To capitalize on the extraordinary demand in the northern emirate, developers from the United Arab Emirates and other countries are swarming to Ras Al Khaimah’s Al Marjan Island and RAK Central neighborhoods.
Following the announcement of the first integrated gaming resort in the Middle East, Wynn Al Marjan, in January 2022, demand and the launch of new projects started to soar, and this trend is still going strong today.
As the northern emirate also sees an influx of high-net-worth individuals, developers are taking advantage of the opportunities, from Aldar Properties in Abu Dhabi to Pantheon Development in Dubai to RAK Properties in Ras Al Khaimah.
Developers have invested billions of dirhams in residential and hospitality projects on Al Marjan Island, which is known as the Palm of Ras Al Khaimah. In response to increasing demand, master developer Al Marjan launched RAK Central after it sold out.
Raha Island in Mina Al Arab, which is connected by a dedicated water transit system, was introduced by RAK Properties in response to the increasing demand. High-end hotels, branded homes, marinas, beach clubs, a 2.5-kilometer public beachfront, and a range of shopping and entertainment options are all part of the project.
Pantheon Development, a Dubai-based company, has announced the opening of One Central, a Dh1 billion mixed-use project situated in the center of the rapidly growing Ras Al Khaimah.
“RAK Central is poised to become a vibrant financial district, and One Central is at the forefront of this transformation. Our vision in RAK Central Masterplan is more than just a real estate endeavour – it is a pivotal step towards building a sustainable, innovative, and economically robust community that will benefit residents, businesses, and the broader northern emirates region for years to come,” said Kalpesh Kinariwala, founder of Pantheon Development.
“We are aiming to create communities that not only meet the needs of modern living but also enhance the quality of life for our residents through innovative design and sustainable practices,” added Kinariwala.
More than 25 opulent amenities will be available to RAK Central residents, such as a sky lounge, jogging track, movie theater, dog park, and an infinity rooftop pool.
This most recent development, which spans an impressive 450,000 square feet, will include 312 residential apartments, a Grade A office building, and hotel apartments surrounded by world-class amenities, the golf course, and the new Wynn resort.
Residents will enjoy unhindered views of the golf course, the sea, and vast natural landscapes in addition to recreational opportunities such as Al Hamra Village, Al Hamra Golf Club, and the Wynn Resort. It is also situated in RAK Central, one of the UAE’s fastest-growing tourist, recreational, and real estate districts, making it an ideal site for future expansion.
Al Hamra Waterfront, a residential development with 622 apartments spread across five 18-story buildings and 19 townhouses, was unveiled by Al Hamra. A promenade, coworking space, entertainment room, jogging track, padel tennis courts, swimming pools, parks, a kids’ play area, a barbeque area, a pet park, and a grooming area are all part of the project.
The 18-story Sora Beach Residences on Al Marjan Island, which has a built-up area of 1.8 million square feet, was unveiled by Aark Developers.
The Unexpected Al Marjan Island Hotel and Residences, which will include 422 hotel and residential units and be completed in the second half of 2026, was introduced by Almal Real Estate Development.
On Al Marjan Island in Ras Al Khaimah, Octa Properties and fashion and lifestyle brand Elie Saab opened La Mer by Elie Saab, which will be built by Arte Developments. Serene Park on level 1, Link Garden on levels two and three, a sky gym, a sky co-working space, and numerous other amenities are among the distinctive features of the three-tower branded residence.
Rents and prices
As the northern emirate is seeing an influx of high net worth individuals from all over the world, Ras Al Khaimah’s rents and prices have increased several times in the post-pandemic period due to a growing population and rising demand.
In the second quarter of 2024, the average property rent rose 7% on a quarterly basis and 17% on an annual basis, according to real estate consulting firm Asteco. Rents for high-end properties, which are mostly found in the Al Hamra, Mina A Arab, and Al Marjan neighborhoods, have increased by 6% on a quarterly basis and 22% on an annual basis.
By the second quarter of 2024, typical unit prices per square foot had risen between 3 and 6 percent every quarter and 11 to 21 percent on an annual basis.
According to Asteco data, the most costly area to purchase real estate is Mina Al Arab, where prices have risen to Dh1,500 per square foot.
According to industry experts, the high demand for real estate in Ras Al Khaimah could cause prices per square foot to increase threefold over the next several years. Similarly, since the northern emirate hopes to welcome over three million visitors by 2030, rents may also experience a significant increase.
