Christie's international real estate zooms in on Ras-ul-Khaimah, one of the fastest growing destinations in the UAE Christie's International Real Estate growth in Ras-ul-Khaimah, one of the fastest growing destinations in the UAE

The city of Ras Al Khaimah is located 90 km/50 miles northeast of Dubai city center, between the Persian Gulf and the Hajar Mountains. It has become a popular vacation destination for UAE residents as well as an important destination for international and local buyers and real estate investors. Its population is expected to increase by 60 percent by 2030, and in the first six months of 2023, the city attracted more visitors than in any other year in its history.

In the meantime, developers continue to unveil new projects to meet demand. Several luxury hotels and residential complexes are currently under construction on Al Marjan Island, which consists of four connected artificial islands in the Persian Gulf. These include Nobu Al Marjan Island, the new Le Meridien development, the recently announced Nikki Beach Residences and the region's largest hotel development, the $3.9 billion Wynn Al Marjan Island, which is expected to open in 2027.

The city of Ras Al Khaimah offers the perfect blend of affordable luxury, investment opportunities and new development prospects. Lower prices compared to Dubai and its central location - one-third of the world's population is within a four-hour flight of the city - as well as the ability for foreign nationals to legally buy property in the region have made it increasingly attractive to international buyers and investors. Ras Al Khaimah was the second UAE emirate to allow foreign ownership of property rights and the first emirate to pass a law to grant foreign nationals property rights. The expansion of its 10-year Golden Visa program has also boosted international interest in UAE real estate.

"The incredible momentum and untapped opportunities for luxury real estate in Ras Al Khaimah make this an ideal time for Christie's International Real Estate to enter the market," said Jones. "The region is poised to become the next luxury real estate hub in the Middle East and possibly the world. "The location is ideal, with beautiful beaches, mountains and the nearby Ras Al Khaimah International Airport, and perks such as the Golden Visa program and incredibly low taxes make buying in this city a smart move.

In addition, the shortage of affordable real estate in Dubai is causing buyers to turn their attention to the region, according to Chatwani. "As demand continues to outstrip supply in Dubai, potential buyers are increasingly looking to Ras Al Khaimah, which offers the same level of luxury but at lower prices and with less competition. It's like Dubai in 2004. "

Christie's International Real Estate has already opened an office in Ras Al Khaimah, where it is presenting the exclusive $115 million Falcon Island Beach Villas in the award-winning Al Hamra Masterplan. The company plans to announce additional partnerships in the coming months.

"We are proud to partner with Ms. Jones and Mr. Chatwani to provide Christie's International Real Estate clients with our customized services, the best marketing and a worldwide network in Ras Al Khaimah, one of the fastest growing luxury destinations in the world," said Helena de Forton, executive director and head of Europe, Middle East and Asia Pacific at Christie's International Real Estate. "Their team is experienced in guiding clients through Dubai's unrivaled real estate market, and we look forward to their success in this new location. "

Ras Al Khaimah is one of the many global markets in which Christie's International Real Estate has recently expanded its operations. Over the past 18 months, the brand has announced new leading partners in the markets of London, Munich, Sydney, Los Angeles, the Swiss, French and Italian Alps, several Caribbean islands, Miami and other locations around the world.

Christie's International Real Estate Dubai recently opened its third office in the Dubai International Financial Center, the MEASA region's leading financial center. The company was also recently appointed as the exclusive selling agent for Eywa, a collection of waterfront residential developments in Dubai with ancient knowledge systems, modern technology and nature-inspired interiors designed to revolutionize luxury well-being.