Market
Ras Al Khaimah is the fastest-moving emirate market, driven by a single catalyst: the first casino resort in the UAE, due in 2027. Developable land on the island is limited, which protects early buyers.
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Ras Al Khaimah
Address Residences, Al Marjan Island
Resale below the seller's own price: corner 3 bedroom, casino view
WAH Score
8,4/ 10
The asset in numbers
- Layout
- Corner 3 bedroom apartment, 1,729 sqft
- Floor
- High floor, view over the future casino resort
- Status
- Off-plan, position resale, handover February 2028
- Entry price
- AED 5.3M (AED 3,065 / sqft)
- Price paid by seller
- AED 5.6M
- Estimated value at handover
- AED 7.3M to 7.5M
- Target gross yield
- 7.5%
- Horizon
- 3-4 years
- Risk
- Moderate
- Liquidity
- Good
Corner 3-bedroom apartment - off-plan resale in Ras Al Khaimah: the asset in detail
A 1,729 sqft 3 bedroom apartment, corner unit on a high floor, at Address Residences on Al Marjan Island, overlooking the construction site of the future casino resort. The seller is releasing the position AED 300,000 below his own purchase price: here is our full analysis, the numbers, the risk and our decision.
Al Marjan Island is Ras Al Khaimah's man-made archipelago: four coral-shaped islands, close to 8 km of beach, under an hour from north Dubai. It is currently the only place in the UAE where a resort with a gaming licence is under construction, with an opening announced for 2027. The whole local property market is repositioning around that date.
The asset is a 1,729 sqft 3 bedroom at Address Residences, Emaar's serviced address on the island. It is a corner unit on a high floor, dual aspect, with an unobstructed view over the future resort. On this kind of scheme corner units are a fraction of the stock and are the first to move on resale.
The seller, a client advised by WAH, bought the position at AED 5.6M and is releasing it at AED 5.3M for cash-flow reasons, or AED 3,065 per sqft. At handover, expected in February 2028, with the resort open and the island matured, we estimate the value of this unit between AED 7.3M and AED 7.5M.
WAH! Note
A corner position facing the future casino resort, released below what the seller paid: the margin is captured at entry.
WAH Score
8,4 / 10
Market8,5
Entry price9,2
Rental yield8,5
Liquidity7,5
Resale9,3
Risk7,6
The WAH Score is the weighted average of six investment criteria. It drives the decision.
BUYWAITPASS
Our investment analysis, criterion by criterion
Entry price
AED 5.3M against the AED 5.6M paid by the seller, or AED 3,065 per sqft for a high-floor corner unit. Comparable new stock on the island trades above that level for less well positioned units.
Rental yield
Around 7.5% gross targeted at handover on furnished short-term operation, supported by resort footfall. On long-term lets, expect closer to 6%. These are estimates, before service charges and management.
Liquidity & resale
Resale plays out over the 2027-2029 window: resort opening in 2027 then programme handover in February 2028. A corner unit facing the resort is exactly the product buyers in that window look for. Estimated value at handover: AED 7.3M to 7.5M.
Risk
The Ras Al Khaimah market is younger and thinner than Dubai's: liquidity depends heavily on the resort schedule and on 2028-2030 handover volumes. Emaar as developer and the beachfront location limit that risk without removing it.
S
By Sarah : WAH Analyst
In pictures
The Ras Al Khaimah market: what to know before you invest
Al Marjan Island at a glance
Four man-made islands covering 2.7 sq km, close to 8 km of beach, international hotels already trading and an airport twenty minutes away. Dubai Marina is under an hour by road. The island is freehold: foreigners buy outright.
Our area analysis: Al Marjan IslandWhat the casino resort changes
Wynn Al Marjan Island, the first UAE property with a gaming licence, is due to open in 2027. It brings thousands of jobs, a new tourist base and short-term rental demand that did not exist on the island. It is the engine of the expected re-rating, and also the main risk factor if the schedule slips.
Buying an off-plan position on resale
The deal is done by contract transfer with the developer, subject to its approval and registration with the Ras Al Khaimah land authority. Check the outstanding balance on the payment plan, the developer transfer fee and registration costs. No local tax on rent or on capital gains.
Frequently asked questions
Why is the seller releasing below his purchase price?
For personal cash-flow reasons, unrelated to the unit or the scheme. He bought at AED 5.6M and exits at AED 5.3M: the buyer takes over the position with an immediate discount.
What will this unit be worth at handover?
We estimate AED 7.3M to AED 7.5M at handover, expected in February 2028, based on the corner position, the resort view and the opening effect of the casino. This is a WAH estimate, not a guarantee.
Can a foreigner buy on Al Marjan Island?
Yes, the island is freehold. A non-resident buys outright in their own name, resells freely and pays no tax on rent or capital gains in the UAE.
Ras Al Khaimah or Dubai?
Dubai remains the deepest and most liquid market. Ras Al Khaimah offers a lower entry ticket and a dated catalyst, the casino resort opening. It is a cycle play, for investors comfortable with a three to four year horizon.
Why is the WAH Score a BUY on this asset?
Because the margin is captured at entry, the unit is a corner with the most sought-after view in the scheme, and the resale window matches the resort opening. The watch point remains the depth of the local resale market.
A question about this asset?
A WAH analyst answers your questions and shares the detailed assumptions behind the file.
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