RAK Properties sales fall to AED 476 million as it targets 1,400 handovers in 2026

RAK Properties, the Abu Dhabi listed developer of Mina and The Strand in Ras Al Khaimah, sold 260 homes worth AED 476 million in the nine months to 30 September 2026, against 1,214 homes worth AED 2,006 million in the same period of 2025, according to results it published on 6 November 2026. Net profit fell to AED 111.37 million from AED 216.82 million. For a buyer the figures split the emirate's market in two: completed homes at Mina are arriving in volume this quarter, while the next wave of launches has moved to 2027.

What the results say

Revenue for the nine months was AED 809.72 million, down from AED 1,165.50 million a year earlier, per the 6 November 2026 release. Gross profit was AED 312.59 million and total assets stood at AED 8.9 billion.

The company's own first half figures, published on 7 August 2026, allow the third quarter to be isolated. The first half brought 185 sales worth AED 326 million and revenue of AED 533.14 million, so the third quarter alone produced 75 sales worth AED 150 million and revenue of AED 276.58 million. Third quarter net profit, on the same arithmetic, was AED 34.72 million.

The average price per home rose to AED 1.83 million from AED 1.65 million, and the company reported a selling rate of AED 1,916 per square foot, which it described as slightly softer year on year. It said it had avoided broad discounting. The sales backlog, the value of homes sold but not yet delivered, was AED 3.18 billion at 30 September 2026, up from AED 2.88 billion a year earlier but down from AED 3.30 billion at 30 June 2026.

Chairman Abdulaziz Abdullah Al Zaabi said the period had called for "pragmatism, discipline, and agility". Chief executive Sameh Muhtadi said the company was clearing the path for a stronger 2027.

Why sales fell

The company attributed the decline to regional volatility and to a launch calendar it had rescheduled, as Khaleej Times reported on 6 November 2026, and the paper added that the developer re engaged international buyers late in the third quarter through roadshows in western and central Europe.

The next launches are dated. Lunara on The Strand at Marjan Beach is to return to market in early 2027, and the Four Seasons branded residences and hotel at Mina are to be released for sale in the first half of 2027, per the release. The company counts more than 5,000 homes in planning, design, development or delivery and holds about 924,862 square metres of undeveloped land across Mina and The Strand.

What is being handed over

Handovers are the other half of the story. The company handed 356 homes to customers across nine projects in the nine months and made 748 available for handover at Bay Residences 2, Granada Extension and Bay Views, per the 6 November 2026 release. It plans 691 more in the fourth quarter, including Beach Houses and Cape Hayat, for more than 1,400 homes ready by the end of 2026, which Mr Muhtadi told Khaleej Times "would be a record year" for the company.

Construction progress at 30 September 2026 was stated project by project: Bay Views complete, Beach Houses substantially complete, Cape Hayat more than 98 per cent, Quattro Del Mar 64.1 per cent, Edge 34 per cent, SKAI 14.9 per cent and Mirasol I 6.5 per cent. The two hotels at Mina give a reading of the destination: the 351 key InterContinental ran at 46 per cent occupancy with an average daily rate of AED 825 in the year to date, and the 174 key Anantara at 53 per cent and AED 1,222, per the release.

What it means for investors

First, the emirate's two markets now move at different speeds. Homes at Mina are completing, and a buyer who wants to own and let a finished property in Ras Al Khaimah has more choice this quarter than at any point since the company's handovers began. A buyer who wants a new launch from this developer is waiting until 2027. The release ties sentiment to the Wynn Al Marjan Island resort, whose opening it anticipates in 2027; our report on Wynn's USD 1.12 billion investment has the operator's own dates.

Second, the price signals are narrow. An average sale of AED 1.83 million and a selling rate of AED 1,916 per square foot, both from the 6 November 2026 release, are the developer's figures for its own stock and say nothing about resale values. The release cites CBRE as reporting apartment sales values in the emirate up 18 per cent in the first half of 2026. Nothing in the results supports a claim about future prices or rents, and this article makes none.

Third, for a buyer in the United States, Canada or Latin America the dirham is pegged at AED 3.6725 to the US dollar, so the AED 2.1 million starting price on our project page for Fairmont Residences Al Marjan Island is about USD 572,000 and the AED 1.6 million start at NH Collection Hotel and Residences about USD 436,000, with no currency risk against the dollar. Freddie Mac put the average US 30 year fixed mortgage at 7.18 per cent on 5 November 2026, against 6.22 per cent a year earlier. Owners in the United States and Canada report income from foreign property to their home tax authorities, and the rules differ by country, so confirm what applies with an adviser before buying. Our US investors page covers the basics.

Fourth, financing favours the completed stock. The Central Bank of the UAE caps every off plan mortgage at 50 per cent of value, and an expatriate's second or investment home at 60 per cent, under Circular 31/2013, in force since 28 December 2013; the regulation does not mention non residents, so each bank sets its own terms inside those limits. A non resident buying a handed over home at Mina can therefore borrow more than one reserving a 2027 launch. Our non resident mortgage page lists the documents banks ask for.

What to watch

The fourth quarter handover count, due with full year results in early 2027, will show whether the 1,400 target was met. The Lunara relaunch in early 2027 will show the price per square foot the company asks after a year of fewer launches, and the backlog at 31 December 2026 will show whether sales have caught up with handovers. Our report on RAK Central Square covers the office supply arriving in the same period.