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According to the 2023 Expat City Ranking, the emirate is ranked as the fourth-best city globally for expatriates to live and work.
As per the 2023 Expat City Ranking, Ras Al Khaimah is the fourth-best city globally for expatriates to live and work. This recognition highlights the emirate’s appeal as a place to live and an ideal location for holiday homes.
Ras Al Khaimah is increasingly considered a top choice for people seeking holiday homes. The prices of beachfront properties in the Emirates remain significantly lower than in other popular sea-facing locations in the UAE, making it an attractive option for investors.
Al Marjan Island: A Booming Market
The property market in Ras Al Khaimah, particularly on Al Marjan Island, has experienced rapid growth. This surge is driven mainly by the upcoming Wynn Al Marjan gaming resort, set to open in 2027. Properties on Al Marjan Island are in high demand, often selling within days of their launch.
Ras Al Khaimah is emerging as a destination for expatriates and home investors. The emirate is now recognized as one of the world’s top cities for expatriates due to its high living standards and abundant job opportunities. This makes it a prime location for investing in holiday homes.
Affordable Luxury in Ras Al Khaimah
“Ras Al Khaimah offers a different lifestyle,” said Amira Sajwani, Managing Director at DAMAC Properties. “It’s ideal for people seeking holiday homes and beach destinations.” She explained that beachfront apartments in Ras Al Khaimah are much more affordable than similar properties in Dubai.
For instance, a one-bedroom beachfront apartment in Dubai’s Marina area starts from AED 3.8 million. In contrast, a similar property in Ras Al Khaimah is priced around AED 1.5 million. “The entry point for a beach holiday home is much lower here,” Sajwani added. “Ras Al Khaimah is an excellent second option for those wanting a holiday home in the UAE.”
Shoreline by DAMAC: Selling Fast
Sajwani made these comments during an interview with Khaleej Times following the launch of DAMAC’s first project on Al Marjan Island. The 17-story Shoreline by DAMAC offers branded beachfront residences designed in collaboration with contemporary art icon Vincent Faudemer’s luxury collection, Babolex.
Located on Island 4 of Al Marjan Island, these 1-, 2-, and 3-bedroom apartments and duplexes have direct beach access. Residents enjoy top-tier amenities such as landscaped gardens, fitness centers, running tracks, swimming pools, wellness areas, and a sunset bar with a floating cabana.
“We see northern emirate markets, especially Ras Al Khaimah, booming,” Sajwani said. “With Wynn Resort coming up soon, it has been doing very well. We wanted to establish our presence alongside reputed developers on Al Marjan Island.”
She revealed that all units in the AED 1.3 billion project are water-facing. “Almost 80 percent are sold out, and we’re on track to sell out the project fully in 3-4 days,” she added.
High Returns on Investment
Sajwani also shared that DAMAC will announce two new major projects in Dubai soon. One is in the Riverside Dubai project, where previous units sold out in record time. “We sold out the villas in a single day,” Sajwani said. “It was the largest single-day sale in the UAE market history, totaling AED 5 billion.”
She noted that DAMAC Hills 2 has also seen significant success, with buyers experiencing up to 80 percent return on investment and 8-10 percent rental yields. “DAMAC Hills 2 was massively upgraded last year,” Sajwani explained. “Today, it is the most transacted community in the secondary market across the UAE.”
Dubai’s Growing Appeal
Sajwani emphasized that Dubai is a global city offering security and opportunity. “There is energy and entrepreneurship in the market. Dubai has attracted many people who previously didn’t consider it for residency,” she said.
Despite its rapid growth, Sajwani doesn’t foresee the Dubai property market slowing down. “It will continue to overgrow because it has become a global city. It is still much cheaper than cities like Hong Kong, New York, and London,” she added.
In addition to its UAE projects, DAMAC plans to launch its first residential project in the United States. The development, located in Miami, will be launched next year.
