RAK Properties Reports AED111 Million Profit as Developer Prepares More Than 1,400 Homes for Handover
Ras Al Khaimah developer records AED809.7 million in revenue during the first nine months of 2026, while residential sales slow amid regional uncertainty
RAK Properties has reported a net profit of AED111.37 million for the first nine months of 2026, as the Ras Al Khaimah-based developer continues delivering residential projects and preparing additional homes for completion before the end of the year.
The company generated AED809.72 million in revenue between January and September, supported by its property development and hospitality operations. Gross profit reached AED312.59 million, while operating profit stood at AED150.22 million. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to AED202.71 million.
Total assets increased to approximately AED8.9 billion, with capital and reserves reaching AED6.05 billion.
Despite its financial performance, the developer experienced slower property sales during the reporting period. RAK Properties sold 260 residential units for a combined value of AED476 million, reflecting the impact of regional uncertainty and adjustments to its project launch schedule.
Sales backlog provides visibility on future revenue
The company's outstanding sales backlog increased to AED3.18 billion, compared with AED2.88 billion during the same period last year.
This represents a pipeline of previously contracted sales that can contribute to revenue as projects progress and contractual obligations are fulfilled.
The average transaction value per unit also increased to AED1.83 million from AED1.65 million a year earlier. Meanwhile, the average selling rate remained relatively stable at approximately AED1,916 per square foot, despite some year-on-year moderation.
During the latter part of the third quarter, RAK Properties began strengthening its engagement with international buyers through brokerage partners. Its activities included promotional roadshows in western and central European markets.
More than 1,400 homes targeted for year-end readiness
Residential project delivery remains a major focus for the developer as it works through its existing construction pipeline.
During the first nine months of 2026, the company made 748 homes available for handover across Bay Residences 2, Granada Extension and Bay Views.
Another 691 homes are expected to become ready during the final quarter, including units at Beach Houses and Cape Hayat. Together, these figures represent more than 1,400 homes scheduled to become available for handover during 2026.
The company had already handed over 356 residential properties to customers during the first three quarters. These included apartments, villas and townhouses across several developments, such as Bay Residences, Granada, Marbella, Gateway 2, Lagoon Buildings, Malibu, Flamingo and Bay Views.
Completing this delivery cycle, which began with developments launched in 2022 and 2023, is expected to allow the developer to concentrate more resources on its newer projects.
New development pipeline across Mina and The Strand
RAK Properties is continuing to expand its development portfolio, with a gross development value pipeline of approximately AED5.4 billion associated with projects launched from 2025 onwards.
The developer has more than 5,000 homes at different stages of planning, design, construction and delivery. It has also continued awarding construction contracts for developments across Mina.
Looking ahead, the company plans to bring The Strand back to the market, with its first residential community, Lunara on The Strand, targeted for launch in early 2027.
The developer is also preparing to introduce Four Seasons-branded residences and a hotel during the first half of 2027.
Its land portfolio includes approximately 924,862 square metres of undeveloped land across Mina and The Strand at Marjan Beach. These sites have the potential to accommodate around 1.44 million square metres of gross floor area.
Ras Al Khaimah's development outlook
The developer's latest results come as Ras Al Khaimah continues investing in infrastructure, tourism and large-scale property developments.
The anticipated opening of Wynn Al Marjan Island in 2027 is among the major developments expected to influence the emirate's hospitality and tourism landscape.
For RAK Properties, the coming period will involve balancing the completion of existing residential projects with the introduction of new developments and efforts to attract international buyers.
Although property sales were lower during the first nine months of 2026, the company's financial results, existing sales backlog and planned residential handovers provide an indication of its ongoing development activity.
The next phase of its projects across Mina and The Strand will be important in shaping the company's contribution to Ras Al Khaimah's expanding real estate market.
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