Marjan’s initiative aims to stimulate Ras Al Khaimah’s real estate market and encourage active participation in upcoming developments.
In a bid to further invigorate the real estate sector in Ras Al Khaimah (RAK), Marjan, the master developer of freehold properties in the emirate, has announced a lucrative prize pool totaling Dh2 million. This initiative rewards the top individual investor and real estate agent who achieve the highest sales and transaction volumes by the end of the year.
During the ‘Future of Ras Al Khaimah Conference’, Abdulla Al Abdouli, CEO of Marjan, revealed that the prizes consist of Dh1 million for the leading investor and another Dh1 million for the top-performing real estate agent. With just two months left in the year, participants are encouraged to engage in the market actively to qualify for these substantial rewards.
Encouraging Market Engagement
Al Abdouli emphasized that this reward program aims to stimulate activity in RAK’s real estate market and align with growth objectives set for 2025. “This programme is designed to spur new activity in the real estate sector and help drive the market forward,” he stated.
The initiative comes at a time when RAK is witnessing a significant uptick in luxury property sales, evidenced by a recent record sale of two high-end units totaling Dh180 million. Al Abdouli noted that this milestone reflects the commitment of local developers to maintain high standards in the real estate market.
Rising Luxury Property Sales
Further highlighting the growth in the luxury segment, Al Abdouli reported that a leading developer achieved a remarkable selling price of Dh6,300 per square foot within the development area, marking a new high for RAK. This achievement, credited to Almal Real Estate Development, underscores the positive momentum in the local real estate market.
Future Developments
Looking ahead, Marjan has unveiled the RAK Central project, a master plan designed to create a modern work-live destination that emphasizes environmental sustainability. Al Abdouli explained that this project aims to attract both residents and businesses while maintaining a balance between supply and demand, ensuring the preservation of Ras Al Khaimah’s unique heritage.
Additionally, Al Marjan Island continues to make strides in developing lots for strategic partners and investors, positioning Ras Al Khaimah as a premier destination that harmonizes livability with growth. Future projects, including the Wynn Al Marjan Island—set to be the first integrated gaming resort in the MENA region—are expected to open their doors in 2027.
As Ras Al Khaimah aims to attract a diverse range of visitors and residents, it is set to foster a vibrant and sustainable community, paving the way for significant advancements in its real estate landscape.
