Al Marjan Island Unveils $191 Million Masa Residence

Demand for branded residences is on the rise on Al Marjan Island in Ras Al Khaimah, following the opening of the $3.9 billion Wynn Al Marjan Island resort. According to Jackie Johns, Managing Partner at Christie’s International Real Estate Ras Al Khaimah, Al Marjan Island is poised to become the next big market for branded residences in the UAE, driven by the quality and high standards associated with such developments. The trend for branded residences has gained momentum in the UAE, and the presence of the Wynn resort is expected to further attract international investors to the area.

Construction of the Wynn Resort has already begun and is set to be completed by 2026. The recently unveiled Dh700 million Masa Residence on Al Marjan Island, managed and sold by Christie’s International Real Estate subsidiary Ras Al Khaimah, has garnered exceptional interest, with 394 units comprising villas and apartments. Construction for Masa Residence is scheduled to commence in January 2024 and is expected to conclude by the end of 2026.

Durar, a prominent real estate developer in the UAE, introduced Masa Residences, offering investors the opportunity for significant capital gains and beachfront villas with top-notch amenities. The demand for waterfront properties on artificial islands in the UAE, including Al Marjan Islands, Palm Jumeirah, and the newly opened Palm Jebel Ali, is driven by the scarcity of waterfront real estate, particularly in Dubai, leading to faster value appreciation compared to the overall market.

Christie’s International Real Estate plans to target Asian and Commonwealth of Independent States (CIS) markets through its international affiliation. With over 1.13 million visitors to Ras Al Khaimah in 2022, a 15.6% year-over-year increase, the area is witnessing a surge in foreign tourism, particularly from source markets such as Kazakhstan, Russia, the UK, Germany, and the Czech Republic, indicating strong potential for real estate investment and development.