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Khaleej Times
06-06-2025
- Business
- Khaleej Times
UAE: Wondering where to invest? Look at Ras Al Khaimah's new developments
Recently, the serene shores of Ras Al Khaimah (RAK) lit up with a dazzling event featuring a synchronised drone show and fireworks. High-profile guests, nibbling on gourmet bites from Cipriani, were treated to an immersive showcase of 'designer living'. The occasion: the launch of Mira Coral Bay, billed as the world's first multi-branded waterfront community. In a real estate market where branded residences reign supreme, Mira Developments' latest project — a mix of villas, townhouses, hotels, beach clubs, and upscale dining — sets itself apart. For one, it brings prestigious luxury brands, including Dolce&Gabbana Casa, Bentley Home, Etro Home, Jacob & Co., John Richmond, and Trussardi, to a single location: Al Mairid, RAK. Secondly, it redefines high-end living with a mind-boggling offer: the Kadar Villas, each featuring two special-edition luxury cars, interiors by a celebrity designer, and top-tier appliances. Meanwhile, across Al Marjan Island, Richmind Developers unveils 'Oystra', a striking project that marks the debut of Zaha Hadid Architects in the area. With one to four BHKs (bedroom, hall, and kitchens), duplexes, penthouses, waterfront villas, a five-star hotel, branded beach club, and 360° rooftop pools, the homes — priced from Dh3 million — offer a bold new benchmark for waterfront luxury. These are just a few examples of A-list developers making a beeline for the hottest new real estate destination of the UAE: RAK. While Dubai routinely grabs eyeballs with mega-deals and record-breaking towers (the $1 billion, or Dh3.67 billion, Trump Tower being the latest), its quieter cousin is steadily catching up. Long considered a serene staycation spot, the RAK growth story is being noticed thanks to aggressive tourism campaigns, major infrastructure upgrades, investor-friendly policies, and its reputation as a manufacturing powerhouse. From an expanding international airport to its positioning as an adventure tourism hotspot and economic incentives like 100 per cent foreign ownership, 0–9 per cent corporate tax, full capital repatriation, and long-term residency, RAK's developments are attracting every major real estate player. DAMAC Properties, for instance, launched its inaugural project, Shoreline by DAMAC on Al Marjan Island. It has 17-stories with one-two-and-three BHK apartments and duplexes offering resort experience with beach access, gardens, wellness areas, a sunset bar and floating cabana. Priced from Dh1.83 million, the homes, which start at 730sqft, are set for completion by July 2028. 'Our expansion into Ras Al Khaimah aligns with the emirate's rapid rise as a destination for expatriates and home investors,' says Mohammed Tahaineh, chief project officer at DAMAC. BNW Developments is another key entrant in the sector. It recently announced the Taj Wellington Mews project in collaboration with Indian hospitality giant IHCL. 'We identified a striking gap when we saw that RAK had embraced nearly every global hospitality name but missed one of the most iconic names in Indian luxury, Taj,' says Ankur Aggarwal, chairman and founder of BNW Developments. Their growing portfolio also includes 'Aqua Arc' (offering turnkey furnished apartments), 'Aquino' (tailored for high-end users), and 'Pelagia' (hospitality-style residence with concierge services, rooftop indulgences, and wellness lifestyles). The sea-view balconies, smart systems, private spas, and gourmet cafés are all designed to attract the quiet luxury buyer. 'Luxury isn't about the label,' says Aggarwal. 'It lies in the lifestyle it enables.' Vimal Dharamshi Vaya, CEO of Apex Capital Real Estate, says RAK's real estate buzz has intensified in the past three years. 'It's drawing interest from top private players and even government-linked developers,' he says, adding that investors from Russia, Japan, and Europe are especially charmed by its serenity and sophistication. 'Our move into Ras Al Khaimah wasn't reactive; it was predictive,' says Aggarwal. 'We foresaw it transitioning from a serene emirate to a global hospitality and investment magnet.' An emirate comparison A quick comparison between Dubai and RAK's real estate scene brings to the fore some interesting facts. Kirill Dolgin, founder and CEO of BrokerDeck, says: 'Dubai is a larger, more mature, and globally established market with higher price points and potentially higher liquidity, but RAK has rapid growth trajectory, significantly more affordable property prices, higher rental yields, and capital appreciation potential. While Dubai offers a fast-paced, ultra-urban lifestyle, RAK provides a more relaxed, nature-centric environment despite its proximity to Dubai.' And the numbers prove it. In RAK, the transaction value increased nearly 25,000 per cent and mortgage values surged almost 21,849 per cent between June 2017 and June 2024. Branded residences' growth is projected to be 40 per cent of new units by 2029 and the average property prices increased by 30 per cent in 2022, with off-plan rates growing 15-20 per cent in 2024. 'All these indicate that Ras Al Khaimah's real estate market has dramatically transformed from an emerging player to a prime investment destination,' says Dolgin. Wynn-ing Resort The real game-changer for Ras Al Khaimah is, undoubtedly, Wynn Resorts at Al Marjan, slated to open by 2027. Mustafa Haider Kamal, senior relationship manager at Richmind — currently working on the Oystra project — believes Wynn's gaming licence was the turning point. 'It eliminated all the 'ifs and buts' about the casino,' he says, noting how it shifted not just market dynamics but also investor mindsets. 'Perhaps even Dubai or Abu Dhabi could have hosted a Wynn, but those cities already have their attractions. RAK has landed a big opportunity; it's going to transform the economy, creating jobs and drawing major brands and hotels.' Even ahead of completion, the project's impact is being likened to the rise of Las Vegas and Macau as global gaming hubs. So, will RAK become the Vegas of the Middle East? Experts suggest a more nuanced take. Rather than replicating Vegas, the vision here is to create an integrated resort tailored to RAK's distinct environmental and cultural identity. The multi-billion-dollar development will feature 1,540 keys, a meeting, incentive, convention, and exhibition area, gaming zones, entertainment and luxury retail. Clearly, it is aimed at attracting both residents and tourists. Nevertheless, the economic parallels to Macau are compelling. 'Macau witnessed rapid economic expansion and a significant upswing in property demand and residential property values following the introduction of international casino operators,' says Dolgin. 'Similarly, Wynn's entry into RAK is expected to drive swift economic growth and heightened property demand.' The impact is already visible. Since the announcement in 2022, RAK has seen primary residential sale prices jump dramatically; apartment prices surged by around 128 per cent, while villas rose by 73 per cent compared to 2021. Tourism, too, is on an upward curve. The casino is expected to propel RAK into a new league, with projections estimating over 3.8 million visitors by 2027 and more than 5.5 million by 2039. Some of these numbers may be drawn from Dubai, which welcomed 7.5 million visitors in the first four months of 2025 alone. 'Those who enjoy gaming experiences will come here rather than fly halfway across the world to Vegas or Macau,' says Vaya. So, how should you invest? The flurry of developments is also sending a strong message to savvy investors: now is the time to consider owning property in this emerging luxury destination. With more accessible entry points and solid growth forecasts, experts agree it's an opportune moment to secure that dream home. RAK offers many advantages — from diversifying your investment portfolio beyond established markets like Dubai and Abu Dhabi to tapping into high rental yields (up to 12 per cent for short-term rentals) and potential capital appreciation. As Dolgin observes: 'RAK's focus on enhancing its lifestyle offerings and tourism infrastructure is creating a positive feedback loop, directly boosting demand, property values and overall investor confidence.' Pricing is the key. Realtors estimate beachfront properties in RAK to currently average Dh3,000–Dh3,500 per sqft — a stark contrast to comparable high-value enclaves in Dubai where prices range from Dh5,000 to Dh8,000 per sqft. A useful tip: Look at holiday homes and short-term rentals. 'Holiday homes can deliver a return on investment of 18–25 per cent per annum,' says Haider. 'People will stay in hotels, but there are many who prefer holiday homes.' Dolgin suggests looking beyond the allure of Al Marjan Island. 'Consider properties in established areas like Al Hamra, RAK Central and other parts of Ras Al Khaimah for their infrastructure and variety,' he suggests. Vaya, on the other hand, highlights RAK's superior value for space and returns. 'While an average RAK one BHK is 800-900sqft for a lesser price point and higher rental return, the same would be about 700sqft and lesser return in Dubai. Go for one or two BHK if you are looking at pure investment. For self-use, opt for two or three BHKs,' he advises. The novelty and future upside also play in RAK's favour. 'Once the casino is operational, everything else will follow,' predicts Haider. 'Imagine the traction by 2030. Anyone investing in 2025–26 will be sitting on a goldmine. Al Marjan is for a niche market of seasoned investors or first-timers with a bold appetite.' Some other important rules to remember: Invest in branded residences, do your due diligence, and choose developers wisely. Vaya concludes: 'Buy real estate and wait — don't wait to buy real estate.'
Zawya
19-05-2025
- Business
- Zawya
Multi-branded waterfront community Mira Coral Bay unveiled in RAK
Mira Developments hosted the grand unveiling of Mira Coral Bay, the world's first multi-branded waterfront community, to be set across the picturesque shores of Al Mairid in Ras Al Khaimah. Mira Coral Bay offers waterfront luxury living, blending world-class branded residences with five-star hospitality. This development brings together the world's most prestigious luxury brands in one extraordinary location, creating an unprecedented lifestyle destination on the pristine shores of Ras Al Khaimah. The event brought together distinguished guests from around the globe, including Marcello Grasselli, President Middle East Dolce&Gabbana Andrea Gentilini, CEO Luxury Living Group; Fabrizio Cardinali, CEO ETRO; Jacob Arabo, Chairman & Founder Jacob&Co. Alberto Racca, CEO Trussardi; and Mena Marano, CEO Arav Group. Guests were treated to an immersive experience highlighting the 14 branded residential projects, five-star hotels and world- class dining options within the 220,000 sq m Mira Coral Bay master plan by Marco Casamonti & Partners / Archea Associati. The official unveiling, opened by Abdulla Al Abdouli, CEO of Marjan, and Tamara Getigezheva, Co- Founder of Mira Developments, was then carried on by Muaed Alakaev, Head of Sales at Mira Developments, and Marwan Al Kindi, Founder and CEO of Lighthouse Properties, and featured top spokespersons from each participating brand presenting their visionary projects. The evening's fine dining experience was curated by the renowned Cipriani team, and the celebration reached its crescendo with a synchronised drone show followed by a dazzling fireworks display illuminating the night sky. The grand reveal of the partner brands – Dolce&Gabbana Casa, Bentley Home, Etro Home, Jacob & Co., John Richmond and Trussardi – marked a pivotal moment in luxury real estate, setting new standards for waterfront living. The evening also introduced a completely new branded concept: Kadar Villas. This project is the result of a collaboration between a world-renowned architect and a leading global branding agency. Each villa will come with two special edition luxury cars from a prestigious automotive brand, bespoke interiors personally curated by a legendary interior designer, and custom household appliances from top-tier luxury names. 'Mira Coral Bay is not just another project, it's an answer to the 'what-if' question. What if the world's best brands came together in one place? What if you were surrounded by luxury at every step? And today, we are opening the next chapter, where the 'what if' becomes a reality. And when we say luxury – we mean it. You're not just buying property. You're stepping into a fully curated life. The furniture? The kind most people wait months for. The tech? So smart, it almost knows what you need before you do. The ceilings? Tall enough to hold even your greatest ideas. And the view? The sea isn't outside – it's part of your interior,' said Getigezheva. - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
18-05-2025
- Business
- Trade Arabia
Multi-branded waterfront community Mira Coral Bay unveiled in RAK
Mira Developments hosted the grand unveiling of Mira Coral Bay, the world's first multi-branded waterfront community, to be set across the picturesque shores of Al Mairid in Ras Al Khaimah. Mira Coral Bay offers waterfront luxury living, blending world-class branded residences with five-star hospitality. This development brings together the world's most prestigious luxury brands in one extraordinary location, creating an unprecedented lifestyle destination on the pristine shores of Ras Al Khaimah. The event brought together distinguished guests from around the globe, including Marcello Grasselli, President Middle East Dolce&Gabbana Andrea Gentilini, CEO Luxury Living Group; Fabrizio Cardinali, CEO ETRO; Jacob Arabo, Chairman & Founder Jacob&Co. Alberto Racca, CEO Trussardi; and Mena Marano, CEO Arav Group. Guests were treated to an immersive experience highlighting the 14 branded residential projects, five-star hotels and world- class dining options within the 220,000 sq m Mira Coral Bay master plan by Marco Casamonti & Partners / Archea Associati. The official unveiling, opened by Abdulla Al Abdouli, CEO of Marjan, and Tamara Getigezheva, Co- Founder of Mira Developments, was then carried on by Muaed Alakaev, Head of Sales at Mira Developments, and Marwan Al Kindi, Founder and CEO of Lighthouse Properties, and featured top spokespersons from each participating brand presenting their visionary projects. The evening's fine dining experience was curated by the renowned Cipriani team, and the celebration reached its crescendo with a synchronised drone show followed by a dazzling fireworks display illuminating the night sky. The grand reveal of the partner brands – Dolce&Gabbana Casa, Bentley Home, Etro Home, Jacob & Co., John Richmond and Trussardi – marked a pivotal moment in luxury real estate, setting new standards for waterfront living. The evening also introduced a completely new branded concept: Kadar Villas. This project is the result of a collaboration between a world-renowned architect and a leading global branding agency. Each villa will come with two special edition luxury cars from a prestigious automotive brand, bespoke interiors personally curated by a legendary interior designer, and custom household appliances from top-tier luxury names. 'Mira Coral Bay is not just another project, it's an answer to the 'what-if' question. What if the world's best brands came together in one place? What if you were surrounded by luxury at every step? And today, we are opening the next chapter, where the 'what if' becomes a reality. And when we say luxury – we mean it. You're not just buying property. You're stepping into a fully curated life. The furniture? The kind most people wait months for. The tech? So smart, it almost knows what you need before you do. The ceilings? Tall enough to hold even your greatest ideas. And the view? The sea isn't outside – it's part of your interior,' said Getigezheva. - TradeArabia News Service
