Aldar Properties, Abu Dhabi’s biggest listed developer, sold out 420 units for Dh1 billion ($272 million) in the first phase of its residential development in Ras Al Khaimah, as the UAE’s property market continues to record strong investor interest.

The beachfront units at the development, located on Al Marjan Island, were sold out in 48 hours of the launch, showing “the growing demand for the short-term stay and second home market in Ras Al Khaimah”, Aldar said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.

The first phase includes 357 units in the Nikki Beach Residences community, including one to five-bedroom apartments. All apartments are serviced, with both furnished and unfurnished options, with the average price for a one-bedroom unit at Dh2.3 million.

Following the sell-out of phase one, Aldar has released an additional 150 units for sale.

The strong response to the project in Ras Al Khaimah “has validated our long-held view that the market is primed for a branded residential product that facilitates short-term stays”, said Rashed Al Omaira, chief commercial officer at Aldar Development.

“As we unveil phase two, we anticipate continued interest from buyers.”

The UAE‘s property market has been steadily growing on the back of government initiatives and overall growth in the economy.

Aldar, which posted a 43 per cent annual increase in third-quarter profit to Dh794 million, has been expanding its portfolio rapidly to cater to demand.

The company reported record development sales of Dh7.8 billion in the third quarter of this year, with nine-month sales at their highest level of Dh19.4 billion and 11 new projects launched so far this year.

Overseas and expatriate resident buyers accounted for 87 per cent of sales in the first phase of its Ras Al Khaimah project, while 60 per cent are under the age of 45, the developer said on Thursday.

The residential community aims to offer a “resort-like lifestyle” with amenities such as a beach lounge, a modern clubhouse, games room, sauna, yoga deck, kids’ areas and gyms with sea views.

Aldar acquired the 40,000-square-metre beachfront plot for the development from master developer Marjan in November last year.

The development is located between the Rixos Bab Al Bahr and Doubletree by Hilton – both acquired by Aldar last year.

The Abu Dhabi developer, which has expanded to regional markets including Dubai and Egypt, is also entering select international markets, with a particular focus on Europe.

This month, the company acquired UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region.

Source : TheNationalNews

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The UAE property market has seen remarkable growth in the recent years. The launches of the new real estate projects across the country are accelerating this momentum in the sector.

Ras Al Khaimah’s real estate sector is no exception as the emirate is witnessing booming developments.

Durar, a leading high-end real estate developer in the UAE, renowned for its impressive J One Towers in the Burj Khalifa district, has launched MASA Residences, an upscale branded residential development in Ras Al Khaimah, offering investors the prospects of high capital appreciation and owner-occupiers idyllic waterfront homes equipped with world-class amenities.

The Dhs700 million ($190.58 million) interior by YOO inspired by Starck-branded residential project, marking Durar’s’ debut in the UAE’s Northern Emirates, is set to enhance the landscape of Al Marjan Island, a stunning man-made archipelago in Ras Al Khaimah.

Christie’s International Real Estate Ras Al Khaimah, an affiliate of the globally renowned Christie’s International Real Estate, is the Exclusive Sales and Marketing Agency for this prestigious development.

MASA Residences is Durar’s first collaboration with YOO, co-founded by international property entrepreneur John Hitchcox and celebrated designer Philippe Starck.

The development will feature studio, one- and two-bedroom apartments along with ground-floor villas, offering captivating views of the Arabian Gulf. The upscale apartments will boast uninterrupted and breathtaking sea panoramas.

 “Our vision has always been to create idyllic high-end branded residences, and Al Marjan Island in Ras Al Khaimah is the ideal destination. Each and every room in the apartment offers breathtaking sea views and the strategic location development of the project promises exceptional high capital appreciation for our investors and an unparalleled living experience for owner-occupiers and tenants,” commented Durar Chairman Ibrahim Alhabib.

“We have partnered with YOO, the world’s top designer brands, to offer premium interior residences. The island’s thriving tourism activity presents our buyers with the potential for substantial capital gains and promising yields,” Alhabib stated.

Christie’s International Real Estate Ras Al Khaimah’s Managing Partner Jackie Johns stated: “Offering an ultimate beach-front setting, an enviable location and uninterrupted vistas of the shimmering Arabian Gulf, MASA Residences is ideally situated three minutes from the upcoming integrated resort, Wynn Al Marjan Island.”

The heightened development activity in Ras Al Khaimah signals a promising era of growth and progress, she said, adding, “We are thrilled to announce the opening of our office in Ras Al Khaimah and our collaboration with Durar on MASA Residences.”

“Our extensive research and market data indicate a steady increase in demand for housing dwellings in Al Marjan Island. We believe the time is right to unveil a premium branded residential project. We are excited about the project’s launch and confident of a sellout,” Johns concluded.

Source : GulfToday

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Demand for properties in Ras Al Khaimah is growing exceptionally well, mainly driven by investors looking for long-term rental income and short-term holiday home rentals. Numerous private developers are setting sights on the emirate’s real estate market to cash in on the demand, especially after the announcement of the $3.9 billion (Dh14.3 billion) gaming resort Wynn Al Marjan Island in Ras Al Khaimah.

Being developed by local partners Marjan LLC and RAK Hospitality Holding, the hospitality and gaming project will attract thousands of visitors from around the world. This project is expected to boost the profile of the emirate, with high-profile investors pumping money into the projects on Al Marjan Island.

SOLD OUT

“It is high time to look at Ras Al Khaimah, especially Al Marjan Island. There is an unprecedented demand from investors for projects coming over there. The entire stocks on the Al Marjan Island have been sold out. And they are offering exceptionally good returns to investments,” said a real estate executive during a conference recently in Dubai.

He pointed out that a strong secondary market is also emerging for the northern emirate’s property market, which is a good sign of the maturity and stability of the market.

In September, RAK Properties sold out phase one of Cape Hayat on the first day of its launch, reflecting the demand for the off-plan is strong. Cape Hayat is located on Hayat Island, Mina Al Arab, and is a luxury collection of residential apartments with direct access to the beach and views across the Arabian Gulf and Hajar Mountains.

John Allen, CEO of valuation and advisory at Asteco, said the increase of large-scale investments in Ras Al Khaimah by local and international hospitality players marked a new phase of development and has had and will continue to have a positive impact on the real estate market.

The emirate’s property market is proving particularly strong, partly due to its relative affordability when compared to Dubai.

“The primary driver of demand is currently from the investment sector which includes investors seeking long-term rental income, short-term holiday home rentals and/or expectations of capital appreciation. The number of first-time buyers has also increased with many long-term residents seeking to gain a foothold on the property ladder,” he said.

Furthermore, there is also increasing demand for secondary homes, from international buyers as well as UAE residents, seeking a local getaway.

OUTLOOK

Going forward, the northern emirate’s property market is predicted to continue its robust growth backed by supporting infrastructure, complementary policies, and a diversified economy. Over the past two decades, the real estate sector has recorded a substantial increase in development activity and a shift in demographics. “The expansion of the RAK’s tourism sector will continue to promote the construction of hotels and resorts, as well as retail, leisure and adventure facilities, boosting residential demand,” said Allen.

According to Obaid Salami, general manager of Dubai Investments Real Estate, investing in Ras Al Khaimah presents a compelling opportunity for several reasons.

“Firstly, RAK offers a strategic location with easy access to major markets in the Middle East and beyond. Its proximity to key transport hubs like ports and airports enhances logistical advantages for businesses. Secondly, it has a business-friendly environment with investor-friendly policies, including 100 per cent foreign ownership and zero taxation. This fosters a competitive advantage for businesses and investors alike,” said Salami.

RAK also boasts a diverse economy, with thriving sectors like manufacturing, tourism, real estate, and renewable energy, providing investors with a range of opportunities to diversify their portfolios.

1,000 NEW UNITS

Most of the new supply is on reclaimed land along the coast, and it represents a significant addition and improvement over existing properties. The coast’s growth as a freehold destination has resulted in a variety of master-planned, waterfront, mixed-use (residential and hospitality) developments, including Al Hamra Village, Mina Al Arab, and Al Marjan Island.

“We anticipate that around 1,000 residential units will be delivered within these developments in 2023-24, representing a significant 10 per cent increase in existing stock. In recent years, there has been a surge in activity within these masterplans, with a slew of new project debuts and construction proceeding at pace,” said Allen.

Some of the most recent launches include Dubai Investments agreement with Al Marjan Island master developer in October-November 2022 to acquire land to develop Dh1 billion Danah Bay, a mixed-use waterfront destination with an area of approximately 90,000 sqm with 40,000 sqm of beach.

The development will have 209 villas, a residential tower with 128 apartments and a 300-key 4-star upper-scale hotel, operated by the Millennium and Copthorne Middle East Holdings. The construction commenced late 2022 and the first phase is earmarked for completion in Q4 2024.

Obaid Salami said the response garnered for Phase 1 is promising and the group aims to keep up the momentum and carve a niche for upcoming projects in the future.

He revealed that Dubai Investments “continues to explore new opportunities and evaluates the market conditions. The group will actively consider possibilities of new projects in Ras Al Khaimah with the aim to contribute further to the region’s growth and provide attractive investment opportunities.”

The launches also consist of Bayviews Residences, a beachfront development comprising studios, 1 BR and 2 BR apartments, located on Hayat Island, Mina Al Arab, launched by RAK Properties in May 2023, and a residential beachfront development on Hayat Island, a collaboration between RAK Properties and Dubai-based Ellington Properties.

Additionally, Al Hamra awarded the main works package for the construction of 502 villas and townhouses on Falcon Island (located within Al Hamra Village) ranging from 2BR to 7BR units and UAE-based Luxe Developers broke ground on Oceano, a twin-tower waterfront development located on Al Marjan Island, comprising 206 apartments over 18 floors.

Moreover, Aldar acquired a beachfront plot located on Al Marjan Island, spanning over 430,000 sqft to develop a residential community comprising a mix of over 2,000 branded and premium residences with access to retail spaces, a beach club and 2km of private beach.

Source : Zawya

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