Ras Al Khaimah to See 14,000 New Housing Units by 2028, Driving Market Moderation

Ras Al Khaimah's real estate market is set for a significant increase in housing supply, with approximately 13,800 new units slated for delivery by the close of 2028. This influx is expected to influence price and rental dynamics, according to a report by property consultancy Cavendish Maxwell.

The phased delivery schedule indicates that 2,200 units are anticipated for handover this year, with 600 already delivered in the first half. Looking ahead, 4,700 units are planned for 2027, followed by a substantial 7,500 units in 2028.

According to Yousir Habib, Associate Director at Cavendish Maxwell Ras Al Khaimah, this upcoming supply is a crucial market factor. Increased competition among developments resulting from this supply is likely to lead to a more tempered growth in both sale prices and rental rates.

Market Dynamics and Future Drivers

The report also highlighted the expected opening of the Wynn Al Marjan Island resort in 2027 as a key catalyst for medium-term demand. This major development is projected to boost tourism, employment opportunities, and consequently, housing demand, particularly in areas near Al Marjan Island.

In the first half of the current year, Ras Al Khaimah experienced rental increases, with apartment rents rising by 7 percent and villas by 8 percent compared to the same period last year. Sale prices also saw growth, with apartments up by 6.5 percent and villas by 6 percent. However, recent data from the last three months indicates a slight decline in both sales prices and rentals, suggesting early signs of market moderation.