Ras Al Khaimah, UAE — As Ras Al Khaimah expands its high-end residential pipeline, pricing power rather than launch velocity is emerging as the key investor question. The release of Phase II at Oystra on Al Marjan Island comes at a point when international capital has already absorbed initial supply, pushing the emirate’s Ras Al Khaimah ultra-luxury waterfront real estate segment into a new pricing bracket that was previously associated almost exclusively with Dubai.
The development’s next phase, including penthouses expected to list around AED 75 million, places a clear test on depth of demand rather than early-stage appetite.
Sales Launch
Developer Richmind has announced the sales launch of Phase II of Oystra, its flagship residential development on Al Marjan Island, following a full sell-out of Phase I. The project is designed by Zaha Hadid Architects, marking the studio’s first residential work on the island.
Also read: Al Marjan Island Waterfront Supply Moves into Execution Phase
According to the developer, Phase I attracted strong overseas interest, with more than half of buyers originating from Europe. Additional demand came from the United States, Canada, China, Australia and Turkey. Construction is currently under way, with handover targeted for 2029.
Buyer Geography Signals Non-Regional Capital
Data from the initial phase points to a buyer base that is predominantly international rather than regional. Richmind said over 50% of purchasers were European, underlining Al Marjan Island’s growing relevance within global capital allocation strategies.
Mohammad Rafiee, Chief Executive Officer of Richmind, said the sell-out validated the project’s positioning with overseas buyers who “value the fusion of iconic architecture with functional living” in a location that is still early in its maturity cycle.
For Ras Al Khaimah ultra-luxury waterfront real estate, this composition matters. International buyers typically operate on longer holding horizons and are less yield-driven, but they are also more sensitive to execution certainty and resale depth.
Price Discovery on Al Marjan Island
Phase II will introduce a limited collection of penthouses expected to be priced around AED 75 million, levels that place Al Marjan Island firmly into the ultra-luxury pricing conversation. While Dubai continues to dominate the upper end of the UAE market, this pricing marks a clear step-change for Ras Al Khaimah.
Also read: La Mazzoni Al Marjan Island Advances with Key Contracting Milestone
The move reflects confidence that early demand was not purely opportunistic. However, it also narrows the buyer pool, making subsequent absorption more dependent on sustained international interest rather than regional upgrades.
Ras Al Khaimah’s Emerging Luxury Curve
Ras Al Khaimah’s residential market has been evolving rapidly, supported by tourism investment and a growing branded and high-end residential pipeline on Al Marjan Island. Market data shows increasing transaction values in coastal projects, though overall volumes remain materially lower than Dubai.
Within this context, Ras Al Khaimah ultra-luxury waterfront real estate is transitioning from a niche offering to a globally marketed asset class. The shift brings higher price points, but also greater scrutiny on delivery timelines, secondary market liquidity, and long-term leasing depth.
Demand Strength Versus Delivery Risk
From an investor perspective, the Phase II launch reinforces strong upfront demand while extending the capital lock-in period to a 2029 handover. That increases exposure to construction execution, macro cycles, and competing supply that may enter the market before completion.
Rafiee said Richmind’s expansion into China, including a sales office in Shanghai, and planned European roadshows are intended to maintain global visibility and support absorption beyond the initial phases.
For Indian and NRI investors, Ras Al Khaimah ultra-luxury waterfront real estate presents a different calculus from Dubai. Entry pricing may still appear attractive on a relative basis, but exit liquidity and holding costs become more significant at ultra-luxury price points.
Design and Brand Validation in Context
Christos Passas, Director of Design at Zaha Hadid Architects, said the second phase continues “the narrative of fluid elegance,” with architecture shaped by engagement with sea, light and wind.
Also read: Karl Lagerfeld Residences Al Marjan Island Signal RAK Luxury Push
While design pedigree supports global positioning, investors typically treat architectural distinction as a value enhancer rather than a substitute for delivery certainty or market depth.
Constraint: Ultra-Luxury Depth Outside Dubai
The primary constraint remains the size of the ultra-luxury buyer pool in Ras Al Khaimah. Unlike Dubai, where secondary market liquidity is deeper, Al Marjan Island pricing at this level depends heavily on sustained foreign inflows and limited competing supply.
Any acceleration in comparable launches or delays in construction could test pricing resilience across the Ras Al Khaimah ultra-luxury waterfront real estate segment.
What to Watch Next
Investors and market observers will track Phase II sales velocity, uptake of the penthouse inventory, and updates on Richmind’s planned hospitality collaboration. Construction progress and milestone transparency will also be key indicators of execution confidence as the project moves toward its 2029 delivery window.
For investors, Oystra’s Phase II marks a transition point where Ras Al Khaimah is no longer priced as a secondary coastal alternative, but as an emerging ultra-luxury destination competing for global capital. End-users gain access to architect-led waterfront living, though with longer delivery horizons. Indian and NRI buyers, in particular, must balance currency timing and portfolio diversification against thinner resale markets compared with Dubai, making execution discipline central to long-term outcomes.
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