RAK’S LEGAL GAMING POSES CHALLENGES DUBAI REAL ESTATE
RAK'S INTRODUCTION OF LEGAL GAMING POSES A NEW CHALLENGE TO DUBAI'S REAL ESTATE MARKET
Ras Al Khaimah is set to introduce the UAE's first legal casino, a sprawling 18,500 sq m complex forming part of a luxury resort by Wynn Resorts on Al Marjan Island. Anticipation around this development has triggered increased real estate activity, drawing in reputable developers previously absent in the emirate. The casino's presence is expected to reshape the local real estate landscape, attracting a surge in tourists and investors, particularly in residential properties. The government's establishment of the Ras Al Khaimah Department of Entertainment and Gaming Regulation further signals the emirate's commitment to becoming a premium destination.
Despite the flourishing real estate market, a survey by Knight Frank indicates that the impending casino launch had varying impacts on high net-worth individuals' perceptions, with 30% finding the emirate more attractive. Property Finder's data reveals shifting preferences in Ras Al Khaimah's real estate market, with Al Marjan Island experiencing a notable 20.5% surge in demand. Transaction volumes in the city's land and properties sector soared by 45% in the first half of 2022, largely fueled by the Wynn deal. Meanwhile, Dubai's real estate market continues to thrive, showcasing mature characteristics with stable forecasted growth, reflective of client preferences and reduced susceptibility to external fluctuations.
Despite the flourishing real estate market, a survey by Knight Frank indicates that the impending casino launch had varying impacts on high net-worth individuals' perceptions, with 30% finding the emirate more attractive. Property Finder's data reveals shifting preferences in Ras Al Khaimah's real estate market, with Al Marjan Island experiencing a notable 20.5% surge in demand. Transaction volumes in the city's land and properties sector soared by 45% in the first half of 2022, largely fueled by the Wynn deal. Meanwhile, Dubai's real estate market continues to thrive, showcasing mature characteristics with stable forecasted growth, reflective of client preferences and reduced susceptibility to external fluctuations.
RELATED NEWS
VILLA COMMUNITIES IN DUBAI WITNESS DOUBLING IN PRICES
This resurgence in Dubai's real estate market, particularly evident in villa communities where valuations have doubled
DUBAI’S REAL ESTATE MARKET PREDICTED TO GROW 15% IN 2024
In 2024, Dubai's real estate market is poised for significant growth, estimated at approximately 15%,
