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Demand for luxury property rises in Ras Al Khaimah

by Staff Reporter
Published: Last Updated on
Demand for luxury property rises in Ras Al Khaimah

The Luxe Developers, a UAE-based real estate development firm, has underscored the rising demand for luxury property in Ras Al Khaimah as sales for the company’s premier residential development, Oceano, situated on Al Marjan Island, continue to attract ultra-high-net-worth individuals (UHNWI) seeking investment opportunities beyond Dubai.

Real estate prices

With prices starting from Dhs2.6 million for a one-bedroom apartment (Dhs2,856 per square foot (sqft)) and increasing to Dhs21 million (Dhs3,264 per sqft) for a Penthouse property, the development has witnessed a surge in interest from UHNWI looking at long-term returns following increases in the UAE’s luxury real estate market, which saw prices in Dubai rise by 48.8% in the first half of 2023, according to the Knight Frank Prime Global Cities Index.

The starting price for a two-bedroom designer apartment in Oceano is Dhs4.2 million (Dhs2,652 sqft) and ranges in size from 1,586 sqft to 2,392 sqft start.

In contrast, prices for a two-bedroom 2,000 sqft Atlantis The Royal Residence on Palm Jumeirah start from approximately Dhs16 million or 8,000 sqft, further underscoring the potential returns investors can expect to make in the burgeoning luxury Ras Al Khaimah real estate market.

Demand for luxury property rises in Ras Al Khaimah

Prices for a three-bedroom apartment at Oceano start at Dhs6.7 million (Dhs2,856 per sqft), with four-bedroom apartments starting from Dhs9.2 million (Dhs3,264 per sqft).

Luxe Developers’ Oceano

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.”

Demand for luxury property rises in Ras Al Khaimah

Oceano, due for completion in Q3 2026, will feature a resort-style infinity pool connecting the twin tower development, cutting-edge fitness facilities featuring gyms and yoga studios, and rejuvenating spa services. Residents will also have access to a cigar lounge, a library, and a private beach. A chauffeur’s lounge will be available, as will a dedicated retail level featuring the best in hospitality, F&B and leisure.

Free-flowing glass facades

The development features a range of design attributes, such as free-flowing glass facades and minimalist frames, with each floor rotated on different planes, ensuring every resident enjoys a distinctive and uninterrupted panoramic view of the Arabian Gulf. The designer properties include copper finishes on all skirting boards, and the walls have smooth, built-in alcoves, all contributing to each apartment’s unique and exclusive feel.

Al Marjan Island

Adding to the lure of Ras Al Khaimah, and more specifically, Al Marjan Island, recent statistics from Bayut, which termed 2023 as the “Year of Change” for the real estate industry in the emirate, highlighted Al Marjan Island as a preferred choice for investors as the price-per-square-foot rose by 4.88% year-on-year in 2023. The area also saw an uptick of 4% in asking rents for tenants.

“Since launching in June of last year, we have observed a 7% 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,” added Aggarwal.

Another essential feature of the development is the emphasis on privacy, whereby the design aesthetic and unique location ensures the property has complete privacy, with every unit specially designed to adhere to this requirement, including all terraces and balconies. This also extends to the secluded shoreline and private beach, providing relaxation in a safe and secure environment.

Siddharta Banerji, Managing Director and Co-owner of The Luxe Developers, commented: “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.”

tanvir@dubainewsweek.com

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