO RENT APARTMENTS IN RAK

Our RAK Market Report for 2024 highlighted Al Hamra Village as the most popular area to rent apartments:

• The average rent for flats in Al Hamra Village increased from 23.4% to 38% in 2024.

• Studios in Al Hamra Village were rented out for an average of AED 29k. For 1 and 2-bed apartments, renters paid AED 44k and AED 68k on average, respectively.

Al Marjan Island was another prominent area when looking at rental trends in RAK:

• The area’s increasing popularity in anticipation of the upcoming Wynn Resort was reflected in the asking prices for rental apartments in Al Marjan Island, which increased from between 36% and 42.6%.

• To rent a studio in Al Marjan Island, rental averaged at AED 34k. In comparison, tenants paid an average of AED 52k and AED 77k for 1 and 2-bed units.

RAK property rental prices in the following popular areas also recorded increases:

• Mina Al Arab
• Al Seer
• Al Nakheel

In Mina Al Arab, the increase in rental costs for studios and 1-bed units ranged from between 11.5% and 29.6%. For Al Seer, the price increases were between 6.68% and 21.8%.

THE MOST POPULAR AREAS TO BUY AND RENT VILLAS IN RAK

In 2024, villas in Al Hamra Village, Mina Al Arab and Al Dhait were the preferred localities for investors.

• The price-per-square-foot for villas for sale in Al Hamra Village increased to AED 807 in 2024.

• 3-bed villas in Al Hamra Village were sold for AED 2M on average. For 4 and 5-bed villas, the average costs stood at AED 2.5M and AED 10M, respectively.

Mina Al Arab ranked second on our list of popular areas to buy villas in RAK:

• The price-per-square-foot for villas in Mina Al Arab rose to AED 1,092 in the year 2024.

• The cost of a 3-bed villa in Mina Al Arab was AED 2.7M, on average. The average financial outlay for 4 and 5-bed units stood at AED 5.6M and AED 8.9M, respectively.

Al Dhait concludes the list:

• There was a decrease of around 5% in the price-per-square-foot for villas in the area.

• 3-bed villas in Al Dhait were sold for an average price of AED 2.8M in 2024.

AL HAMRA VILLAGE OFFERS THE HIGHEST ROI ON VILLAS IN RAK

The RAK Sales Market Report highlighted the demand for villas in Al Hamra Village given the high ROI on offer.

• Al Hamra Village’s ROI was recorded at 5.34%.
• The ROI for Mina Al Arab was 4.53%.
• Al Dhait’s ROI came in at 2.53%.

TOP AREAS TO RENT VILLAS IN RAK: AL HAMRA VILLAGE TOPS THE CHARTS

This section of the RAK Property Market Report further emphasises the popularity of Al Hamra Village. The community tops the charts when it comes to the most popular areas to rent a villa in RAK.

• To rent a 3-bed villa in Al Hamra Village, tenants paid AED 115k on average.

• For larger 4-bed units, the average rents stood at AED 134k. Whereas, the 5-bed villas were rented out for an average of AED 318k.

Continuing our RAK Property Market Report for 2024, we take a look at the rental statistics for Al Dhait:

• Those who rented a 3-bed villa in Al Dhait paid an average of AED 64k.
• For 4 and 5-bed units, the rents increased up to AED 97k and AED 109k, respectively.

As per the rent trends in RAK, these three areas also garnered significant attention for rental villas:  

• Mina Al Arab
• Khuzam
• Al Refaa

POPULAR AREAS FOR OFF-PLAN PROPERTIES IN RAK

If you are looking for an off-plan villa in RAK, these communities were highly in demand during 2024:

• Falcon Island in Al Hamra Village  
• Hayat Island in Mina Al Arab         
• Danah Bay in Al Marjan Island      

For off-plan apartments, investors showed preference for:

• Hayat Island in Mina Al Arab         
• Nikki Beach Residences in Al Marjan Island          
• Ellington Views I in Al Hamra Village

That concludes Bayut’s RAK Market Report for 2024. If we look back at 2023 and 2024 together, it could be said that the former year was the foundation for the growth observed in the latter. Our RAK Sales Market Report shows that greater investment in the market has raised the overall prices and this trend looks likely to continue for the foreseeable future.

Are you interested in how the real estate market fared during 2024 in other prominent emirates? Bayut’s Dubai Annual Sales Report and Dubai Annual Rental Report go in-depth on the emirate’s dynamic property market during a record-breaking year.

Disclaimer: The above report (MKTRPTYE2024) 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.