Ras Al-Khaimah-based real estate developer Rak Properties has announced plans to launch 12 new residential developments in the northern emirate of the UAE in 2025.

The new developments, including residential buildings, branded residences and villas, will mainly be launched in Mina, a beachfront development in Mina Al-Arab.

Mina spans an area of about 4 million square metres (sq m) and comprises three districts: Raha Island, Hayat Island and Lagoons.

As part of its AED5bn ($1.3bn) plan, Rak Properties has launched Mirasol, a twin-tower residential development with 339 units, including studios, apartments and duplexes.

The project is scheduled for completion in 2028.

In May last year, Rak Properties announced plans to develop Raha Island.

The new island development will include hotels and branded residences, marinas, beach clubs, a wellness centre, retail outlets and leisure facilities.

Rak Properties is also developing Hayat Island, located next to Raha Island.

The Ras Al-Khaimah real estate market has seen significant investments in recent years. Several new projects have been announced, including in the Al-Marjan Island area.

Wynn Al-Marjan Island, set to become the UAE’s first gaming resort, has buoyed real estate demand in the northern emirate. The resort is under construction and is anticipated to be completed by 2027.

GlobalData expects the construction industry in the UAE to expand by 4.6% in real terms in 2024, supported by improved investments in transport, industrial and residential construction projects. Private sector investments in real estate will also support the industry’s growth in 2024.

The residential sector is expected to expand by 4.5% in real terms in 2024 before recording an annual average growth of 2.6% in 2025-28, supported by private investments in the residential housing sector, along with government initiatives to meet rising housing demand in the country.