Al Marjan Island in Ras Al Khaimah is the next major destination for branded residences in the UAE as there is a fairly strong demand for such projects.
Demand for the man-made island has grown dramatically, especially with the launch of the $3.9 billion (Dh14.3 billion) Wynn Al Marjan Island resort.
“We view Al Marjan in Ras Al Khaimah to be the next big branded residences market in UAE, more to the attention and attraction around the Wynn Gaming resort. Branded residences do define a certain level of quality and highest standards to the purchasers. UAE has definitely set a trend for branded residences in global resale estate trends, and as a tourist addition with the added value of the Wynn resort Ras Al Khaimah will look to capitalise on this segment for international investors,” said Jackie Johns, managing partner at Christie’s International Real Estate Ras Al Khaimah.
The construction work on Wynn Resort has already started and is scheduled to complete in 2026.
Christie’s International Real Estate Ras Al Khaimah, an affiliate of Christie’s International Real Estate, is also managing and selling the newly-launched Dh700-million branded project Masa Residence on Al Marjan Island, which has witnessed unprecedented over the past year and attracting some of the world’s top brands.
Housing 394 units in total including 1-2 bedroom apartments and villas, work on the Masa Residence shall start by January 2024 and is scheduled to be completed by the last quarter of 2026.
Durar, a high-end real estate developer in the UAE, launched Masa Residences, an upscale branded residential development in Ras Al Khaimah, offering investors the prospects of high capital appreciation and waterfront homes equipped with world-class amenities.
Waterfront properties on man-made islands in the UAE such as Al Marjan Islands, Palm Jumeirah and newly-launched Palm Jebel Ali are witnessing unprecedented demand. Industry executives claim that there is a shortage of water-front properties, especially in Dubai, resulting in their prices rising faster than the overall market.
Similarly, Al Marjan Islands projects are offering investors the prospects of high capital appreciation.
“There is a fair demand from UAE to the (Al Marjan) island, but we will look to target Asia and CIS (Commonwealth of Independent States) markets through Christie’s International Real Estate’s existing international affiliation,” said Johns.
Johns said their research and market data indicated a steady increase in demand for housing dwellings in Al Marjan Island. “We believe the time is right to unveil a premium branded residential project. We are excited about the project’s launch and confident of a sellout,” Johns added.
Ras Al Khaimah received over 1.13 million visitors, an increase of 15.6 per cent year on year in 2022, according to Ras Al Khaimah Tourism Development Authority (RAKTDA). International tourists increased by 40 per cent with key source markets such as Kazakhstan, Russia, the UK, Germany and the Czech Republic.