Ras Al Khaimah homeowners see house prices surge as emirate's popularity grows

Homeowners in Ras Al Khaimah have reported the value of their properties has doubled in recent years, in part due to a rise in new residents as well as the announcement of the UAE’s first casino . Wynn Al Marjan Island , a multibillion-dollar mega resort in Ras Al Khaimah planned by the Las Vegas hotel operator Wynn, in intended to be a magnet for “ultra-high-net-worth” customers and to attract tourists from around the world. Its gaming licence has been secured from the UAE authorities. Experts in the area say a number of factors are at play alongside the Wynn resort, including less congestion and better cost of living. “It is getting a lot nicer to live [in Ras Al Khaimah] because there is not a lot of traffic. It is cheaper to socialise,” said David Mackenzie, director of Dubai-based recruitment agency Mackenzie Jones. “If you are a young family, there is the beach, good restaurants and hotels. Ras Al Khaimah has become the new expat place …” He also said a lot of airline pilots as well as people who have the flexibility of remote working have in the past year moved to Ras Al Khaimah. “With more employers insisting on work from office or hybrid work, people still feel it is a good deal to live in Rak and travel to Dubai twice or three times a week,” he said. As demand for housing has gone up with the new construction boom, new big hotels and leisure properties opening, he said rents have risen and house prices have doubled. Residents in the surrounding areas said they are feeling the effects of so much potential business and tourism coming to the area. Ania Bruno, co-owner of tour operator Adventurous Camel, moved with her husband and two children to Ras Al Khaimah during the pandemic lockdown in 2020. They bought a villa in Al Hamra Village two years ago for Dh1.05 million ($286,000). After spending Dh150,000 on renovations, that property is now worth Dh2.3 million, she said. “Al Hamra Village is 5km away from the casino and it’s like the first and really only housing development [in the area],” she told The National . “Everything else that’s planned is apartments, so it will continue going up. “They’re older properties, so once they’re renovated, they’ve got bigger rooms and bigger yards compared to everything else that gets built.” Wynn has said construction on the $3.8 billion five-star facility – scheduled to open in 2027 – is advancing rapidly, and that it is expected the resort will deliver “meaningful long-term economic benefits to Ras Al Khaimah”. It was first announced that Rak would open a multibillion-dollar resort on Marjan Island with the hotel operator, featuring a “gaming area”, in early 2022. “The announcement of the Wynn resort and casino has undoubtedly significantly impacted the real estate market,” said Sherry Dang Briet from real estate agency Coldwell Banker, adding that this is particularly evident around Al Hamra Village area. “Rak has been experiencing steady, organic growth as a scenic and tranquil destination within the UAE, but the casino announcement has accelerated this demand.” Gemma Ovens, founder of Postnatal Fitness Hub, bought her Al Hamra Village house in 2020 for Dh1.2 million and it’s now worth Dh2.7 million. She and her husband also bought a studio apartment in Royal Breeze 2 in 2021 for Dh270,000 and sold it last year for Dh350,000 – although those same units are now worth an average of Dh470,000. “Everyone we know who’s bought has said value has increased in two and a half years,” she said. “We’ve always lived in Rak, so it was a no-brainer for us. I didn’t want to buy or live anywhere else – we really like it here. We chose the village because we have two kids and we wanted more of a family community feel. Al Hamra Village is probably the only place you can get that in Rak, apart from Mina Al Arab.” Jean Kwaasi-Bullen, who has lived in Ras Al Khaimah for nearly nine years, has also seen her property more than double in value in less than two years. “We bought it for Dh1.13 million,” she told The National . “We got it revalued a couple of months ago and they said it’s probably about Dh2.5 million now. “We’ve done some refurbishing that isn’t finished, so we could probably get it revalued again … Some of the houses that are the same as ours that haven’t been done up at all are going for just under Dh3 million.” Riaz Shariff, managing partner of Range Developments, said the property developer strategically launched its projects after the Wynn development announcement. “We’ve observed an impressive 60 per cent increase in unit prices over the past year,” he told The National . Properties on Marjan Island, where the Wynn project is based, can command up to 300 per cent premium relative to neighbouring locations, he added. “Casino-facing beachfront properties carry an approximate 50 per cent premium over similar beachfront units without a casino view,” he said, adding prices can start at Dh2 million for a one-bedroom unit. For anyone considering investing in residential property in Ras Al Khaimah now, Mr Shariff advised viewing the market with a forward-looking perspective. “Comparing current prices to those 18 months ago doesn’t fully capture the rapid evolution and potential of this market,” he said. “Looking ahead, Rak is projected to experience a fivefold increase in visitor numbers within the next 30 months, a growth rate that is rare and transformative within the global real estate landscape. “This influx will continue driving demand, particularly for prime, well-located residential properties, which positions Rak as a compelling opportunity for investors focused on growth and long-term returns.” Ms Briet said Ras Al Khaimah’s popularity has surged among European and Russian buyers, in particular. “The strategic location of the new resort and Rak’s reputation for safety and serenity appeal to buyers seeking a blend of luxury and leisure,” she said. Tourism has always been a significant driver of Ras Al Khaimah’s economy, but the resort adds a new dimension, according to Ms Briet. “Beyond the casino, the resort will offer a multifaceted luxury experience, combining entertainment, hospitality and high-end amenities,” she said. “This diversification within Rak’s tourism sector will likely encourage extended stays and repeat visits, strengthening property demand, especially in high-profile areas like Al Hamra Village.”

Ras Al Khaimah homeowners see house prices surge as emirate's popularity grows

Arrival of licensed casino and resort boosted property boom to northern emirate