Ras Al Khaimah is rapidly gaining its place as an investment hotspot in real estate, and added to this is Wynn Casino, scheduled to open its doors by 2027. It will be the first licensed casino in the UAE, which opens the city to millions of tourists a year, thus creating a boom in the local economy and making properties around the area incredibly attractive to investors and homebuyers. All that one would think of buying real estate around Wynn Casino, ranging from key property statistics and prices to trends, is covered in this blog post.
Overview of Ras Al Khaimah Real Estate Market:
For a very long time, Ras Al Khaimah has been dwarfed by others like Dubai and Abu Dhabi, but it is rapidly growing to become one of the best investment destinations. What has contributed to this rise, besides government initiative, is the continued increase in tourism levels as well as the pending casino launch that contributed to over a 10% annual rise in property transactions. The number of users coming to the Emirates for business or leisure purposes keeps growing steadily, corresponding with increased demand for properties.
In Ras Al Khaimah, off-plan property increased in average price by 7.2% in 2023. It is, however, that surrounding Al Marjan Island – where the Wynn Casino would reside – will bear the most dramatic increases in price, as demand is driven by increased investor confidence in the future of the area.
Property Types Near Wynn Casino
Investors in the area near Wynn Casino can invest in property types ranging from ultra-luxurious villas to beachfront apartments, from affordable townhouses right through to off-plan development.
Return on Investment (ROI) – Expected
Among others, good ROI potentials are one of the main reasons investors are especially interested in Ras Al Khaimah’s high-growth property market. Increased demand due to the Wynn Casino’s potential, coming along with tourists and jobs, will surely boost rental properties. According to a market forecast, the rental yields of properties close to Wynn Casino could range between 7% and 10%, depending on property type and location.
Here is a look at the expected return on investment in key property types in the area:
- Villas in Al Marjan Island are exclusive to a few, and this casino is nearby, so one should expect 9% per annum returns on their rentals.
- The more upmarket developments, such as Mina Al Arab and Al Marjan Island, can have figures of a 7 to 8 percent annual ROI from beachfront apartments because of the scenic location and most of their high-end amenities.
- Townhouses in areas such as Mina Al Arab and Al Hamra Village might return approximately 6 – 7 percent, hence popular both with investors and those looking to make a permanent move to Ras Al Khaimah.
Why Buy Near Wynn Casino?
The investment in properties around Wynn Casino is a rare chance to participate in the most comprehensive development of real estate and tourism so far in Ras Al Khaimah for the following reasons:
- Tourism Growth: Wynn Casino is projected to attract in excess of 500,000 tourists annually. The coming of tourists will cause a high demand for short-term rentals, hence boosting property values.
- The second major source of job creation would be the casino project, creating over 5,000 jobs and adding a high demand for housing in the neighborhood.
- Some tax incentives are also available to real estate investors; Ras Al Khaimah Free Zone is a location with 0% personal and corporate income tax.
- Infrastructure Development: Once the casino would come into operation, then this would be when we could see improvement in infrastructures and other public amenities within the area, hence concurrently enhancing property values.
Conclusion: Is It Time to Invest?
Wynn Casino is going to introduce a new phase in Ras Al Khaimah’s real estate market by shooting up prices and raising a high demand for rentals. Be it a luxury villa, a beachfront apartment, or an affordable townhouse, investing around Wynn Casino proffers a good scope of capital appreciation and rental income.
With prices gradually increasing, the timing could not be better to secure your position in this burgeoning market in preparation for the time when the full development impact of the casino will be more apparent in property values.
