Two decades ago, Al Marjan Island was still under the sea. Today it is one of the most closely watched residential markets in the UAE, and in September 2027 it will host the country’s first integrated resort. This is how Ras Al Khaimah’s real estate market got here, what drove it, and what we believe is worth watching next.
2004–2013: The island is born
Al Marjan Island began as a vision of His Highness Sheikh Saud bin Saqr Al Qasimi, then Crown Prince of Ras Al Khaimah. Land reclamation started in 2004 and created four coral-shaped islands reaching 4.5 km into the Arabian Gulf.
- 2.7 million m² of new land
- 23 km of new waterfront, added to RAK’s existing 64 km coastline
- 2007: construction begins on the island
- 2013: official opening
The first hotels, DoubleTree by Hilton Marjan Island and Rixos Bab Al Bahr, defined the island’s early positioning as a beach and resort destination.
2013–2021: The resort years
For most of the following decade, Ras Al Khaimah grew steadily and without much attention. By 2020, the island had more than 1,600 operational five-star hotel keys and over 2,000 completed residential units.
Demand was largely lifestyle-led: residents, holiday-home buyers and regional investors. International capital remained focused on Dubai.
2022: The turning point
On 25 January 2022, Marjan, RAK Hospitality Holding and Wynn Resorts announced a multibillion-dollar integrated resort on Al Marjan Island. It was Wynn’s first project in the Middle East and its first beach resort anywhere in the world.
The announcement changed the emirate’s position. Ras Al Khaimah was no longer only a leisure destination. It became a market that international investors began to evaluate seriously.
2023–2024: The breakout
According to the RAK Statistics Centre, based on RAK Municipality records, the emirate’s total real estate transaction value (sales, mortgages and other transactions) moved as follows:
| Year | Total transaction value | Change |
|---|---|---|
| 2023 | AED 6.94 billion | — |
| 2024 | AED 15.08 billion | +118% |
In October 2024, the UAE’s General Commercial Gaming Regulatory Authority granted Wynn the country’s first commercial gaming operator licence. This resolved one of the main open questions about the project.
2025: A maturing market
According to Cavendish Maxwell, Ras Al Khaimah’s residential market recorded AED 12.4 billion in sales across around 6,600 transactions in 2025. Both value and volume were below the 2024 peak, and off-plan accounted for 85% of deals.
Prices continued to rise:
- Apartment prices: +13.4% year-on-year
- Villa prices: +9.7%
- Apartment rents: +10.2%
- Villa rents: +8.7%
The RAK Tourism Development Authority reported a record 1.35 million overnight visitors (+6%), with tourism revenue up 12%. In December 2025, the Wynn tower topped out at 283 metres across 70 storeys.
Our read: fewer transactions at higher prices typically indicate a market shifting from short-term activity toward end-users and long-term investors.
2026: The stress test
The regional conflict involving Iran in early 2026 was the first real test of RAK’s new position, and deal flow slowed. The Lands and Properties Sector at RAK Municipality reported AED 2.89 billion in total transactions in H1 2026, including AED 1.35 billion in property sales across 1,274 deals.
Prices held up. CBRE’s H1 2026 market review, published in September 2026, reports year-on-year changes:
- Apartment sale prices: +18%, averaging AED 2,298 per sq ft
- Al Marjan Island apartments: +23.1%
- Al Hamra apartments: +14.7%
- Ready apartments and villas: +11% and +10%
- Apartment rents: +14.3%
CBRE also reports 670,400 hotel visitors in H1 2026, with domestic and GCC visitors up 47%.
Hospitality performance was softer. Average occupancy was 49% and RevPAR fell 28.6% year-on-year. Our reading is that activity slowed but prices did not correct. The hotel sector deserves close attention.
Why it happened: five forces behind the growth
- The Wynn effect. A global luxury operator committing billions (the project cost now stands at US$5.7 billion) has changed how international investors view the emirate.
- Entry point. Waterfront property in RAK remains priced below Dubai’s prime coastal areas.
- A defined tourism strategy. RAK is targeting 3.5 million visitors a year by 2030 and plans to double its hotel inventory.
- Investor-friendly framework. Foreigners can buy freehold in designated areas, and qualifying property purchases can lead to a UAE Golden Visa.
- Infrastructure. A new 30,000 m² terminal at RAK International Airport is designed to handle 3 million passengers a year by 2028.
What we can expect
Wynn Al Marjan Island opens in September 2027. CEO Craig Billings confirmed the date on Wynn Resorts’ Q2 2026 earnings call in August 2026. On the same call, the project budget was revised from US$5.1 billion to US$5.7 billion. The resort will offer 1,530 guest accommodations.
A significant pipeline follows. CBRE expects more than 34,000 new residential units between 2026 and 2030, including around 10,000 branded residences, plus 8,500 new hotel keys between 2027 and 2030, over 80% of them five-star.
What to watch:
- Supply timing. Cavendish Maxwell expects deliveries to rise to about 5,200 units in 2028. Absorption will vary by project and location.
- Hotel performance. Occupancy of 49% needs to recover as new hotel supply arrives.
- Regional stability. 2026 showed that prices can hold under pressure, but transaction volumes still respond to headlines.
Our view: the period before Wynn opens is more likely to reward selective, well-researched decisions than broad exposure to the island. Location, developer track record, handover timing and rental strategy will matter more than ever.
Considering Ras Al Khaimah?
At Laren International Real Estate, we analyse the market so that every decision starts with clarity. Speak with our team for a considered view of the opportunities in Ras Al Khaimah.
Sources: RAK Government Media Office (Al Marjan Island history); Wynn Resorts press release, 25 January 2022; RAK Statistics Centre / RAK Municipality (2023–2024 transactions); UAE General Commercial Gaming Regulatory Authority (October 2024 licence); Cavendish Maxwell, “Ras Al Khaimah Residential Market Performance 2025”; RAK Tourism Development Authority (2025 tourism results); Wynn Resorts (December 2025 topping-out release); RAK Municipality, Lands and Properties Sector, via WAM (H1 2026 transactions); CBRE Middle East, RAK Real Estate Market Review H1 2026 (September 2026); Wynn Resorts Q2 2026 earnings call (August 2026); RAK Department of Civil Aviation (airport expansion, June 2025). Figures from different sources use different methods and are not always directly comparable.
Disclaimer: This article is for information only and is not investment advice. Past performance does not guarantee future results.
Sources
- Wynn Resorts: announcement, 25 January 2022
- Wynn Resorts: topping out, December 2025
- Asgam: September 2027 opening and US$5.7bn cost
- Khaleej Times: CBRE first-half 2026 figures
- Khaleej Times: gaming licence
- Khaleej Times: RAK Airport expansion
- Zawya: first-half 2026 transactions
- Cavendish Maxwell: RAK 2025
- RAK Tourism Development Authority: 2025 results
- RAK Media Office: Al Marjan Island history
- Economy Middle East: 2024 transactions
