Ras Al Khaimah’s property boom fades amid war-related troubles

A  property boom in the UAE emirate of Ras Al Khaimah is losing momentum as project delays, rising construction costs and the Iran war take their toll.

Years of expansion following the announcement of the Wynn Al Marjan Island casino resort in 2022 have left developers facing a crowded pipeline, with registered projects more than doubling.

Several developments have been delayed, canceled or put on hold as contractors confront supply chain disruptions, Arabian Gulf Business Insight reports.

Government data shows the slowdown is spreading, with sales values dropping 55% year-on-year in January and mortgage activity plunging 88%.