JobXDubai

Ultra-high net worth individuals are increasingly drawn to Ras Al Khaimah when they are searching for luxury real estate outside of Dubai. A major player in the emirate, Luxe Developers, cites a spike in demand, especially for their flagship Oceano property, which is almost sold out.

Despite a booming market for luxury real estate, 70% of Oceano’s properties have been sold. Starting costs range from AED2.6 million for a one-bedroom apartment to AED21 million for a penthouse. These prices have captured the attention of buyers. This pattern is in line with Knight Frank’s Prime Global Cities Index, which highlights a startling 48.8% increase in Dubai real estate prices in the first quarter of 2023 as a sign of growing interest in the country’s real estate market.

Growing Real Estate in Ras Al Khaimah

In example, property prices on Al Marjan Island have increased by 4%, making it a desirable destination for investors. The island’s increasing allure to investors is demonstrated by the 4.88 percent increase in property value per square foot.

The Luxe Developers’ Chairman and Co-Owner Shubam Aggarwal highlights that Oceano’s distinctive architecture and opulent amenities are what are drawing investors to Ras Al Khaimah rather than Dubai. When the property is finished in Q3 2026, it will have a number of upscale amenities that will increase its appeal, such as a cigar bar, private beach access, an infinity pool, and fitness and spa services.

Ras Al Khaimah’s Future in Luxury

The excitement around the Wynn Resort, which is close to Oceano, is expected to increase the value of real estate. The resort’s close vicinity and ongoing building are anticipated to increase demand for Oceano’s real estate.

The Luxe Developers’ managing director and co-owner, Siddharta Banerji, emphasises the value of seclusion for affluent buyers of luxury real estate. The design of Oceano places a high value on privacy, providing a haven that combines unique architecture with the assurance of a quiet, undisturbed life.

In conclusion, the real estate market in Ras Al Khaimah is undergoing a significant upheaval, establishing itself as a profitable substitute for Dubai in terms of luxury real estate investment. The emirate is poised to reinvent luxury living in the United Arab Emirates, with projects like Oceano leading the way.