(MENAFN- Khaleej Times)
Ras Al Khaimah is a good second option for people looking for holiday homes as beachfront properties' prices there are still much cheaper than other sea-facing popular places in the UAE, a senior industry executive said.
The northern emirate's property market – especially Al Marjan Island – has seen exponential growth, mainly after the announcement of the launch of gaming resorts Wynn Al Marjan, which will open doors in 2027. Projects on the Al Marjan Island are still being sold within days of its launch.
The northern emirate has seen a rapid rise as a leading destination for expatriates and home investors as it is now recognised as the world's fourth-best city for expatriates to live and work due to its high living standards and job opportunities, according to the 2023 Expat City Ranking.
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“Ras Al Khaimah is a different kind of product and meant for people who are looking for holiday homes and beach destinations. If you want to buy an apartment on the beach on the first row on an island in Dubai, it will cost you much more than that what it will cost in Ras Al Khaimah. A good comparison would be the beach front area in Marina. Today, one-bedroom on the beach front starts from Dh3.8 million, whereas a one-bedroom in Ras Al Khaimah is somewhere around Dh1.5 million. The entry point for a beach holiday home is still far lower there. It is a good second option who want a second home in the UAE,” said Amira Sajwani, managing director at Damac Properties.
It is still selling like hot cakes
Sajwani was speaking to Khaleej Times following the launch of the first project on Al Marjan Island by the largest private developer in Dubai.
The 17-storey Shoreline by Damac on Al Marjan Island is a branded beach front residence designed in collaboration with contemporary art icon Vincent Faudemer's luxury collection, Babolex. Situated in the prime location of Island 4 on Al Marjan Island, 1-, 2-, and 3-bedroom apartments and duplexes will feature direct access to the beach and top-tier amenities such as landscaped gardens, fitness centres, running tracks, swimming pools, wellness areas and a sunset bar and floating cabana.
“We see that the northern emirate markets are booming as well, especially Ras Al Khaimah, with Wynn Resort coming up soon. It has been doing very well so we wanted to put our flag next to reputed developers that are also on Al Marjan Island.”
Sajwani said all the units in the Dh1.3-billion project are water facing and“almost 80 per cent are sold out and we are on track to sell out the project fully in 3-4 days.”
Up to 80% RoI, 10% rental return
Sajwani revealed that the developer will announce two new massive plans very soon in Dubai.
“We will have buildings coming up in our Riverside Dubai project that were sold out a few months ago. We sold out the villas in a single day. It was the largest single-day sale in the entire UAE market history ever. We sold Dh5 billion worth of units in a day. Apartments in that community will be launched in the next quarter.
"Damac Hills development as a whole has been doing very well. People who have bought there have seen up to 80 per cent return on investment and 8-10 per cent rental yield. This community was massively upgraded last year in the first quarter. Today, it is the most transacted community in the secondary market in the entire UAE,” said Sajwani.
She added that Dubai has really positioned itself as a global city which guarantees security.
“There is energy in the market and there is entrepreneurship. It has attracted so many people who never considered Dubai in the past for the sake of residency. I don't see the Dubai market really slowing down. It will continue to grow at a good pace because it has become a global city. It is still extremely cheaper than Hong Kong, New York and London,” she added.
Dubai's largest private developer is also planning to launch its first project – a residential – in the US in Miami next year.
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