Dubai real estate faces rival market as RAK gears up to launch Wynn Resorts and Casino
Only a 45-minute drive from Dubai’s International Airport, Ras Al Khaimah is becoming a top holiday destination for its surrounding emirates and tourist spot for international tourists. With real estate on the rise here in Ras Al Khaimah’s Al Marjan Island and Al Jazirah, property prices are projected to increase up to 30% over the next 12 months.
The emirate has already been gaining popularity as a top tourist destination, breaking records for the number of visitors in the first half of 2023. This is in part due to upscale hospitality services, resort-style living environment, and fast-growing economy. These are precisely the same reasons why real estate demand is skyrocketing, along with property prices. The area is also being primed as the newest billionaire’s playground. Ras Al Khaimah is boosting its real estate offerings to rival Dubai.
Additionally, the shortage of available properties in Dubai has helped turn buyers onto the area. As demand continues to far outpace supply in Dubai, prospective buyers are increasingly considering Ras al Khaimah, which offers a similar level of luxury but lower prices and less competition.
WYNN CASINO & RESORTS
Ras Al Khaimah’s upcoming luxury casino resort, set to be the world’s largest and the UAE’s first legal casino, is propelling the emirate to premium destination status. Among the entertainment options at Wynn Al Marjan Island will be the UAE’s first casino, as was confirmed by Craig Billings, Wynn Resorts CEO in September 2022. During an earnings call, Billings confirmed that the casino component was “shaping up to be somewhat larger than Wynn Las Vegas. Further entertainment will come in the form of a theatre hosting unique productions, celebrity and singers to perform constant concerts like the concept in Las Vegas with daily light and laser shows.
The resort’s eye-watering estimated cost is USD$3.9 billion. Construction work has already begun ahead of the casino opening in January 2027. The project will mark the biggest foreign direct investment for the publicly listed Wynn Resorts Limited, which also operates integrated resorts in Las Vegas and Macau.
The emirate’s government established the Ras Al Khaimah Department of Entertainment and Gaming Regulation in January 2022 to establish a regulatory framework ensuring “the responsible practice of recreational gaming at all levels.
The 18,500sqm casino, set to be the world’s largest, will be launched as part of a luxury resort by Wynn Resorts, which will have 1,500 rooms on Al Marjan Island. Additionally, the casino’s development will spur infrastructure improvements, including transportation links, amenities and public facilities, further enhancing the Al Marjan Island appeal.
It will attract a substantial influx of tourists and visitors, driving up demand for real estate, particularly in residential properties, and becoming a more enticing market for buyers, investors and developers who are looking to capitalize on expanding opportunities
Surge in project launches, entry of 5-star Ras Al Khaimah hotels
Maldivian-style beachfront luxury resorts without skyscrapers, expected opening of 5-star luxury hotels such as InterContinental, Nobu, Movenpick, Nikki Beach and Anantara soon and close proximity to the international airport and the free trade zone are identified as the major growth drivers for high-end properties in Mina Al Arab region, while that in Al Marjan is driven by its unique geography – 4.5 km into the seas, making it one of the top tourist spots in the emirate. Al Marjan RAK is a man-made island and is often compared to the iconic Palm Jumeirah in Dubai.
When it comes to apartments for sale in Ras Al Khaimah, Al Marjan has been the top choice for investors, where the average price-per-square-foot increased by 12.49%. With an excellent ROI of 13.60%, the apartments for sale in Al Marjan offered the best rental yields.
Most real estate developers in Ras Al Khaimah also includes the 10-year UAE Golden Residency Visa for buyers who purchase units in their developments. The processing time for the residence application takes around six to eight weeks
This visa provides a ten-year validity period and does not require renewal every two years. Ras Al Khaimah ranked the world’s fourth-best city for expatriates in 2023. With its vibrant expatriate community, which makes up around 80 per cent of the population, international investors feel instantly at home in the UAE.
Benefits of the UAE Golden Visa
- Right to live in any of the seven emirates of the UAE
- Gateway to Africa and the Middle East, Asia, and Europe due to the country’s strategic geographic positioning
- Applicant’s spouse and unmarried children of any age may be added at no additional investment
- Favorable tax regime for investors • Good value from real estate investments
- Streamlined, efficient residence permit system
- Member state of the United Nations, the Gulf Co-operation Council, and the Arab League
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