Developers from the UAE and abroad are increasingly turning their attention to Ras Al Khaimah's Al Marjan Island and RAK Central areas, driven by the unprecedented demand in the northern emirate. This surge in interest began following the announcement of the first integrated gaming resort, Wynn Al Marjan, in the Middle East in January 2022, and the trend has persisted.
From Abu Dhabi's Aldar Properties to Dubai's Pantheon Development and Ras Al Khaimah's RAK Properties, developers are capitalizing on the opportunities presented by the influx of high-net-worth individuals. Dubbed the Palm of Ras Al Khaimah, Al Marjan Island has seen billions of dirhams invested in residential and hospitality projects. Following the successful sell-out, master developer Al Marjan launched RAK Central to address the growing demand.
To meet this demand, RAK Properties introduced Raha Island in Mina Al Arab, which is connected by a dedicated water transit system. The project will feature high-end hotels, branded residences, marinas, beach clubs, a 2.5-kilometer public beachfront, and various retail and leisure facilities. Meanwhile, Dubai-based Pantheon Development has unveiled its latest Dh1-billion mixed-use project, One Central, located in the heart of booming Ras Al Khaimah.
"RAK Central is set to become a vibrant financial district, and One Central is at the forefront of this transformation," said Kalpesh Kinariwala, founder of Pantheon Development. "Our vision for RAK Central Masterplan is more than just a real estate endeavor—it's a crucial 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."
Residents of RAK Central will enjoy over 25 luxurious amenities, including an infinity rooftop pool, sky lounge, jogging track, cinema, and a dedicated dog park. Spanning 450,000 sqft, the development will feature 312 residential apartments, a Grade A office building, and hotel apartments with stunning sea views of the golf course, the new Wynn resort, and world-class amenities.
Residents will have access to leisure options such as 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 strategically located 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 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 of 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, developed by Arte Developments. The three-tower branded residence offers unique amenities such as Serene Park on level 1, Link Garden on levels 2 and 3, sky gym, sky co-working space, and many others.
On the back of a rising population and growing demand, rents and prices in Ras Al Khaimah have surged multiple times post-pandemic, driven by the 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 Al 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, with rates reaching Dh1,500 per square foot, according to Asteco data. Industry executives predict that Ras Al Khaimah's real estate could see per-square-foot prices triple in the coming years due to high demand, with rents also expected to spike as the northern emirate aims for over three million tourists by 2030.
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