Ras Al Khaimah offers a more affordable alternative for those seeking holiday homes, with beachfront property prices significantly lower than in other popular UAE coastal areas, according to a top industry executive. The northern emirate's real estate market, particularly Al Marjan Island, has experienced substantial growth, especially following the announcement of the upcoming Wynn Al Marjan gaming resorts set to open in 2027. Properties on Al Marjan Island continue to sell out rapidly upon launch. Ras Al Khaimah has rapidly emerged as a premier destination for expatriates and property investors, ranking fourth globally for expatriate living and working conditions in the 2023 Expat City Ranking due to its high living standards and employment opportunities.
"Ras Al Khaimah presents a unique offering tailored for those in search of holiday homes and beachfront locations. Purchasing a beachfront apartment in prime locations like Dubai would be considerably more expensive compared to Ras Al Khaimah. For instance, a one-bedroom beachfront apartment in Dubai Marina starts at Dh3.8 million, while a similar unit in Ras Al Khaimah is priced around Dh1.5 million. This makes it an attractive second choice for those looking to invest in a second home in the UAE," explained Amira Sajwani, Managing Director at Damac Properties. Following the launch of the first project on Al Marjan Island by Dubai's largest private developer, Sajwani highlighted the success of the 17-storey Shoreline by Damac, a beachfront residence in collaboration with luxury brand Babolex by Vincent Faudemer. The project, located on Island 4 of Al Marjan Island, offers 1-, 2-, and 3-bedroom apartments and duplexes with direct beach access and premium amenities.
Sajwani noted the robust performance of the northern emirate's markets, particularly Ras Al Khaimah, driven by the upcoming Wynn Resort. She reported that nearly 80% of the units in the Dh1.3-billion project are already sold, with the entire project expected to be fully sold out within 3-4 days. Sajwani also disclosed plans for two significant new developments in Dubai, including the Riverside Dubai project, where villas were sold out in a single day, marking the largest single-day sale in UAE history, totaling Dh5 billion. Damac Hills, another successful development, has seen investors achieve up to 80% return on investment and rental yields of 8-10%. Sajwani emphasized Dubai's positioning as a secure global city, noting its continued growth and attractiveness compared to other major international cities.
Damac Properties, Dubai's largest private developer, is also set to launch its first residential project in the US, in Miami, next year.
