TLDR:
Developers rush to invest in RAK
Luxury projects fuel property demand
Rents and prices continue to rise
RAS AL KHAIMAH (The Thursday Times) — Developers from across the UAE and beyond are flocking to Ras Al Khaimah’s Al Marjan Island and RAK Central, eager to capitalise on booming demand for high-end real estate. Following the announcement of the region’s first integrated gaming resort, Wynn Al Marjan, RAK has seen an influx of investments, sparking a real estate surge as high-net-worth individuals and international investors are drawn to the northern emirate.
From Dubai-based Pantheon Development’s Dh1-billion One Central project to Abu Dhabi’s Aldar Properties, the northern emirate is seeing significant development, with high-end residential and hospitality projects reshaping the landscape. As Ras Al Khaimah gains traction, new projects like RAK Properties’ Raha Island in Mina Al Arab are transforming the area into a premier destination, featuring upscale hotels, marinas, branded residences, and expansive beach clubs, all connected by a dedicated water transit system.
Al Marjan Island and RAK Central
Often dubbed the ‘Palm of Ras Al Khaimah,’ Al Marjan Island has become a focal point for developers pouring billions into residential and hospitality ventures. Al Marjan has seen rapid growth, prompting master developer Al Marjan to launch the new RAK Central district to accommodate heightened interest. The latest development, One Central, by Pantheon Development, spans 450,000 square feet with luxurious residential units, Grade A offices, and exclusive amenities like an infinity pool, sky lounge, and cinema, all with panoramic views of the coastline and nearby Wynn resort.
Redefining the Ras Al Khaimah skyline
RAK Properties’ Raha Island and Al Hamra Waterfront are set to redefine the local skyline, each bringing unique features and amenities to cater to upscale living. Meanwhile, Sora Beach Residences by Aark Developers and La Mer by Elie Saab on Al Marjan Island are adding a fashionable flair to the emirate, with premium co-working spaces, rooftop gyms, and pet-friendly facilities. With new high-rise buildings, lavish amenities, and scenic landscapes, the emirate’s residential market has never been more attractive for buyers and renters alike.
Amid an influx of affluent residents, rents and property prices have soared post-pandemic. According to Asteco, average rents across key areas like Al Hamra, Mina Al Arab, and Al Marjan have surged, with high-end properties seeing the largest jumps. This demand is largely fuelled by investors looking to capitalise on Ras Al Khaimah’s projected growth, with the northern emirate setting a target of over three million tourists by 2030. Property values per square foot are expected to rise dramatically in the coming years, making RAK a potentially lucrative market for investors.
