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Government increases stake in RAK Properties: The real estate market of Ras Al Khaimah on the rise

According to the statement released by the government, it has increased its stake in RAK Properties from 5 per cent to about 34 per cent

Select Government increases stake in RAK Properties: The real estate market of Ras Al Khaimah on the rise Government increases stake in RAK Properties: The real estate market of Ras Al Khaimah on the rise

The Ras Al Khaimah government is increasing its stake in RAK Properties to 34 per cent, up from five per cent previously. This decision was made after receiving approval from the Securities and Commodities Authority. During the annual general meeting in March, the government had indicated its intention to raise its stake, pending ADX approval.

This move according to experts has come on the back of Ras Al Khaimah emerging as a burgeoning real estate haven due to its strategic location at the crossroads of Europe, Asia, and Africa, making it easily accessible to one-third of the global population within a four-hour flight.

Moreover, with convenient access to the airport and seaport, the Northern Emirate’s property market is booming as there has been a surge in activity with regular property launches, bringing more diversity to the market, from high-end properties to more affordable options. Al Marjan Island is a particularly rapidly developing area, with launches occurring regularly and prices escalating with each new phase launch.

Residential real estate prices in Ras Al Khaimah have also increased by 25 per cent in the past eight months due to developers competing for prime waterfront land. The development of the Wynn Al Marjan resort, the UAE’s first casino, is also driving up prices in the area.

The real estate market is also attracting strong interest from investors globally, with a focus on the US, UK, Europe, and CIS countries. Additionally, there is a rising interest from Chinese investors in the Northern Emirates.

The real estate market in Ras Al Khaimah is expected to see sustained growth due to various factors like strategic location, competitive prices, attractive investment opportunities, and government support. The Emirate’s involvement in the market further bolsters its potential and solidifies its position as a key player in the region’s real estate sector. Overall, Ras Al Khaimah is shaping up to be a prominent destination for real estate investment with promising prospects for the future.