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INSIDE RAK’S NEXT PROPERTY WAVE
Exclusive Interview with Philip Yousef, Chief Sales Officer, Major Developments.
What is driving property buying and selling in the region?
The Ras Al Khaimah market is being driven by a perfect convergence of fundamentals, tourism growth, infrastructure readiness, and yield resilience. In just the first half of 2025, RAK welcomed over 654,000 visitor arrivals, marking a 6% year-on-year surge, with tourism revenues climbing 9%, according to the RAKTDA.
On the capital markets side, residential values have surged 18% year-on-year as per CBRE, with average apartment prices now reaching AED 1,947 per sq ft. Al Marjan Island has been a standout performer, recording an astonishing 71% annual increase in sales prices. Off-plan activity is also exceptionally strong, with 1,760 units sold in H1 2025 alone and Q2 sales reaching AED 3.6 billion, up from AED 2.5 billion in Q1. These aren’t speculative surges; they reflect the depth and maturity of the market, particularly as RAK Central nears full activation as the emirate’s business and commercial hub.
From my lens, what’s fuelling this activity is not just sentiment, it’s structure. Fitch Ratings continues to affirm RAK at A+ with a Stable outlook, while projecting UAE GDP to grow 5.1% in 2025 and RAK-specific GDP to average 6.1% over 2025-26. For us at Major Developments, this stability is the foundation upon which projects like Manta Bay on Al Marjan and Colibri Views in RAK Central are thriving, they’re built at the intersection of high-velocity tourism and long-term economic activity.
What changes are you seeing in buyer preferences – for example, are people prioritizing location, size, or lifestyle amenities differently than before?
Buyer behaviour in RAK has evolved significantly in the past 18 months. Location remains paramount, but the definition of a “prime” location has bifurcated. On one end are leisure-focused buyers who are driving demand on Al Marjan Island, where the +71% price surge underlines the premium for branded, beachfront, short-let-ready homes. On the other end, we see growing demand for urban convenience in RAK Central, where mixed-use infrastructure, offices, and parks are creating a modern business core. Colibri Views is a direct response to this shift, designed to serve the growing executive and corporate workforce that prefers to live at the centre of activity while staying minutes from the leisure coast.
We’ve also noticed that buyers are increasingly seeking fully furnished, turnkey residences. They want to activate their investment from day one, without the friction of setup and fit-outs. That’s why all our homes at Manta Bay and Colibri Views come fully furnished with integrated European interiors and modular layouts.
Most critically, amenities are no longer seen as decorative, they are decisive. This is where innovation is reshaping buyer expectations. At Manta Bay, we’re delivering the world’s first Sky Beach, a fully functional sandy beach suspended several feet above the shoreline, designed as a year-round leisure space. At Colibri Views, we’ve built the world’s first and only Rooftop Footbot experience in collaboration with international football legend Patrice Evra, combining AI-driven wellness with sport and community engagement. These are not vanity add-ons. They’re lifestyle infrastructure, and increasingly, buyers benchmark projects on the depth and uniqueness of their amenity ecosystem.
We’ve also seen a shift from sheer size to specification quality. Today’s buyers prefer slightly more compact homes if it means better views, better design, and better services. This is exactly why our planning philosophy prioritises layout efficiency and convertible spaces over excess square footage.
To what extent are digital platforms, proptech solutions, and virtual property tours influencing how buyers and sellers engage in the market today?
Digital walkthrough solutions and VR-based tools are redefining how potential buyers experience real estate, taking project understanding to an entirely new level. We see a diverse mix of preferences among our clients, some continue to value traditional purchase journeys, while others find greater clarity and satisfaction when engaging through the latest tech solutions.
We remain committed to exploring emerging proptech trends and integrating the most effective innovations to deliver an informed, seamless, and future-ready experience to our clients.
Are you noticing a shift in the profile of investors entering the market – for example, more overseas buyers, first-time homeowners, or institutional investors?
Absolutely. The profile has diversified significantly. European interest is at an all-time high, with the RAKTDA recording the strongest tourism growth from Central and Eastern Europe, Romania up 65% and Poland up 56% in the first half of this year. That correlates directly with what we’re seeing on the ground: more first-time European buyers entering the market, often purchasing for hybrid use – personal holidays and short-let income.
We’re also seeing more first-time regional buyers, particularly younger GCC and expat professionals, entering through fully furnished, ready-to-rent stock. And notably, institutional investors and regional developers are circling RAK, with CBRE data confirming a surge of interest in acquiring or partnering on new branded residential projects on Al Marjan.
Our two projects reflect these buyer personas clearly: Manta Bay caters to yield-driven investors seeking high-visibility leisure stock near the Wynn Resort, while Colibri Views attracts business-adjacent residents and investors who value RAK Central’s emerging ecosystem of offices, retail, and parks. Together, they capture the two strongest growth corridors in the emirate.
Looking ahead, what trends will drive property transactions over the next 12–18 months?
There are four clear forces set to shape the next cycle of property transactions in Ras Al Khaimah. The most immediate catalyst is the Wynn Resort on Al Marjan Island, which is on track to open in early 2027. Each construction milestone has continued to re-rate the value of surrounding real estate, anchoring Al Marjan as the epicentre of leisure-driven investment.
At the same time, RAK Central is transitioning from concept to reality; its land plots are fully sold out, infrastructure is now complete, and commercial tenants are beginning to activate the district. This momentum positions Colibri Views to serve as the residential benchmark of RAK Central, capturing demand from both regional executives and international investors seeking a foothold in the emirate’s emerging business hub.
The tourism base is also compounding at record levels. In H1 2025, visitor arrivals reached 654,000 (+6% year-on-year) and revenues rose 9%, while ancillary segments like MICE and weddings grew +36%. This sustained inflow will directly fuel demand for short-stay-ready residences, especially those with resort-led appeal like Manta Bay.
And underpinning it all is a highly supportive macroeconomic climate. Ras Al Khaimah continues to hold an A+ (Stable) rating from Fitch, and the UAE is forecast to achieve 5.1% GDP growth this year, creating a favourable environment for capital inflows and real estate liquidity.
Looking ahead, I see the market being shaped by distinctive, experience-led projects in catalytic locations. At Major Developments, we’ve already partnered with global football icons like Francesco Totti and Patrice Evra, whose involvement has reinforced buyer confidence and amplified our international visibility. Building on this success, we intend to forge more such high-profile partnerships while also expanding our portfolio into the Beach District, further strengthening our footprint across Ras Al Khaimah’s most future-ready corridors.
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5 WAYS DUBAI’S PROJECT BOOM IS RESHAPING THE DEVELOPMENT CYCLE
Dubai’s development market continues to expand at pace, while also demonstrating a level of stability that is helping sustain long-term growth. Strong investor confidence, clear regulation, advanced infrastructure, and market continuity are giving the sector a solid foundation even as project volume rises. In 2025, Dubai recorded more than 270,000 real estate transactions worth AED 917 billion, its strongest performance on record and a 20% increase year on year. That kind of activity places greater pressure on the full development cycle. Against that backdrop, Access Consult highlights project approvals, authority coordination, design compliance, value engineering, execution readiness, and delivery planning as some of the key factors now shaping how efficiently projects move from blueprint to build.
Approvals are now part of project strategy
In a high-volume market, approvals have become a core part of delivery strategy rather than a step that follows design completion. They shape launch timing, procurement sequencing, investor confidence, and the point at which a project can move to site with certainty. In Dubai, that means coordination with authorities such as Dubai Municipality and DEWA must be built into the programme early, with submission packages prepared around technical accuracy and full alignment between disciplines. Projects that reach authorities with unresolved issues often lose time because the documentation is still carrying gaps that should have been resolved much earlier.
Design compliance has to begin at concept stage
As regulation becomes more sophisticated, compliance is becoming part of the design process rather than a checkpoint at the end. Dubai’s new building quality and safety framework reflects that direction by strengthening oversight across inspection, certification, maintenance, and accountability throughout the building lifecycle. For developers and consultants, the practical lesson is straightforward. Structural systems, façades, MEP, life safety, and authority requirements need to be coordinated from the beginning so the approved scheme can move forward without repeated redesign. That approach supports smoother reviews, better technical control, and fewer downstream delays.
Value engineering is becoming more disciplined
Value engineering is often mistaken for a late-stage cost exercise. In stronger delivery models, it is used much earlier to protect buildability, procurement clarity, and long-term project quality. Teams need to ask whether selected materials are practical to source, whether systems are properly sized, whether details can be executed efficiently, and whether the design can be delivered without introducing avoidable site complexity. In Dubai’s current environment, this more disciplined approach is becoming increasingly important because it improves budget control while also supporting programme stability and better operational outcomes after handover.
Execution readiness now starts before mobilisation
A project reaches true execution readiness when the design has been coordinated properly, authority requirements have been addressed, technical packages are clear, and site teams can proceed without major gaps being resolved after award. This is where integrated delivery models are becoming more valuable. Access Consult, for example, has said its digital coordination model typically reduces design and approval timelines by 30 to 50%, while structured supervision can shorten delivery schedules by a further 20 to 30%, depending on scope and contractor performance. That is a useful sign of how expectations are changing across the market. Developers are increasingly looking for fewer disconnects between design development, approvals, and construction preparation.
Delivery timelines are being shaped much earlier
One of the clearest changes in Dubai’s development cycle is that delivery timelines are now being influenced long before construction begins. The months before mobilisation often determine whether a project moves forward with confidence or accumulates friction that later appears in procurement, site coordination, and programme slippage. In a market defined by scale, speed, and sustained investor interest, the projects that perform best are likely to be the ones built on disciplined preparation, coordinated technical decisions, and a stronger link between design intent and execution reality.
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AVENEW DEVELOPMENT AND WADEEN DEVELOPERS ANNOUNCE THE LAUNCH OF CHEVAL RESIDENCES AT DUBAI ISLANDS
Dubai-based developers AVENEW Development and Wadeen Developers have announced the launch of Cheval Residences Dubai Islands. The beachfront development comprises serviced hotel residences operated by Cheval Collection, an award-winning UK hospitality brand with a growing international presence, including the UAE and KSA. The launch introduces a new model of professionally managed serviced living in the emirate.
Cheval Residences Dubai Islands brings together AVENEW’s lifestyle-led development approach with Wadeen Developers’ expertise in delivering high-quality residential assets. The project is designed as a long-term serviced residential offering that blends five-star hospitality standards with the comfort and functionality of private living.
Set along the waterfront, the development will offer direct beach access, enhancing both lifestyle appeal and long-term investment value. The project will consist of 99 units, comprising one to three-bedroom serviced hotel residences. Designed for modern global residents who live between cities, the project introduces a residential experience that combines full-service hotel operations with the comfort and privacy of long-term living. Moving beyond traditional ultra-luxury concepts, it responds to evolving demand for serviced living that prioritises wellbeing, ease, and long-term relevance
Rasha Hassan, Managing Partner of AVENEW Development, commented:
“Global living patterns are changing, and real estate must evolve alongside them. This project reflects a shared belief between AVENEW and Wadeen that the future lies in lifestyle-driven assets, not just standalone buildings. Partnering with Cheval Collection allows us to deliver a globally recognised service standard while creating a development with lasting value for both residents and investors.”
“At Wadeen Developers, we don’t just build properties – we craft exceptional lifestyles defined by innovation, elegance, and purpose”, said the CEO & Founder of Wadeen Developers, Mohammed Al-Mannai. “Our flagship project at Dubai Islands is a bold expression of this vision, where refined waterfront living meets world-class amenities, smart technologies, and sustainable design to create an unparalleled residential experience.”
“This project represents a transformative milestone in Wadeen’s journey – a powerful step into Dubai’s dynamic real estate landscape. Backed by our successful legacy in Qatar, we are bringing fresh investment thinking and forward-looking concepts to one of the world’s most competitive markets.”
“In partnership with Avenew Development and Cheval Collection, we are setting new benchmarks for modern living in Dubai.”
Mohammed Alawadhi, Managing Director, Cheval Collection, said: “Our expansion into the branded residences sector is a natural progression for Cheval Collection, which is already firmly established as a world leader in luxury serviced apartments. Cheval Residences Dubai Islands, our first seafront property in the Middle East, is set to become the flagship serviced residential offering at the islands, setting new standards of high-end living in the UAE, and reinforcing our commitment to sustained growth in the region.
“Cheval Residences Dubai Islands will appeal to end users and long-term investors seeking stable, experience-led real estate assets at this fast-growing waterfront destination. We are delighted to add this unique property to our ever-expanding Middle East portfolio, and proud to play an ongoing role in the growth and success of the region’s real estate, tourism and hospitality sectors,” he added.
The project will be operated by Cheval Collection, bringing its internationally recognised standards in serviced hospitality, long-stay management, and guest experience to Dubai Islands. The architecture will prioritise spatial harmony, natural light, and a strong connection to the surrounding beachfront environment, aligning with the joint venture’s focus on quality and long-term livability.
Dubai Islands continues to emerge as one of the city’s most promising waterfront destinations, supported by strong infrastructure development and increasing demand for lifestyle-led communities. The project aligns with the Dubai 2040 Urban Master Plan, contributing to the city’s long-term vision of sustainable and connected coastal living.
Positioned as a flagship serviced residential offering on Dubai Islands, the development is designed to remain relevant over time, appealing to both end users and long-term investors seeking stable, experience-led real estate assets in one of Dubai’s emerging waterfront destinations.
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ALULA DEVELOPMENT COMPANY COMMENCES CONSTRUCTION ON NUMAJ, MARKING A NEW PHASE OF ALULA’S DEVELOPMENT
AlUla Development Company (UDC), a Public Investment Fund (PIF) company, today announced the commencement of construction on NUMAJ, Autograph Collection, marking a key milestone in the delivery of its development pipeline and AlUla’s continued transformation.
The milestone was marked during a site visit attended by John Pagano, Managing Director of UDC and Abeer AlAkel, Chief Executive Officer of the Royal Commission for AlUla (RCU), as well as other senior leadership representatives.
John Pagano, Managing Director of UDC, said: “NUMAJ marks a clear step forward in our delivery agenda. As we move into construction, our focus is on executing high-quality, investment-ready developments that strengthen AlUla’s positioning, while shaping distinctive hospitality experiences that enhance its long-term appeal as a global destination and a vibrant community.”
The start of construction signals the transition of NUMAJ from concept to execution, further reinforcing UDC’s role as the development and investment engine driving AlUla’s masterplan into tangible, world-class assets, in close collaboration with RCU.
NUMAJ, a 250-key hotel expected to open in 2027, is being developed by AlUla Development Company and will be operated by Marriott International under the Autograph Collection Hotels brand. Designed by GioForma, the architects behind the iconic Maraya, the project draws inspiration from AlUla’s natural landscapes, cultural heritage, and celestial history. The name “NUMAJ” is derived from the star system Nu Ursae Majoris, historically associated with AlUla as a guiding reference for ancient travelers. This narrative is reflected in a design concept rooted in discovery, light, and a deep connection to the land.
The development will offer a curated hospitality experience that blends refined resort living with immersive cultural and lifestyle elements. Guests will experience thoughtfully designed spaces that reflect AlUla’s identity, alongside a range of amenities including five dining venues, wellness facilities, and integrated business and leisure offerings.
Designed with sustainability at its core, NUMAJ is targeting LEED Gold certification, incorporating environmentally responsible practices such as greywater reuse for irrigation, locally sourced materials, UV-resistant glazing, water-efficient landscaping, and energy-conscious lighting aligned with AlUla’s Dark Sky policy.
NUMAJ forms part of UDC’s growing portfolio of developments shaping AlUla into a global destination to visit, live, and invest in. Through its projects, UDC contributes to Saudi Arabia’s Vision 2030 by enabling sustainable tourism, unlocking investment opportunities, and supporting economic diversification.
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