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Ras Al Khaimah is quickly becoming a hotspot for luxury real estate in the UAE. Developers say the emirate is attracting a massive influx of ultra-high-net-worth individuals (UHNWIs) seeking exclusive properties.
One major new development driving this trend is Oceano, located on Al Marjan Island . The twin-tower project is reporting huge interest from wealthy investors, with 70% of units already sold. Prices at Oceano start at $708,000 for a one-bedroom apartment. Penthouses go for a whopping $5.7 million.
Despite the hefty price tags, UHNWIs are snapping up homes here. They see Ras Al Khaimah as an emerging luxury market with big potential returns.
Oceano Features High-End Design and Amenities
What’s drawing elite buyers to Oceano? Developers point to the towers’ sleek design and lavish features. Oceano’s unique architecture includes rotating floors and minimalist glass facades. Every residence enjoys panoramic Gulf views.
Inside, homes have upscale copper finishes and smooth alcoves. The effect is light and airy, with a sense of flow. Residents also enjoy resort-style amenities, like an infinity pool connecting the towers. There’s a private beach, spa, cigar lounge, and more.
Developer: Oceano Competes with Dubai’s Best Properties
According to Shubam Aggarwal, Chairman of Oceano’s developer, the luxury project “often exceeds anything else on the market in the UAE.” He says Oceano is drawing investors away from comparable Dubai Properties . The amenities and potential returns make it stand out.
RAK’s Luxury Market Heats Up as Dubai Prices Soar
Another reason wealthy buyers are targeting Ras Al Khaimah? Dubai’s red-hot luxury market. In early 2023, prime property prices in Dubai jumped nearly 50%. RAK offers relatively affordable options by comparison.
Al Marjan Island, where Oceano sits, saw a 5% bump in rental rates and price per square foot last year. More growth is expected.
Oceano Sales Accelerated by Upcoming Wynn Resort
What’s fueling the boom on Al Marjan Island? The upcoming Wynn Resort next to Oceano. Set to begin construction soon, the resort will further boost luxury demand. Since launch, Oceano prices have already risen 7%.
Oceano’s developer says the Wynn, just minutes away, will heighten interest and prices for the Twin Towers.
UHNWIs Crave Privacy in Ras Al Khaimah Sanctuary
For wealthy buyers, Ras Al Khaimah offers more than rising property values. It provides privacy and seclusion. Oceano’s unique location ensures complete privacy. Homes have private terraces and balconies.
There’s also an exclusive shoreline and beach for residents. It creates a peaceful sanctuary away from prying eyes. According to Oceano’s developer, privacy is essential for UHNWIs. The towers let them shield their personal life.
A New Destination for Global Elite Seeking Luxury Living
As sales at Oceano show, perceptions of Ras Al Khaimah are changing. It’s now a coveted global destination.
With exclusive new projects like Oceano plus forthcoming resorts, RAK caters to discerning luxury buyers. The surge of UHNWI investment indicates RAK’s coming of age. The emirate joins Dubai as a hotspot for elite real estate.
For wealthy investors and families, Ras Al Khaimah offers a secluded retreat with fabulous amenities. It’s a new beacon of luxury living in the UAE.
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