Industry experts predict that property prices at Al Marjan Island’s branded residential developments could double by 2030. This is driven by a supply shortage and surging demand ahead of the $5.1bn Wynn Al Marjan Resort’s opening.
Umar bin Farooq, Founder and CEO of One Broker Group, mentions off-plan branded units currently trading at Dh 4,800 per sq ft could accumulate to Dh 8,000 to Dh 10,000 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.”
Umar bin Farooq, Founder and CEO, One Broker Group
A Savills report highlights that non-branded units are expected to see more modest gains, with prices forecasted to increase from 30% to 50% by 2030. Wider residential stock in Ras Al Khaimah is expected to more than double by 2030, with over 11,000 units scheduled for completion.
According to Stirling Hospitality Advisors, the supply of hotel keys and residential units remains below expected demand, and RAK’s hotel room supply is predicted to reach 16,000 by 2030. This follows as the emirate targets 3.5 million annual visitors, a figure executives anticipate will be surpassed once Al Marjan Island reaches full capacity.
WOW Resorts, the developer of JW Marriott Al Marjan, confirms it has appointed China Road and Bridge Corporation as main contractor, with Edifice Middle East acting as the project’s on-ground contractor in Ras Al Khaimah. Bhupender Patel, Co-Founder and Co-CEO of WOW Resorts, mentions the group plans to expand into other emirates.
The JW Marriott project outlines the pace of price growth. It launched at around Dh 3,000 per sq ft, and the units are now trading at Dh 4,800 per sq ft – an increase of over 50%. The vast majority of units varying from one- to three-bedroom apartments and penthouses have already been sold.
The $5.1bn Wynn Al Marjan Resort, the Middle East’s first integrated resort, is expected to open in 2027 and is projected to be a transformative draw for visitors from the region, Europe, Asia and Africa.
Rahul Kumar Gupta, Chairman of Aark Developers, comments RAK is set to enter a new phase of its real estate cycle, underscored by tourism growth, infrastructure investment and strong demand for branded lifestyle properties.
“Branded residences will play a major role in shaping the future of the market. Buyers are investing not only in property but also in lifestyle and global brand association.
“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.”
Rahul Kumar Gupta, Chairman, Aark Developers
Rahul added that beachfront developments in prime areas such as Al Marjan Island could gravely outperform wider market averages, with hospitality-led real estate, luxury communities and integrated resort destinations leading growth.
