Metropolitan Premium Properties (MPP), a full-service real estate agency and the Metropolitan Group’s flagship property company, expects real estate prices in Ras Al Khaimah to increase by 25% this year following a 50% jump in 2023. This surge is attributed to a shortage of residential units and hotel rooms compared to the anticipated demand.
With the planned opening of the upcoming Wynn gaming resort, MPP expects property prices to continue their northward trajectory with a potential increase of up to 50%.
To capitalize on this projected growth, MPP will open its new RAK office next month. The office will be located at Mina Al Arab, a prime waterfront location and will house a team of 20 agents by mid-2024.
“RAK is already experiencing a significant property boom and the upcoming gaming resort will act as a major catalyst for further growth,” said Maxim Novikov, Head of RAK branch at Metropolitan Premium Properties. “For investors seeking to purchase property in RAK, the time to act is now. We anticipate the prices to increase by an additional 50% once the Wynn resort opens, presenting a unique opportunity for investors to acquire beachfront properties before the peak.”
Novikov highlighted the increasing popularity of RAK properties among Abu Dhabi investors, who primarily use them as holiday homes. He also noted increasing interest from investors in India, Pakistan, China, the GCC, Europe and the CIS.
Currently, MPP is witnessing increasing demand for smaller properties, with studios starting from AED 800,000 and 1-bedroom apartments from AED 1.2 million. Additionally, there is a notable demand for larger properties such as branded apartments, 3-bedroom units and waterfront villas in the AED 7 million-plus price range.
The Metropolitan Group in the UAE includes two full-service real estate agencies: Metropolitan Premium Properties (Dubai) and Metropolitan Capital Real Estate LLC (Abu Dhabi). The group also has Metropolitan Consulting FZE, a supporting company that provides personal and business legal services in the UAE.
