UAE: Developers flock to Ras Al Khaimah to cash in on high demand

Dubai-based Pantheon Development is the latest developer to launch its Dh1-billion mixed-use project, the One Central, in RAK

Waheed Abbas

Published: Sun 10 Nov 2024, 9:45 PM

Developers in the UAE as well as foreign ones are flocking to Ras Al Khaimah’s Al Marjan Island and RAK Central areas to cash in on unprecedented demand in the northern emirate.

The launches of new projects and demand began to spike following the announcement of the first integrated gaming resort, Wynn Al Marjan, in the Middle East in January 2022, and this trend continues to this day.

Advertising

From Abu Dhabi-based Aldar Properties to Dubai-based Pantheon Development to Ras Al Khaimah-headquartered RAK Properties, developers are making the most of the opportunities, as the northern emirate is also seeing an influx of high-net-worth individuals.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

Being termed as Palm of Ras Al Khaimah, developers have pumped billions of dirhams in residential and hospitality projects into Al Marjan Island. Following successfully sold out, master developer Al Marjan has launched RAK Central to meet growing demand.

To meet growing demand, RAK Properties launched Raha Island in Mina Al Arab which is connected by a dedicated water transit system. The project will comprise high-end hotels, branded residences, marinas, beach clubs, a 2.5-kilometre public beachfront and a variety of retail and leisure facilities.

The Dubai-based Pantheon Development has announced the launch of its latest Dh1-billion mixed-use project, the One Central which is located in the heart of booming 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.

Residents of RAK Central will have over 25 luxurious amenities, including an infinity rooftop pool, sky lounge, jogging track, cinema, and a dedicated dog park.

Spanning an impressive 450,000 sqft, this latest development will feature 312 residential apartments, a Grade A office building, and hotel apartments surrounded by stunning sea views of the golf course, the new Wynn resort, and world-class amenities.

Residents will have access to leisure options including Al Hamra Village, Al Hamra Golf Club, and the Wynn Resort, along with unobstructed views of the golf course, the sea, and expansive natural landscapes. Additionally, it is positioned within RAK Central, one of the UAE’s fastest-growing regions for tourism, leisure, and real estate, making it a prime location for future growth.

Al Hamra announced the launch of Al Hamra Waterfront, a residential project comprising 622 apartments to be constructed across five 18-floor buildings and 19 townhouses. The project includes a promenade, coworking space, entertainment room, swimming pools, jogging track, padel tennis courts, gym, parks, kids play area, BBQ area, a pet park and grooming area.

Aark Developers unveiled Sora Beach Residences on Al Marjan Island, an 18-storey development with a built-up area measuring 1.8 million sqft.

Almal Real Estate Development launched The Unexpected Al Marjan Island Hotel and Residences, comprising 422 hotel and residential units set for completion in the second half of 2026.

Octa Properties and fashion and lifestyle brand Elie Saab launched La Mer by Elie Saab on Al Marjan Island in Ras Al Khaimah, which will be developed by Arte Developments. The three-tower branded residence offers some unique amenities such as Serene Park on level 1, Link Garden on levels 2 and 3, sky gym, sky co-working space and many other amenities.

Rents and prices

On the back of a rising population and growing demand, rents and prices in Ras Al Khaimah have increased multiple times in the post-pandemic period as the northern emirate is witnessing an influx of high net-worth individuals from across the globe.

According to real estate consultancy Asteco, rents of typical properties increased seven per cent quarter-on-quarter and 17 per cent year-on-year in the second quarter of 2024. High-end properties – mainly located in Al Hamra, Mina A Arab and Al Marjan areas – have seen rents increase by six per cent quarter-on-quarter and 22 per cent year-on-year.

Prices per square foot of typical units have increased between three per cent to six per cent quarter-on-quarter and 11 to 21 per cent year-on-year by the second quarter of 2024.

Mina Al Arab is the most expensive place to buy properties where rates have reached Dh1,500 per square foot, Asteco data showed.

Industry executives say that Ras Al Khaimah’s real estate could see per-square-foot prices jumping three times in the coming few years due to high demand. Similarly, rents could also see a big spike as the northern emirate is aiming for over three million tourists by 2030.

ALSO READ: