UAE: Dh2-million prize up for grabs for investor, real estate agent with highest sales in RAK

Participants are given two months to qualify for the rewards which aim to encourage more market engagement

By Azza Al Ali

Published: Fri 1 Nov 2024, 6:13 PM

Last updated: Fri 1 Nov 2024, 10:21 PM

To further boost the real estate market in Ras Al Khaimah, Marjan – the master developer of freehold properties in the emirate – announced on Friday giving a total of Dh2-million prize to the top investor and real estate agent who will complete the most transactions and achieve the highest sales value by the end of the year.

Abdulla Al Abdouli, CEO of Marjan, made the announcement during the ‘Future of Ras Al Khaimah Conference’. He said Dh1 million will go the individual investor who invests the most in RAK, and another Dh1 million to the broker or agent who achieves the highest sales. The rewards will remain available until the end of the year, giving participants two months to qualify.

Al Abdouli said the reward programme aims to encourage more market engagement. He added: "This programme is designed to spur new activity in the real estate sector and help drive the market forward as we look toward our growth goals in 2025.”

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Significant increase in luxury property

Al Abdouli noted RAK is experiencing a significant increase in luxury property sales. Recently, a developer sold two high-end units for a record total of Dh180 million.

“This milestone shows the dedication of developers in the area to set high standards in the real estate market," Al Abdouli underscored.

A leading developer has also achieved a new high in RAK, reaching a selling price of Dh6,300 per square foot in the development area. This success is credited to Almal Real Estate Development, which has recorded the highest unit sales in the RAK. Marjan's CEO recognised this achievement and noted its positive effect on the local real estate market.

Moving forward

Marjan has launched the RAK Central, a master plan aimed at creating a work-live destination with modern office spaces and focus on environmental sustainability.

Al Abdouli said the project seeks to attract residents and businesses while balancing supply and demand and preserving Ras Al Khaimah's unique heritage.

Al Marjan Island, meanwhile, continues to develop lots for strategic partners and investors, making Ras Al Khaimah a top destination that balances livability and growth.

Future projects, including Wynn Al Marjan Island – the first integrated gaming resort in the Middle East North Africa (MENA) region – are expected to open in 2027.

Ras Al Khaimah is set to attract a diverse range of visitors and residents, creating a vibrant and sustainable community, said Al Abdouli.

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