Why everyone’s talking about Ras Al Khaimah

The small but picture perfect emirate is emerging as an Off Plan investment hotspot thanks to some exciting real estate launches – including one just announced by EMAAR.

As the UAE’s northernmost emirate and something of a hidden holiday gem, Ras Al Khaimah – fondly known as RAK – is having a big real estate moment in 2023.  

While RAK had previously focused on high-profile hotel and resort openings, there’s now a surge in off plan residential projects that have captured investor interest – including one just launched by leading developer EMAAR on Marjan Island.

So, why all the fuss right now?

A main reason is because RAK’s Marjan Island will be the location of the vast new Wynn Hotel, a multi-billion-dollar integrated resort rising 305 metres above the sea, boasting 1,500 rooms, suites and villas – not to mention high-end shopping, a state-of-the-art events facility, an exclusive spa, 24 dining and lounge experiences, and extensive entertainment choices.

Oh, and the country’s first ever casino.

Given the scale and uniqueness of the project, Wynn Al Marjan Island (slated to open end of 2026) is going to have a serious impact on RAK’s tourism sector and give a giant boost to the emirate’s overall economy.

All this has led to global investors flocking to the pretty UAE destination with its miles of golden beaches and pristine waterfront homes, attracted by the promise of long-term rental income and short-term holiday home rentals.

Another key factor driving demand in RAK is the property market’s relative affordability compared to neighbouring Dubai.

“For many, RAK has been the staycation location of choice due to having fantastic hotels offering great all-inclusive deals. But this wasn’t really enough to tempt most Dubai real estate investors; however, the introduction of the country’s first casino has been literally a game-changer,” commented Rennie Sangar, Off Plan and Investment Consultant at haus & haus.

“Now, a lot of speculative investors are looking hard at RAK’s many enticing launches, especially with big name Dubai and Abu Dhabi developers buying into this exciting new vision. In the last six months alone, the likes of Ellington Properties, Aldar – and more recently EMAAR with the launch of the Address Residences – have entered the RAK market, along with a host of major brands like Missoni, Nobu, and Nikki Beach.”

Sanger added: “Another major appeal is that developers are offering attractive payment plans, with the majority being 50/50. It all adds up to making RAK a red-hot draw.”

And as further proof of RAK’s growing appeal on the global stage, a report just released by expat network InterNations placed the emirate fourth in a ranking of best cities for people to live and work.

Interested in getting a slice of the RAK action? Contact our Off Plan team on WhatsApp or email to discuss suitable options.