In the dynamic scenery of the United Arab Emirates, Ras Al Khaimah (RAK) is not just an emirate – it’s an enticing canvas for savvy investors. This jewel of the UAE is rapidly becoming the focal point of attention, drawing investors away from busy Dubai towards a landscape of untapped potential and transformative luxury. With plans for further growth and development, it is well-positioned to become a major global destination.
Hop aboard as we unveil priceless insights, leading you through the vibrant Ras Al Khaimah property for sale. Discover unparalleled opportunities, with the crown jewel being the coveted Al Marjan Island, soon to be enhanced by the prestigious JW Marriott Residences Al Marjan Island.
RAK: Economic Dynamism and Strategic Advantages
RAK’s economic strength is indisputable, evidenced by its robust credit rating and positive outlook. Fitch Ratings has upgraded Ras Al Khaimah’s long-term foreign-currency issuer default rating (IDR) to ‘A+’ from ‘A.’ This upgrade is supported by promising financial projections, with revenue expected to rise to 22.9% of GDP in 2024 and 21.8% in 2025, up from 20% in 2022 and 21.5% in 2023.
Looking ahead, Fitch anticipates medium-term growth to be driven by a combination of large investment projects and further economic diversification. A prime example of this growth strategy is the landmark partnership between two state-owned enterprises, RAK Hospitality Holding and Marjan, with Wynn Resorts.
Together, they will build and operate Wynn Al Marjan Island, the first casino in the Middle East, scheduled to open in early 2027. This ambitious project is poised to reshape RAK’s economic and tourism landscape, further cementing the emirate’s position as a rising star in the region. During its construction phase, this development is set to further boost Ras Al Khaimah’s GDP growth in 2024.
That said, RAK’s economic strength goes beyond the Wynn project. Its resilience is bolstered by a diversified economy with several key drivers. For instance, Emirati economies benefit from the stability of the UAE currency, which is linked to the value of the US Dollar. It’s also home to one of the world’s largest ceramic companies that notably produced ceramics for the Burj Khalifa.
The region’s robust manufacturing sector, known for producing buses for the GCC’s public transport and mattresses for most of the UAE’s 5-star hotels, underscores its industrial prowess. Additionally, its dynamic economy is bolstered by robust shipping and transportation services. Abundant natural resources, like the rocks used in constructing Palm Jumeirah, and a flourishing tourism industry also contribute significantly.
RAK will soon be home to a state-of-the-art battery cell gigafactory, announced recently with a $3.2 billion investment from US-based Statevolt. This project, set to cover 60 hectares in Al Ghail Industrial Park within RAKEZ, is expected to create around 2,500 direct job opportunities, fostering significant economic growth in the region.
This combination positions Ras Al Khaimah as a major player in global business and investment.
Government Support & RAK’s Booming Tourism Industry
RAK is rapidly transforming into a premier tourism destination, and its natural beauty and diverse activities are swiftly redefining the UAE’s leisure landscape. Consequently, the emirate is positioning itself as a top choice for weddings and lifestyle events, marking significant progress in its journey to becoming a globally recognized tourism hotspot.
This vision is backed by substantial government investment, aiming to attract a remarkable 5.5 million tourists annually by 2030. The anticipated influx of visitors is largely pinned on the opening of the multi-billion dollar Wynn Al Marjan Island, a development poised further to elevate RAK’s status on the world tourism stage.
Earlier, similar integrated resorts in Singapore and Macau saw visitor surges of 20% and 40%, respectively, upon opening. RAK expects an even higher 65% jump due to its unique combination of world-class gaming, white sandy beaches, a secure and regulated environment, developers from leading backgrounds, and a new class of luxurious hotels and residences.
Moreover, RAK is within a 4-hour flight of 31% of the world’s population and only 8 hours away from 76% of the global populace.
Beyond glitz and glam, RAK prioritizes sustainability, aiming to be a regional ecotourism leader by 2025. Their success is already evident as 2023 saw a record 1.22 million visitors, an 8% increase overall, and a 24% surge in international arrivals. These figures solidify RAK’s rising appeal, making it a must-visit for travelers seeking a truly enriching experience.
A Compelling Investment Destination
The property market in Ras Al Khaimah (RAK) is experiencing a remarkable boom. Property prices surged over 18% in 2023, with Al Marjan Island being a major contributor to this growth. This island has witnessed a notable price surge, particularly for studio apartments, which have seen a staggering 33.76% increase.
This surge in demand is further supported by a 2023 report, which highlights the complete sell-out of various property projects, such as Cape Hayat on Hayat Island (Mina Al Arab) and the entire inventory on Al Marjan Island. These encouraging trends highlight a prime opportunity to buy an apartment in Ras Al Khaimah.
The burgeoning population of RAK is a key driver behind this growing demand, fueling a robust growth trajectory. Sales volume in February 2024 witnessed a staggering 80% increase compared to February 2023, signifying a strong market.
These trends underscore the escalating investor confidence in RAK’s real estate sector. With its impressive growth and increasing demand, RAK is rapidly positioning itself as a promising investment destination. This makes it an opportune time to invest in Ras Al Khaimah.
Competitive Advantages of RAK
RAK presents a truly investor-friendly environment, empowering you to take complete control of your future. Foreign investors can secure a 10-year Golden Visa by investing in any freehold property worth at least 2 million dirhams or USD 545,000.
Additionally, they can set up a business in the region and enjoy 100% ownership of their business and Ras Al Khaimah property for sale. The combination of profit repatriation and one of the lowest corporate tax rates in the emirate further ensures maximized returns on their investment.
RAK also offers an attractive environment underpinned by government investments in infrastructure and tourism, such as reliable utilities and a low VAT rate of only 5%. Beyond financials, its strategic location unlocks vast markets, and a modern port solidifies RAK as a dynamic business hub.
Global Access and Natural Splendor: The Allure of RAK
RAK is not only economically attractive but also boasts diverse natural beauty, including beaches, mangroves, mountains, deserts, and historical sites. Moreover, the northern Emirates features the world’s longest zipline, complemented by cycling trails, snorkeling adventures, and dolphin-watching excursions.
The RAK International Airport further enhances its appeal and accessibility. It connects to over 30 global destinations, serving as an ideal gateway for international travelers, particularly due to its critical location at the crossroads of Europe, Asia, and Africa.
RAK’s accessibility is further boosted by its proximity to Dubai (a 45-minute drive). With an excellent road network, travel to major UAE cities, including Dubai, becomes effortless. This connectivity is vital as the region morphs into a thriving business hub, complete with free zones that heighten its attractiveness for investment.
Central to all these transformative efforts is Al Marjan Island, which is emerging as a crucial element in RAK’s dynamic evolution.
Al Marjan Island: A Hub of Luxury and Investment
Al Marjan Island, an artificial archipelago off RAK’s coast, is poised to become the emirate’s hub of branded residences.
The island, thoughtfully divided into four distinct sections, has become a magnet for substantial investments, drawing the attention of esteemed entities such as Aldar’s Niki Beach Residences, Moonstone by Missoni, Nobu Marjan Island Luxury Hotel, Masa Residence, Abu Dhabi National Hotels, W Hotels and Address by Emaar. Several other prominent brands are also in the pipeline to join this thriving destination.
However, the key turning point is the establishment of $3.9 billion Wynn Resorts on Al Marjan Island 3, heralding the first confirmed integrated resort in the UAE. This marks a significant milestone, as it’s not only the first of its kind in the country but also set to surpass the size of its counterpart in Las Vegas. The development represents a major shift in the leisure and tourism landscape of the UAE, introducing a new dimension to its luxury and entertainment offerings.
Construction of the mega project, set to open in January 2027, is already in full swing. In fact, the foundation work is complete, and vertical construction has begun. This speedy construction is because developers are bound by contract to complete their projects within three years, or they face penalties. As a result, Wynn Al Marjan Island may be completed sooner than expected. Once the resort opens, it is anticipated to drive up real estate prices in the region significantly.
On the other hand, Island 1, also known as the Peninsula, already hosts numerous operational key resorts, including Movenpick Resort, Rixos Bab Al Bahar, and Double Tree by Hilton Resort & Spa. It offers an immersive luxury and hospitality experience, similar to Las Vegas’ allure.
Latest Addition: JW Marriott Residences Al Marjan Island
The latest addition to the man-made island is JW Marriott Residences Al Marjan Island. This first-of-its-kind project in the UAE is developed by WOW Development, a renowned US-based firm with over 80 hotels in its portfolio. Together with JW Marriott, WOW Resorts is building a two-component building with 474 fully furnished units, ranging from 1 to 4-bedroom branded residences and duplexes, as well as 264 meticulously appointed hotel rooms.
As part of Marriott International’s prestigious luxury collection of properties, JW Marriott brings its renowned blend of sophistication and impeccable service to this iconic destination, offering residents a slice of its award-winning properties, including The Ritz-Carlton, Bvlgari Hotels & Resorts, W Hotels, Edition, The Luxury Collection, and St. Regis Hotels and Resorts.
Occupying a prime position on Island 2, the JW Marriott Residences Al Marjan Island is enviably close to the upcoming Wynn Resort, merely a minute away. Ras Al Khaimah International Airport is a mere 15-minute drive away, and Dubai International Airport is reachable within an hour, providing easy accessibility for both locals and travelers from around the world.
Additionally, the development will be a haven of family fun and tailored services, boasting 40,000 square feet of retail space and the biggest man-made beach in the UAE, all designed to offer an idyllic coastal living experience. It’s noteworthy to mention here that this is only the third JW Marriott Residences Al Marjan Island project globally. Moreover, it provides exclusive Marriott Bonvoy benefits to owners for the first two years.
Complementing this is a report from Colliers International, which predicts a surge in RAK’s visitor numbers, expected to exceed 3.8 million by 2027. This increase coincides perfectly with the planned debut of JW Marriott Residences Al Marjan Island in the fourth quarter of 2026.
Additionally, Colliers forecasts a significant shortfall in accommodation, projecting a need for up to 6,655 more rooms by 2027 and 7,546 by 2030. This projection comes in the wake of Wynn Resorts opening in January 2027 and is based on studies analyzing the impact of new gaming facilities on visitor numbers and the distinct tourism characteristics of RAK.
Keeping these impressive figures in mind, JW Marriott Residences Al Marjan Island emerge as an unparalleled opportunity for those seeking exceptional returns, combining the prestige of a world-renowned brand with the promise of substantial investment growth.
But that should not be the sole reason to consider investing in JW Marriott Residences Al Marjan Island.
Branded Residences: A Resilient Investment
As the world navigates economic uncertainties, investors are increasingly seeking resilient assets with enduring value. Branded residences, like JW Marriott, offer a compelling solution.
These residences elevate high-end living, boasting stunning design, world-class amenities, and the backing of a prestigious brand. This translates to a worry-free ownership experience. Unlike traditional properties, branded residences provide unparalleled stability and professional management. It was evident during the pandemic when owners had peace of mind knowing their property was meticulously maintained, regardless of external circumstances.
Another significant advantage is the ease of ownership. Branded residences are frequently “turn-key,” meaning they come well-furnished and ready to use or rent out. This eliminates the hassle of furnishing and managing the property yourself. This convenience, coupled with the prestige of the brand association, is attracting a new wave of investors to the branded residence market.
But the benefits extend beyond convenience. Even amidst real estate market fluctuations, branded residences maintain their position at the upper end of the market, demonstrating resilience and stability. This is particularly evident in the Middle East, where price premiums for branded residences reach 40%, exceeding the global average premium by 10%.
Concluding Thoughts
While Ras Al Khaimah’s real estate market is booming, it has yet to achieve its true potential. That’s because the real estate prices in RAK have significant upward potential and offer investors a higher return on investment than other emirates.
Consequently, there’s been a notable increase in activity within RAK as investors flock to opportunities in this Northern emirate. Additionally, the region is becoming increasingly attractive to ultra-wealthy buyers looking to diversify their investments beyond the traditional hotspot of Dubai.
With a thriving real estate market, competitive advantages, enchanting beauty, and world-class amenities, RAK is poised to become a sought-after destination for investors and residence buyers. Al Marjan Island, particularly with the JW Marriott Residences, offers a remarkable opportunity to own a piece of this thriving destination.
In essence, RAK is not just an alternative; it’s an untapped treasure trove waiting to be explored by savvy investors and those seeking a slice of luxury in the evolving landscape of the UAE real estate market.
