Ras Al Khaimah luxury boom: $45.75m sky residences set new records near UAE casino

The transactions, completed by Al Hamra and ELEVATE, underline growing international demand for trophy, branded waterfront homes positioned next to the upcoming Wynn Al Marjan Island, home to the UAE’s first casino project.

Al Hamra announced the sale of the Sky Palace at the Waldorf Astoria Residences Ras Al Khaimah for $35.4m (AED130m), marking the highest-value single-unit residential transaction ever recorded in Ras Al Khaimah.

In a separate transaction, the developer also completed the sale of the project’s signature penthouse for $15m, further reinforcing demand for best-in-class, lifestyle-led residences in the emirate.

The one-of-one Sky Palace spans approximately 10,000 square feet across three levels, occupying the uppermost floors of the beachfront tower.

It offers uninterrupted views of the Arabian Gulf and Wynn Al Marjan Island on one side, and the Hajar Mountains on the other.

Ras Al Khaimah real estate

Owners benefit from access to private residents’ amenities on the 16th floor, including a residents’ lounge, library, cigar lounge and private cinema.

A dedicated ferry connection provides direct access to Wynn Al Marjan Island while preserving the privacy of the residential address.

Benoy J. Kurien, Group CEO of Al Hamra, said: “The Sky Palace embodies our vision for luxury living in Ras Al Khaimah, where exclusivity, scale, and quality of life converge to create lasting value.

“This record-setting sale reflects not only the market’s confidence in the Emirate’s growth trajectory, but our belief that the most enduring investments are those that enrich how life is lived.”

Just days after its ground-breaking ceremony, ELEVATE announced the sale of an ultra-exclusive Sky Mansion at Mondrian Al Marjan Island Beach Residences for AED38m ($10.35m).

Sold within hours of its release, the Sky Mansion spans 10,000 square feet across three levels, featuring 28-foot ceiling heights, floor-to-ceiling glazing, a private roof garden and a private infinity pool, with panoramic views across the ocean and Wynn Al Marjan Island.

Zeeshaan Shah, Founder and Chairman of ELEVATE, said: “The sale of our Sky Mansion at AED38m is a defining moment for Mondrian Al Marjan Island Beach Residences and for Ras Al Khaimah’s luxury real estate market.

“With limited inventory and EOIs now officially open for Phase 2, demand continues to significantly outpace supply. Phase 1 was absorbed at record speed, and based on the traction we’re already seeing, we expect Phase 2 to follow the same trajectory. Buyers recognise that Mondrian Al Marjan Island Beach Residences is not just a residence, but a lifestyle investment in one of the UAE’s fastest-rising destinations.”

The development marks Mondrian’s first beachfront residential project in the region, with architecture by Gensler and interiors by Bergman Design House.

Rising UAE property demand

Residents will have access to more than 60,000sq ft of amenities, alongside Mondrian’s signature services and Accor Owner Benefits Programme privileges.

Haider Ibrahim, Sales Director at ELEVATE, said: “From the very first release, buyer response has been exceptional, and the Sky Mansion sale reflects the calibre of clientele the project is attracting. Investors and end-users are drawn to the combination of beachfront positioning, branded living, and long-term upside driven by the Wynn destination next door.

“Phase 2 offers a rare opportunity to enter at this stage of the project, and we’re already seeing strong interest across all collections.”

Together, the two transactions establish a new ultra-luxury price ceiling for Ras Al Khaimah and strengthen its position as a global lifestyle and investment destination, with branded residences, resort adjacency and limited supply driving momentum.