There has never been a better time to buy property in the Middle East’s ‘adventure capital’ where prices are more competitive than rival emirates Dubai and Ras Al Khaimah.
For families or investors, holiday homes or a quiet life away from the city, the UAE’s northernmost emirate’s property market is flourishing and bringing a whole new population with it.
// Value for money
Set on the coast with the backdrop of the majestic Hajar Mountains, this beautiful emirate offers great value for money. It has seen an influx of expats from around the UAE heading north to enjoy a quieter way of life and better value for money. RAK’s competitive property prices and high-quality lifestyle set in the surrounds of beautiful desert and mountain terrain in addition to its coastline, has been luring expats from all around the country as increasing numbers of long-time residents make the move from the big cities, up north. Prices in RAK range from AED 1,100 to AED 1,800 per square foot for residential properties, and from AED 1,500 – AED 3,000 for higher end developments on Al Marjan Island, reflecting the premium location and amenities available. In spite of property prices being lower than Dubai and Abu Dhabi, according to Global Property Guide’s 2024 figures, rental yields are on par with many areas in Dubai and Abu Dhabi, making it a great ROI for both homeowners and investors.
// Guaranteed growth
With luxury developments such as The Beach Vista popping up around the emirate, and the country’s first gaming destination, Wynn Al Marjan Resort, the coming years will see the emirate transform into a tourism and entertainment hub for the region. The emirate has already become an award-winning tourism destination and is known as the Middle East’s adventure capital, boasting attractions such as the world’s longest zip-line. Combined, this will all see a continued and guaranteed growth in prices and value for those who are quick to buy now.
// Luxury living
New luxury developments such as The Beach House, The Beach Residences and The Beach Vista from Range RAK are bringing high end living to the UAE’s north. There has already been massive demand since the launch of The Beach Vista last month, buyers clambering to get a first look at Range’s third project which promises to bring the luxury of Dubai to the north. Offering unparalleled resort-style living, The Beach Vista is set in an idyllic location with direct beach access. The stunning development features 151 units: 14 studios, 120 one-bedroom residences, and 17 two-bedroom apartments, the majority of which offer breath-taking beachfront and Wynn Al Marjan views. These extraordinary apartments blend cutting-edge design with premium amenities, offering beachfront lifestyle at its finest. Residents will have exclusive access to a swimming pool, gym, and residents' club, all while being just steps away from Al Marjan Island's vibrant entertainment and dining options. For families, the development offers a safe, quiet and welcoming environment with a range of schools in the emirate offering multiple international curriculums within easy reach, reflecting the emirate’s diverse demographics.
// Connectivity
RAK is just 75 minutes away from Dubai International Airport and just over two hours away from Abu Dhabi International Airport, meaning you can live a slower, more quiet lifestyle on the coast, while still being close to major international aviation hubs. Excellent infrastructure makes commuting a breeze with many RAK residents working in nearby Dubai. The ease of living in RAK continues to make it a very appealing destination to people from all walks of life. In 2023, the population stood at 400,000 with a projected 600,000 by next year .
// A global business hub
As the emirate diversifies its economy, the RAK Free Zone has seen an influx of international companies boosting foreign investment to the small but agile emirate. With businesses from a range of sectors flocking to the emirate which offers competitive business set-up plans and commercial property pricing, it has become a global business hub. This too will continue to drive property prices upwards as the population grows. This week, the emirate secured the top position in a survey of the world’s best expat destinations, conducted by InterNations, the largest global expatriate network. Out of 53 cities in the Expat Essentials Index, conducted annually by InterNations as part of their 2024 Expat Insider report, the Index is based on four categories looking at administrative issues such as ease of getting a visa, housing, digital life and language.
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