Al Marjan Island, situated in Ras Al Khaimah, emerges as the upcoming focal point for branded residences in the UAE, driven by a noticeable demand for such developments.
The appetite for the man-made island has escalated significantly, particularly with the introduction of the $3.9 billion (Dh14.3 billion) Wynn Al Marjan Island resort.
We believe that Al Marjan in Ras Al Khaimah will be a prominent market for branded residences in the UAE because of the buzz and allure surrounding the Wynn Gaming resorts. Branded residences epitomise a distinct level of quality and top-notch standards for buyers. UAE has undeniably established a trend for branded residences in global real estate trends, and with the addition of the Wynn resort as a tourist attraction, Ras Al Khaimah aims to leverage this segment to attract international investors, explained Jackie Johns, managing partner at Christie’s International Real Estate Ras Al Khaimah.
Construction for the Wynn Resort has already commenced and is slated for completion in 2026.
Christie’s International Real Estate Ras Al Khaimah, an associate of Christie’s International Real Estate, is also overseeing and marketing the newly introduced Dh700-million branded venture, Masa Residence on Al Marjan Island, which has experienced unprecedented attention over the past year, drawing interest from top global brands.
Comprising a total of 394 units, including 1-2 bedroom apartments and villas, the development of Masa Residence is set to commence by January 2024 and is expected to conclude by the final quarter of 2026.
Durar, a prominent real estate developer in the UAE, launched Masa Residences, a high-end branded residential development in Ras Al Khaimah, offering investors the promise of significant capital appreciation and waterfront residences equipped with world-class amenities.
Waterfront properties on artificial islands in the UAE, like the Al Marjan Islands, Palm Jumeirah, and the recently introduced Palm Jebel Ali, are witnessing unprecedented demand. Industry executives assert that there's a scarcity of waterfront properties, notably in Dubai, leading to their prices surging faster than the overall market.
Similarly, projects on the Al Marjan Islands offer investors the potential for substantial capital appreciation.
"There's notable demand from within the UAE for the (Al Marjan) island, but we aim to target the Asia and CIS markets through Christie’s International Real Estate's established international affiliations," stated Johns.
Johns highlighted that their research and market analysis indicated a consistent uptick in demand for residential properties on Al Marjan Island. We believe the timing is ideal for introducing a premium branded residential development. We're enthusiastic about the launch of the project and confident in achieving a complete sellout, added Johns.
Ras Al Khaimah registered over 1.13 million visitors in 2022, marking a 15.6% year-on-year increase, according to the Ras Al Khaimah Tourism Development Authority (RAKTDA). International tourist numbers surged by 40%, driven by key source markets such as Kazakhstan, Russia, the UK, Germany, and the Czech Republic.
Source: Khaleej Times
