Property prices at Al Marjan Island's branded residential developments could double within a few years, driven by a supply shortage and surging demand ahead of the Wynn Al Marjan Resort's opening, industry executives say.
Launched at around Dh3,000 per square foot, units at JW Marriott project are now trading at Dh4,800 per sqft. Photos by KT File
Umar bin Farooq, founder and CEO of One Broker Group, said off-plan branded units currently trading at Dh4,800 per square foot could reach Dh8,000 to Dh10,000 by 2030 as major developments come online.
"Once Al Marjan Island and all projects located around it are fully operational, branded and prime unit prices will double," he said.
Non-branded units are expected to see more modest gains, with prices likely to rise 30 to 50 per cent by 2030. Broader residential stock in Ras Al Khaimah is projected to more than double by 2030, with over 11,000 units scheduled for completion, according to a Savills report.
Supply squeeze
The supply of hotel keys and residential units remains below projected demand. RAK's hotel room supply is forecast to reach 16,000 by 2030, according to Stirling Hospitality Advisors, even as the emirate targets 3.5 million annual visitors, a figure executives expect will be exceeded once Al Marjan Island reaches full capacity.
Bin Farooq made the remarks on the sidelines of a contract award ceremony for the 474-unit JW Marriott Al Marjan Island Resort & Residences.
WOW Resorts, the developer of JW Marriott Al Marjan, has appointed China Road and Bridge Corporation as main contractor, with Edifice Middle East serving as the project's on-ground contractor in Ras Al Khaimah.
Bhupender Patel, co-founder and co-CEO of WOW Resorts, said the group plans to expand into other emirates.
The JW Marriott project illustrates the pace of price growth. Launched at around Dh3,000 per square foot, units are now trading at Dh4,800 per square foot, an increase of more than 50 per cent. The majority of units, spanning one- to three-bedroom apartments and penthouses, have already been sold.
Tourism catalyst
The $5.1-billion Wynn Al Marjan Resort, the Middle East's first integrated resort, is slated to open in 2027 and is expected to be a transformative draw for affluent visitors from the region, Europe, Asia and Africa.
Rahul Kumar Gupta, chairman of Aark Developers, said RAK is entering a new phase of its real estate cycle, underpinned by tourism growth, infrastructure investment and demand for branded lifestyle properties.
"Branded residences will play a major role in shaping the future of the market," he said. "Buyers are investing not only in property but also in lifestyle and global brand association."
Gupta added that beachfront developments in prime locations such as Al Marjan Island could significantly outperform broader market averages, with hospitality-led real estate, luxury communities and integrated resort destinations leading growth.
"The market is still in an early growth cycle compared to more mature destinations. Investors have an opportunity to enter at a stage where the upside potential remains substantial," he said.
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Waheed Abbas
Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that dir...