Wynn Resort Triggers Luxury Property Development On Al Marjan Island In RAK
The casino project paves the way for investment in hotel and resort projects, fostering the transition of this man-made island into a world-class hospitality destination. The development of further projects such as MASA Residence branded by YOO and Address Residences by Emaar in Ras Al Khaimah’s Al Marjan Island seems to generate around 58% ROI over the period of 5 years mainly because of casino-cum-resort project by Wynn, recent study accentuates.
MASA Residence branded by YOO is a 16-story waterfront residential project and Emaar’s Address Residences consisting of 234 high-end and spacious apartments are projected to generate 36% price appreciation over a period of three years. Realiste study declares.
The study further projected that on the resale of an apartment and villa in MASA Residence, a whopping 19.3% annual profit can be generated. On the other hand, a 10% ROI can be produced by reselling an apartment in Emaar’s Address Residences on Al Marjan Island.
Realtise study further noted, “Al Marjan, dotted with a 23-kilometer scenic waterfront and palm-fringed mountain road, is fast developing into a premium leisure destination, attracting a myriad of residential and commercial projects, including hotels, residential buildings, villas, and retail outlets, offering a great opportunity for investors to reap in high double-digit returns over a relatively short span.”
According to industry insiders, real estate prices in RAK are quite affordable compared to Dubai as the average price per square foot in the Emirate is estimated at AED 1,627 against AED 2,203 in Dubai. Further, the price per square foot in Al Marjan is the highest in the Emirate, reaching AED 1,945.
The Realities study found out that the casino project has significantly improved the area’s appeal as a tourism and hospitality destination, increasing its appeal and attracting local and foreign investors. Several new projects are being developed in this area such as hotels and resorts. Also, global sensations such as Hilton and Marriott have announced their investment plan in the emirate.
