UAE real estate company The Luxe Developers has launched a Dh1.5 billion ($408 million) waterfront residential development in Ras Al Khaimah amid a boom in the Emirate’s property sector.
The 18-storey project on Al Marjan Island will have 206 units consisting of one, two, three and four-bedroom apartments as well as six penthouses and two exclusive sky villas, the company said on Tuesday.
It did not provide a timeline for the project or any details on financing.
Bollywood actor Vivek Oberoi and India’s consul general Aman Puri were at the launch event at Atlantis The Royal in Dubai, it said.
The UAE’s property market rebounded strongly from the coronavirus pandemic on the back of government initiatives, higher oil prices and other measures to support the economy.
Villas and apartments in Dubai recorded strong annual capital gains in the first quarter of 2023.
Villas, which represent 13 per cent of residential homes in Dubai, grew by 17.1 per cent annually while apartment values rose by 6.6 per cent, said a report from property consultancy ValuStrat.
Abu Dhabi recorded 5,472 real estate transactions worth Dh27.9 billion in the first quarter of 2023, according to the latest data from the Department of Municipalities and Transport.
The value of the deals in the emirate more than doubled during the three-month period to the end of March while the volume of transactions, which include property sales and mortgages, rose by 66 per cent.
Other developers are also unveiling new projects in Ras Al Khaimah amid higher demand from buyers.
Last month, Abu Dhabi-listed RAK Propertiessaid it plans to launch four new residential projects and a hotel project worth billions of dirhams in Ras Al Khaimah this year.
The new projects consisting of branded apartments and villas will be built at the company’s Dh10 billion Mina Al Arab master development off the coast of Ras Al Khaimah, Sameh Al Muhtadi, chief executive of RAK Properties, told The National in an interview at the time.
Dubai-listed Dubai Investments is also building a Dh1 billion residential development in Ras Al Khaimah.
The new project, named Danah Bay, also on Al Marjan Island, will have 337 units including 209 villas and 128 apartments, Dubai Investments said in December. It will also have a 300-room, four-star hotel, which will be run by Millennium and Copthorne Middle East Holdings.
For a detailed perspective on the property market, visit: Dubai - VPI Residential Capital Values - June 2023