Ras Al Khaimah’s Real Estate Market Sees 15% Growth in First Half of 2024
Major Developers has officially begun construction on the Manta Bay project, a transformative luxury real estate venture in Ras Al Khaimah. The groundbreaking ceremony, held on Thursday, September 19, 2024, at Al Marjan Island, underscores the company’s commitment to driving the emirate’s future growth and solidifying its position in the luxury real estate market.
The event was attended by key stakeholders, including representatives from Marjan, the master developer of freehold properties in Ras Al Khaimah, Federal Engineering Consultants, and Civil Power General Contracting LLC (CPC), the enabling contractor. The AED 1 billion Manta Bay project is set to become a cornerstone of Ras Al Khaimah’s efforts to position itself as a premier luxury destination on both a regional and global scale.
The launch comes at a time of strong growth for Ras Al Khaimah’s real estate market, which experienced a 15% increase in transactions and value during the first half of 2024. This surge reflects growing investor confidence and a thriving market that Major Developers is eager to capitalize on.
“Launching Manta Bay in Ras Al Khaimah is a strategic move that aligns with our ambition to lead in the luxury real estate sector. This project embodies our commitment to creating world-class living experiences in a market that holds tremendous potential,” said Andrei Charapenak, CEO of Major Developers.
Major Developers launches Manta Bay, Ras Al Khaimah
Arch. Abdulla Al Abdouli, Chief Executive Officer of Marjan, emphasized the strategic importance of the project’s location: “Al Marjan Island is the ideal location for an exclusive project of this magnitude. We are delighted to host innovative developments that showcase the unique appeal of our luxurious waterfront destination and attract premium investors to the picturesque emirate of Ras Al Khaimah.”
Manta Bay redefines luxury real estate in the UAE
Federal Engineering Consultants’ Founder, Dr. Walid Lutfy, echoed this sentiment, stating, “Our role as the engineering consultancy for Manta Bay is to ensure that this development stands out in terms of quality and innovation. We look forward to seeing this project redefine the luxury real estate market in Ras Al Khaimah.”
Ihsan Al-Zaidi, Projects Manager at CPC, shared the contractor’s enthusiasm for the project, noting, “We are honored to be the enabling contractor for this prestigious development. Our focus is on delivering exceptional standards of construction that match the project’s ambition and the vision of Major Developers.”
15% real estate growth drives Manta Bay launch
Manta Bay is set to become a new benchmark for luxury living in Ras Al Khaimah, blending contemporary design, cutting-edge amenities, and a prime location on Al Marjan Island. The development will feature panoramic sea views, private beach access, and a state-of-the-art wellness center, making it a sought-after destination for high-end residential living.
The groundbreaking ceremony highlighted Manta Bay’s innovative design and strategic importance to Ras Al Khaimah’s broader growth objectives, catering to the increasing demand for high-quality, exclusive properties in the emirate.
As Ras Al Khaimah continues to rise as a leading real estate hub, Manta Bay is expected to attract high-net-worth investors and discerning buyers, further solidifying the emirate’s reputation as a dynamic center for luxury living.