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18 May 2024

RAK property transactions up 33% to AED2.6 bn in H1 2018


The total value of real estate transactions in Ras al-Khaimah rose to AED2.7 billion in the first half of 2018, an increase of 33 percent compared to the corresponding half of 2017, according to a report issued by the Lands and Properties Sector at the emirate's municipality.

The bi-annual report indicated that 2,632 real estate transactions were registered in the January to June period, with 1,412 sales worth AED902.1 million and 844 mortgage deals valued at AED1.5 billion an increase of 106.4 percent for the period under review. The value of another 376 different transactions stood at AED283.6 million.

Mohammed Al Zaabi, Director of the RAK Municipality Department, noted 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 metre agricultural land in Al Hamraniya at AED5.1 million.