Savills: Ras Al Khaimah Residential Stock to Double by 2030
Tourism and real estate markets accelerate on the back of strong demand and major developments.
Ras Al Khaimah (RAK) is undergoing a significant growth phase in its tourism and property sectors, fuelled by increasing tourist arrivals and a surge in new residential developments. This progress is underpinned by strong off-plan sales and substantial investment in flagship projects, notably the Wynn Al Marjan Island—set to become the UAE’s first integrated resort with a commercial gaming licence.
Wynn Al Marjan Island: A Game-Changer for the Emirate
Scheduled to open in 2027, Wynn Al Marjan Island spans 62 hectares and will introduce a major hospitality and entertainment hub. The project includes 1,542 rooms and suites, 225,000 square feet of gaming space, 15,000 square meters of retail offerings, and extensive facilities for events and entertainment—positioning RAK as a regional tourism powerhouse.
Residential Market Set to Double by 2030
According to global real estate firm Savills, RAK’s residential inventory is expected to double by 2030, with over 11,000 units in the pipeline based on projects launched through the end of 2024. Sales momentum has accelerated in the post-pandemic landscape, with total transaction values in 2024 exceeding AED 11 billion.
Off-Plan Sales Lead the Market
The real estate market in 2024 was dominated by off-plan transactions. Key developments such as Al Marjan Island, Mina Al Arab, and Al Hamra have seen a consistent rise in both capital values and rental prices since 2022, largely coinciding with the announcement of the Wynn project.
“There is growing demand for premium residential offerings in RAK,” said Andrew Cummings, Head of Residential Agency at Savills Middle East. “Branded residences now make up 32% of anticipated supply on Al Marjan Island, reflecting buyer appetite for well-located, lifestyle-led investments.”
Record-Breaking Project Launches
Sunshine Bay on Al Marjan Island highlights the strong market appetite. Launched in late 2024, the project saw all 240 units sold out within just three months through Savills, with average prices surpassing AED 2,200 per square foot. Buyers came from 37 different countries, with British investors making up more than 40% of purchasers. Looking ahead, Savills plans to launch the Anantara Mina Ras Al Khaimah Residences in April 2025—offering 84 luxury units with prices starting at AED 2.2 million and completion expected by Q3 2028.
Visitor Growth Drives Property Demand
One of the main drivers of real estate activity is the growing number of tourists. In 2024, RAK welcomed 1.28 million visitors—a 5.1% increase over the previous year. This included 661,000 arrivals by air, marking a 28% rise year-on-year and emphasizing the Emirate’s growing appeal as a leisure destination.
Strengthening RAK’s Tourism Ecosystem
Since 2020, RAK has maintained steady growth in tourism, thanks to its mix of coastal resorts, desert experiences, and adventure tourism centered around Jebel Jais, the UAE’s tallest mountain. Enhanced air connectivity via Ras Al Khaimah International Airport and proximity to Dubai are further boosting its accessibility. With the legalisation of gaming, if the UAE’s sector matches Singapore’s 1.6% share of GDP, it could add over AED 20 billion in revenue.
“RAK’s evolution is now beyond tourism alone,” added Rachael Kennerley, Head of Research at Savills Middle East. “We’re seeing the pieces come together, infrastructure, education, entertainment, and residential development, which together make a compelling case for long-term investment and growth.”
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