To invigorate the real estate market in Ras Al Khaimah (RAK), Marjan, the leading developer of freehold properties in the emirate, has announced a remarkable Dh2-million incentive. This prize will reward both the investor with the highest investment and the real estate agent who records the most significant sales by the end of the year.
Incentives for Real Estate Engagement
At the ‘Future of Ras Al Khaimah Conference,’ CEO Abdulla Al Abdouli announced that the Dh1 million reward for the top real estate agent and another Dh1 million for the leading investor aim to enhance participation in the local market. With only two months left in the year, this initiative encourages agents and investors to actively engage in RAK’s real estate sector. Al Abdouli stated, “This program is designed to spur new activity in the real estate sector and help drive the market forward as we look toward our growth goals in 2025.”
Surge in Luxury Property Sales
Ras Al Khaimah is witnessing a significant surge in luxury property transactions, with recent sales including two high-end units fetching a record total of Dh180 million. This development highlights the strong demand for premium properties in the area. Additionally, Almal Real Estate Development has set a new benchmark in RAK with sales reaching Dh6,300 per square foot, reflecting the competitive landscape of the local market.
Strategic Development Plans
In alignment with its vision for growth, Marjan has introduced the ‘RAK Central’ project, aimed at creating a vibrant live-work environment. This initiative focuses on modern office spaces while emphasizing environmental sustainability. Al Abdouli emphasized the importance of attracting residents and businesses while maintaining a balance between supply and demand, all while preserving Ras Al Khaimah’s unique heritage.
Meanwhile, Al Marjan Island continues to expand its offerings, with plans for further developments that cater to strategic partners and investors. One of the most anticipated projects is Wynn Al Marjan Island, set to be the first integrated gaming resort in the Middle East North Africa (MENA) region, scheduled to open in 2027.
Conclusion
As Ras Al Khaimah positions itself as a top destination for both investors and residents, Marjan’s initiatives, including the new reward program, demonstrate a strong commitment to fostering a dynamic and sustainable real estate market. These efforts not only aim to drive engagement in the property sector but also seek to create a vibrant community that balances growth with the emirate’s rich heritage.