Ras Al Khaimah is attracting an increasing number of ultra-high-net-worth individuals to the emirate for investments in luxury property for buyers seeking opportunities beyond Dubai, says RAK’s Luxe Developers.
The developers highlighted the rising demand for luxury property as sales for Oceano, the company’s premier residential development almost sold out.
Starting at AED2.6 million for a one-bedroom apartment up to AED21 million for a penthouse, the development is 70 percent sold out as the demand for luxury property continues to soar.
According to Knight Frank Prime Global Cities Index, the increasing interest in UAE’s real estate markets drove price increases of up to 48.8 percent in Dubai in the first half of 2023.
Ras Al Khaimah’s rising real estate
Property prices in Ras Al Khaimah, specifically Al Marjan has seen an uptick of four percent. The island has emerged as a preferred choice for investors leading to a price increase of 4.88 percent per square foot.
Shubam Aggarwal, Chairman and Co-owner of The Luxe Developers, said: “Thanks to Oceano’s unique design, a true architectural marvel and icon of Al Marjan Island, the project competes and often exceeds anything else on the market in the UAE. As a result, we have seen several investors choosing our luxury properties over similar properties in Dubai because of the world-class amenities and the potential long-term returns forecast in this maturing luxury real estate market.”
RAK’s Oceano is due for completion in Q3 2026 and will feature several amenities for residents including an infinity pool, fitness facilities, spa and more. Residents will also have access to a cigar lounge, library and private beach.
Additionally, chauffeur services will be available as well as access to retail, F&B and leisure.
“Since launching in June of last year, we have observed a 7 percent increase in the price per square foot. This increase is expected to continue as the Wynn Resort, which our development overlooks and sits adjacent to, begins construction. The resort is just a two-minute drive, and we expect its development to further heighten the demand and popularity of Oceano,” Aggarwal added.
Siddharta Banerji, Managing Director and Co-owner of The Luxe Developers, said: “For high-net-worth individuals, privacy in luxury real estate transcends mere preference; it’s an essential facet of their lifestyle. The demand for secluded spaces, matched by the property’s design that stands out amongst other developments, has been a key aspect of our offering in Oceano. It’s not just about the luxury or the amenities; it’s about creating a sanctuary where personal life remains shielded from the public eye.”
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