Dubai: Ras Al Khaimah seems to be enjoying an offplan property launch boom. The emirate until now had seen a steady flow of high-profile hotel and resort launches, but in recent weeks that action is starting to take on residential projects too.
On Tuesday (September 19), the master-developer RAK Properties four residential towers in one go, two of them being of 20 storeys each and the other two having 9. The ‘Cape Hayat’ development will altogether create 688 apartments on the Hayat Island within the Mina Al Arab development. Launch of sales starts Friday (September 22) in Dubai.
Market sources say that Ras Al Khaimah is extending the gains from the series of investment flows from the likes of Abu Dhabi’s Aldar (which has done multiple buys in the northern emirate in recent times) and the just announced deal that saw RAK National Hotels acquire the 300-room Marjan Island Resort & Spa from Manazil Group. There is the high-wattage Wynn property on Al Marjan, that’s being readied for an early 2027 launch.
“Ras Al Khaimah is one hot property market right now, and there’s a lot of interest centred around its secondary market too,” said one estate agent. (On Property Finder, a three-bedroom townhouse lists at Dh1.2 million, while a two-bedroom apartment is asking for Dh750,000. Listings elsewhere show properties in and around the same price range.)
All this is building heightened interest around the spree of new launches. The RAK Properties’ CEO Sameh Muhtadi said: “We are launching Cape Hayat to cater to the significant demand for quality homes in prime destinations in Ras Al Khaimah.
We hope this positive sentiment continues as market fundamentals and economy are strong and we’ll continue to tap into demand.
Danah Bay’s got new homes
The options are opening up for RAK residential investors. This week, the Dubai Investments’ project on Al Marjan Island, called ‘Danah Bay’ launched upscale five-bedroom ‘breakwater’ and ‘landside’ villas as part its Phase 2.
“As the emirate’s economy continues to thrive and its real estate landscape flourishes, Danah Bay is positioned at the heart of this transformation on Al Marjan Island,” is how Obaid Salami, General Manager of Dubai Investments Real Estate, says it.
A Dh1 billion project, the Danah Bay will have its Phase 1 handover from Q1-2025 and the second one ready by Q2 the same year. (A third phase will feature a residential tower and a Grand Millennium Resort.)
An Ellington entry
Another Dubai-based developer, Ellington, was another to make the trek northwards, tying up with RAK Properties for a June launch, also on Hayat Island. At the time, the latter said the Ellington alliance forms a key part the strategy to have ‘partnerships with top-tier local and international investors’ and ‘capitalise on rising demand for quality real estate in the emirate’.
“At Mina Al Arab we are creating a highly experiential ‘urban island’ lifestyle destination in the heart of Ras Al Khaimah,” said Al Muhtadi. And ‘bringing to life the conveniences of urban living with the free-spirited energy of island life’.