Similar to Dubai, Ras Al Khaimah has seen a bull’s eye project launch from Aldar Properties, adding to the proof that the emirate is going through an unparalleled off-plan boom.
With 420 beachfront units and a combined sales value of Dh1 billion, the Abu Dhabi developer has confirmed that the first phase of its Nikki Beach Residences project has sold out. Al Marjan Island is where the project is situated.
‘Barefoot living’
The sales response ‘validated our long-held view that the market is primed for a branded residential product that facilitates short-term stays’ said Rashed Al Omaira, Chief Commercial Officer at Aldar Development. “We are creating a community proposition that provides residents and guests with resort-like barefoot living.
“The success of Phase 1 indicates that our customers truly believe in the concept and Ras Al Khaimah as an investment destination.” After the response to Phase 1, Aldar went ahead and released a further 150 homes for sale. (The developer recently made its first foray into Dubai real estate, launching the Haven whose first phase also hit an instant sold-out status.)
“As we unveil Phase 2, we anticipate continued interest from buyers who seek a unique blend of luxury and beachfront living”– Rashed Al Omaira at Aldar Development
Al Marjan Island’s riding the wave
Ras Al Khaimah’s property market sure is hitting sweet spots, with home prices on Al Marjan Island recording increases of 35-50 percent since the start of the year. Apart from Aldar, Emaar also has a new project there.
Indeed, prospective real estate investors have been receiving mailers and calls from estate agents discussing the numerous opulent off-plan developments that are being built in and around the renowned Wynn Resorts (which will have 1,500 rooms and open in 2027). In the UAE’s hospitality sector, the project represents a significant turning point.
Remarkably, Aldar stated that over 80% of purchasers in Nikki Beach Residences Phase 1 were first-time investors with the developer.
“Some of the newer launches on Al Marjan are carrying price tags at or around Dh3,000 per square foot,” said Sameer Lakhani, Managing Director at Global Capital Partners. “And with the interest in RAK and Al Marjan Island specifically, the vast majority of sales have been off-plan and snapped up by investors from around the world.
“It has become evident that Al Marjan Island is set to become a global landmark destination.”
Emaar comes with the Address
Emaar’s project at Al Marjan has units starting at Dh2 million and is branded “Address.”
“The Wynn project has helped draw a lot of attention to Ras Al Khaimah and Al Marjan, and for developers, this is the time to make their presence felt,” said an estate agent. “In a short span, the destination has emerged as one of the most prominent off-plan locations in the UAE – so, with Aldar and Emaar present, it becomes more so.”