The real estate market in Ras Al Khaimah has witnessed unprecedented growth in market transactions, increasing by 25,000% over the past seven years, according to data from the Ras Al Khaimah Statistics Center.
The total value of real estate transactions in June 2024 reached AED 2.53 billion, reflecting an exceptional increase compared to AED 10.11 million in June 2017. Mortgage values also witnessed a significant leap, reaching AED 3.47 billion in July 2024, compared to AED 15.83 million in July 2017, an increase of approximately 21,849%. This remarkable growth reflects increased investor confidence in the emirate’s real estate market and strengthens its position as a major real estate destination in the region and the world.
Andrei Charapinak, CEO of Megir Real Estate Development, said: “Ras Al Khaimah’s real estate sector is no longer just an emerging player in the global real estate market, but has become a major investment destination. The exceptional increase in real estate transactions and mortgage values reflects the emirate’s economic momentum, supported by visionary leadership, strategic infrastructure developments, and the growing demand for premium residential and commercial spaces.”
Megir is a leading player in the real estate sector in Ras Al Khaimah, continuing to deliver exceptional projects that meet the needs of local and international investors. Charapinak added: “We are witnessing a shift in investor sentiment, with luxury and sustainability becoming key factors influencing purchasing decisions. The company is committed to shaping the future of Ras Al Khaimah’s real estate market by delivering world-class projects that are in line with international standards.”
This increase in transactions comes at a time when Ras Al Khaimah is witnessing increased interest, driven by its strategic initiatives, including the expansion of Ras Al Khaimah International Airport, investments in the hospitality and leisure sector, and a strong push towards sustainable urban development.