RAK Properties aims to achieve more than Dh3 billion ($816 million) in property sales this year, up 50 per cent compared to 2023, amid the launch of new projects and higher demand from buyers, according to its chief executive.
The Abu Dhabi-listed company plans to launch four new projects this year following the launch of the Quattro Del Mar waterfront development in Ras Al Khaimah last week, with the first building of the project consisting 200 units having been sold out.
It is also targeting 20 per cent annual growth in revenue this year amid a bullish outlook for the property market in the emirate.
“We have growth plans for this year,” Sameh Al Muhtadi told media in an interview. “In terms of revenue, we are targeting at least 20 per cent growth and now we are hoping that we will do much better than that.”
The company has yet to announce its fourth quarter and full-year financial results but the “results are going to be very positive”, he said.
The company reported an 82 per cent annual jump in its third-quarter revenue to nearly Dh174 million, while its profit increased eight times to about Dh17 million.
“There is tremendous demand,” Mr Al Muhtadi said. “We are helped with the positioning of Ras Al Khaimah … everybody sees the value, everybody sees the future of hospitality and services and the growth that RAK is witnessing. We expect that to continue.
“Judging from what we saw in our launch of Quattro Del Mar, we are very optimistic that the appetite is still there.”
The UAE property market continues to rebound strongly on the back of government initiatives and overall growth in the economy amid booming non-oil sector expansion.
Dubai as well as Abu Dhabi recorded strong property sales last year and market prices are expected to continue to rise this year.
RAK Properties, the developer behind the Dh10 billion Mina Al Arab master development off the coast of Ras Al Khaimah, also plans to launch a new hospitality project this year, which “will be a luxury beach resort with brand new residences along with that”, Mr Al Muhtadi said.
The company has “no issues whatsoever in financing new projects”, he said.
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