RAKs Golden Era: Why Investors Should Pay Attention
In this week’s episode of Taking Care of Business, Mohammed Asaria, a prominent investor in Dubai and Ras Al Khaimah (RAK), shared his insights into the booming real estate market in RAK and his journey as a developer. Asaria, the Founder and Managing Director of Range Developments, sits down with Lewis Allsopp to discuss the transformative potential of RAK, particularly with the upcoming Wynn Casino, set to open in 2027.
RAK's Potential as an Investment Hub
The conversation begins with Asaria reflecting on his introduction to RAK, a place he had never visited despite living in Dubai for 17 years. Lewis describes RAK, in his eyes, as a "fishing village" with immense potential, especially with the Wynn Casino expected to attract 5-6 million tourists annually. This development, Mohammed notes, will significantly boost RAK’s tourism and real estate sectors, creating increase in population to around 400,00 to 600,00 by 2030.
A Luxury Freehold Hotspot
Asaria highlights the limited freehold areas in RAK, with Marjan Island being a prime location for luxury developments. Range Developments has already launched several projects on Marjan Island, including Beach House, Beach Vista, and Beach Residence, with most units sold out. He emphasised the importance of prime beachfront land, which is irreplaceable and offers significant long-term value.
Branded Homes Make a Statement
The discussion also touches on the growing demand for branded residences, which cater to high-net-worth individuals seeking luxury and exclusivity. Asaria predicted that branded properties in Dubai and RAK would see substantial price appreciation, with prime locations like Royal Atlantis potentially doubling in value over the next five years.
Meeting RAK'S Demand
Mohammed addressed concerns about RAK’s infrastructure, noting that the government is proactively planning for population growth and tourism influx. He also pointed out the shortage of hotel rooms and residential units, which presents a significant opportunity for developers and investors.
Beyond RAK
Asaria shares his expertise in citizenship-by-investment programs through Range Developments. He explains how these programs offer individuals the opportunity to obtain second citizenship in exchange for investments in luxury real estate projects, such as the Park Hyatt in St. Kitts and the Six Senses in Grenada. These programs are particularly appealing for those seeking greater global mobility or a hedge against political instability - with Lewis adding, that if he was getting taxed on his income from a country outside of where he resides he would give up his passport.
An Optimistic Outlook for 2025
The conversation concludes with Asaria’s optimistic outlook for the UAE’s real estate market, driven by its tax-free environment, safety, and world-class infrastructure. He believes the next three years will continue to see strong growth, making Dubai and RAK attractive destinations for investors worldwide.
For those interested in investing in RAK or exploring citizenship-by-investment opportunities, Range Developments stands out as a trusted partner with a proven track record. If you would like more information please reach out to Range Developments or Allsopp & Allsopp and we can assist you further.
For the full Taking Care Of Business podcast episode head to our YouTube channel