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Ras Al Khaimah real estate transactions rise up to 33%

UAE - August 28, 2018

The value of real estate transactions in Ras Al Khaimah rose to 33% during the first six months of 2018. Total property transactions in the emirate rose to AED 2.7 billion ($ 740 million) in the first half of 2018, according to official figures.

According to a report by the land and real estate sector in Ras Al Khaimah Municipality, the rise in Ras Al Khaimah is a 33% increase in the first half of this year compared to the corresponding half of 2017.

The semi-annual report indicated that 2,632 real estate transactions were registered in January to June period, with 1,412 deals valued at AED 902.1 million and 844 financing transactions worth AED 1.5 billion.

Mohammed Al Zaabi, director of the RAK Municipality Department, said that the highest deal in value was registered for a tourism plot in Al Jazirah Al Hamra at AED19 million, while the highest sale deal in size, was for a 272,083 square meter agricultural land in Al Hamraniya at AED5.1 million.

According to Asteco, rental rates for apartments in the Northern Emirates continued to ease during the second quarter of 2018 with an average quarterly of 2% and a decrease of 11% over the year.

While real estate in Ajman saw the highest annual decline of 13% between the Northern Emirates, the decline in the same type of units in Ras Al Khaimah was 7% less pronounced, real estate consultants said.

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