To stimulate growth in Ras Al Khaimah’s real estate sector, Marjan, the leading developer of freehold properties in the emirate, unveiled a prize fund of AED2 million for top-performing real estate investors and agents. The initiative, announced Friday during the ‘Future of Ras Al Khaimah Conference’ by Marjan CEO Abdulla Al Abdouli, will award AED1 million each to the investor with the highest transaction value and the agent with the most sales by year-end.
Al Abdouli stated, “This programme 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.” The prize fund is expected to drive significant market engagement over the next two months as participants work to qualify.
Record Sales in Luxury Real Estate
Ras Al Khaimah’s luxury real estate market has shown substantial growth, with recent transactions reaching historic highs. A developer recently sold two high-end units for AED180 million, underscoring Ras Al Khaimah’s appeal to luxury investors. A leading development in the area achieved AED6,300 per square foot, setting a new price benchmark. Almal Real Estate Development recorded the highest unit sales in Ras Al Khaimah, an achievement commended by Marjan’s CEO for its positive impact on the local market.
Future Developments and Growth Initiatives
Marjan has also launched RAK Central, a master plan focused on creating a balanced work-live environment with an emphasis on environmental sustainability. The project aims to attract residents and businesses, promoting a vibrant, sustainable community.
Other notable projects include the Wynn Al Marjan Island, set to be the first integrated gaming resort in the MENA region upon its 2027 opening. These projects reflect Ras Al Khaimah’s evolving status as a desirable destination that balances modern amenities with cultural heritage.
