The real estate sector in Ras al-Khaimah (RAK), the UAE,  grows by 45% over a period of five years, WAM reports.

According to a study conducted by the RAK Chamber of Commerce, the sector has expanded from AED 3.4 bn in 2011 to AED 4.9 bn in 2015.

“The developments in RAK’s economy over the last five years indicate the importance of the real estate sector and its overall contribution to the growth of the emirate’s economy,” says Head of the Economic Studies and Commercial Cooperation Department at RAK Chamber

Rajaa Mohammed bin Juma Al Tunaiji.

The annual growth of the real estate sector amounted to 15% y-o-y over the aforementioned period, and ranked third after the industrial and tourism sectors, contributing 13.3%, or AED 1.2 bn, of the emirate’s total capital in 2015.