Property Prices Double in RAK with Wynn Casino’s Development
Ras Al Khaimah’s real estate market is booming, with property values doubling in recent years. Experts attribute the surge to several factors, including the upcoming Wynn Al Marjan Island resort, which will feature the UAE's first casino.
The $3.8 billion mega-resort, set to open in 2027, is expected to attract affluent global tourists and generate significant economic benefits for the emirate. The project, announced in 2022, has already fueled demand for housing, particularly in areas like Al Hamra Village.
Expats are Choosing RAK for Lifestyle and Affordability
David Mackenzie, director of Dubai-based Mackenzie Jones, highlights Ras Al Khaimah's appeal for expats, especially young families and remote workers. “It’s less congested, more affordable, and has great beaches and family-friendly amenities,” Mackenzie said. He added that many professionals from Dubai are willing to commute a few times a week to enjoy RAK’s relaxed lifestyle.
This influx has contributed to rising property prices. Residents report that homes in Al Hamra Village, a prime area near the Wynn project, have appreciated significantly.
Read More: Top Upcoming Mega Projects in Ras Al Khaimah
Real Stories: Homeowners Reap Big Gains
Several homeowners shared their experiences of skyrocketing property values:
- Ania Bruno purchased a villa in Al Hamra Village in 2020 for AED 1.05 million and now values it at AED 2.3 million after renovations.
- Gemma Ovens saw her home’s value rise from AED 1.2 million in 2020 to AED 2.7 million.
These increases reflect growing interest in Ras Al Khaimah as a top destination for expats and investors alike.
Tourism and Real Estate Drive Growth
The Wynn project’s strategic location on Marjan Island has positioned RAK as a hub for high-end tourism. Developers like Range Developments report up to a 300% premium for casino-facing beachfront properties compared to neighboring locations.
“The demand is incredible,” said Riaz Shariff, managing partner at Range Developments. “Visitor numbers are projected to quintuple within the next few years, driving long-term growth and investment opportunities.”
For investors eyeing RAK, the advice is clear: act now. With rising demand, the potential for long-term returns is higher than ever.