The real estate sector in Ras Al-Khaimah has expanded considerably over the last few years with the investment increasing from Dh3.40 billion ($925.97 million) in 2011 to Dh4.95 billion ($1.35 billion) in 2015.

The growth amounted to 45 per cent over the period, according to a study by the RAK Chamber of Commerce, said a Wam news agency report.

The annual growth of the real estate sector amounted to 15 per cent per annum over the period, and ranked third after the industrial and tourism sectors, contributing 13.3 per cent or Dh1.209 billion ($329.17 million), to the emirate's economy in 2015.

Rajaa Mohammed bin Juma Al Tunaiji, head of the economic studies and commercial cooperation department at RAK Chamber, said the developments in Ras Al Khaimah’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.