Al Marjan Island, the flagship development of Ras Al Khaimah (RAK), is on track for a significant real estate boom. The development of Wynn Resorts’ first casino in the UAE, combined with strategic government initiatives and infrastructure upgrades, is expected to propel real estate prices to an unprecedented Dhs10,000 per square foot by 2030. The current price range of Dhs1,500-3,000 per square foot on Al Marjan Island reflects a market in the early stages of transformation.
The integration of high-end luxury developments, foreign investment inflows, and a growing tourism sector are set to make Al Marjan Island one of the most lucrative property markets in the region. Read: Wynn Resorts secures UAE’s first commercial gaming licence The casino effect: Global trends and RAK’s future Since the liberalisation of Macau’s gaming industry in 2002, property prices have risen dramatically. Real estate growth is not only driven by the influx of tourists but also by the demand for premium residential properties from wealthy investors and high-net-worth individuals (HNWIs).
In the US, Las Vegas has long been a benchmark for understanding the impact of casinos on local economies. Following the development of The Strip and the boom of mega-casinos in the 1990s, Las Vegas real estate saw a period of explosive growth. In Asia, the launch of Marina Bay Sands back in 2010 catalysed Singapore’s luxury property market.
The Q3 2023 Singapore Research Market Report by Knight Frank shows.