Dubai, United Arab Emirates
- The feasibility study, which was conducted by Colliers on behalf of The Luxe Developers, has revealed real estate sales transactions in Ras Al Khaimah totalled AED2.1 billion in 2022, a 26% increase on the previous year
- Resale values were up 59% during the same period
- Since launching, the upscale Oceano project has seen a wealth of interest from regional and international investors keen to own one of the first luxury residences on the island
Ras Al Khaimah’s real estate market is providing a lucrative climate for property developers according to research from Colliers, conducted on behalf of The Luxe Developers, highlighting the increase in transactions and value of real estate in the Emirate in recent years.
According to the research, several factors are contributing to the growing popularity of Ras Al Khaimah’s, and more specifically, Al Marjan Island’s real estate market. The Wynn announcement, a multi-billion-dollar integrated resort, and the RAK Vision 2030 will diversify and position RAK as a destination of choice for industrial and business services, developing tourism and real estate, and stimulating private sector participation.
The study highlighted the growth of RAK real estate transactions, which totalled 2,279 in 2022 and valued at AED2.1 billion, a 26% increase on 2021. The data also revealed that resale transaction value increased by almost 59%, with a total of 720 transactions recorded, worth AED1 billion, during the same period.
Looking ahead, several areas in Ras Al Khaimah, including Al Marjan Island, are expected to see price jumps in the next 12 months, as much as 21% in some instances, according to proptech company Realiste.
Shubam Aggarwal, Chairman and Co-owner The Luxe Developers, said, “We are highly encouraged by the latest figures emerging from both the real estate and tourism sectors in Ras Al Khaimah. The upward trend in these markets is reflected in the strong interest that we have received for our flagship Oceano project, and we’re particularly buoyed by the outlook for 2024.”
“Not only are our buyers attracted to the development because of the vast array of amenities and the private location, which offers residents privacy and seclusion, they are also being drawn by the boom being witnessed in Ras Al Khaimah with investors buying property as both their primary home or using it as a second home as a base when visiting the UAE.”
Major investments from companies such as Nobu Hotel, Aldar, Dubai Investments and Abu Dhabi National Hotels have underscored the popularity of the market. According to the Colliers’ study, The Wynn Al Marjan Island, the region’s first integrated resort, can not only accelerate the development of RAK as a tourist destination but also create opportunities for high-end branded residences and lifestyle concepts.
Ras Al Khaimah Tourism and Development Authority recently reported that tourism-related revenue grew by 64.7% in H1 2023 versus the same period in 2022, with the addition of new hotel brands being cited as the reason for this tourism boost. Starting from November 2023, Qatar Airways will operate daily flights to Ras Al Khaimah, opening up new tourism markets and strengthening the emirate’s position as a tourism destination.
The Luxe Developers launched their debut project, Oceano, in Ras Al Khaimah earlier this year and is due for completion by Q3 2026. The twin-tower waterfront development, designed by Dewan Architects + Engineers, is located on a unique corner plot on the iconic Al Marjan Island and spread across a Built-Up Area (BUA) of 79,000 sqm.
Valued at over AED1.5 billion, Oceano consists of 206 units and will stretch over 18 storeys. The project includes a variety of property sizes, including one-, two-, three- and four-bedroom apartments, six penthouses, and two exclusive sky villas, which will enjoy access to private pools as well as indoor and outdoor entertaining areas with unobstructed views across the Arabian Gulf.
The amenities offered at Oceano are often associated with five-star hotels and include a luxury spa, an infinity pool connecting the two towers, a state-of-the-art gym, a cigar lounge, a library, a yoga room, a children’s play area, and a chauffeur’s lounge.
A dedicated retail level will feature 12 units offering the best in hospitality, F&B and leisure. Owners will have access to a private jetty, where they will be able to moor their yachts, further underscoring the exclusivity of the development.
Siddharta Banerji, Managing Director and Co-owner, The Luxe Developers commented, “Such has been the interest in Oceano, we have been busy identifying and developing the latest addition to our portfolio, which we will launch in 2024. We will look to do something completely different to Oceano, but one thing we are committed to delivering throughout all our projects is a sense of individualism, unwavering attention to detail and the utmost in quality to deliver a luxurious living experience.”
