- Prices projected to increase 25% this year due to shortage of residential units and the planned opening of the gaming resort
- MPP to open a new office next month to capitalize on exceptional growth
Metropolitan Premium Properties expects explosive growth in Ras Al Khaimah real estate
Dubai, UAE: 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.
About Metropolitan Group
Established in 2008, The Metropolitan Group (MG) includes three full-service real estate agencies: Metropolitan Premium Properties (Dubai), Metropolitan Capital Real Estate LLC (Abu Dhabi) and Luxury Immobilien GmbH (Vienna). The Group also includes Metropolitan Consulting FZE, providing personal and business legal services in the UAE.
In 2022, the Group established Metropolitan Homes, a one-stop real estate agency providing the full cycle of brokerage services to Dubai’s secondary property market sellers and buyers.
MG’s real estate agencies are among the top three most recognized and awarded in the UAE for developer off-plan sales working with the likes of Emaar, Dubai Properties, Meeras and ALDAR.
About Metropolitan Premium Properties
Metropolitan Premium Properties (MPP) is the Metropolitan Group’s flagship property company based in Dubai. It is a full-service real estate agency offering customised solutions to developers, owners and investors who are looking to maximise value from their luxury real estate assets. MPP offers a complete real estate solution under one roof and has the UAE’s largest premium property portfolio.
For further information, please contact:
Lejo Johnny
Leidar MENA
Tel: +971 4 817 0394 | Cell: +971 50 453 7023 | Email: lejo.johnny@leidar.com
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© Press Release 2024
