RAK property market set to rebound

04/07/2011 - Ras Al Khaimah Property News Posted by Bob Brunskell
RAK property market set to rebound

The property market in Ras al Khaimah (RAK) is set to rebound as experts predict increased sales and building activity.This is according to a recent report by the Oxford Business Group, as real estate developer RAK Properties posted a ten per cent net increase in profits for 2010 compared to 2009.Gulf News reported that helping the sector return to growth is the mixed-use Mina Al Arab by RAK Properties and the La Hoya Bay project.A growing RAK property market is just one of the emirate's successes. The news provider noted that RAK is embarking on rapid expansion and economic prosperity, making it the UAE's third business hub.Indeed, the Oxford Business Group report forecasts the population of RAK will grow from 77,052 to 750,000 by 2020 as the nation develops its industry, trade, tourism and real estate industries.Gulf News also stated that the establishment of home-grown companies, the attractiveness of zones, improved services and investment in high-end developments, has made people more aware of RAK.