Lifestyle real estate brand Elevate has recorded over AED 50 million in sales within 15 days at Mondrian Al Marjan Island Beach Residences, its flagship development on Al Marjan Island in Ras Al Khaimah. The project is developed in partnership with Ennismore, the hospitality group behind the Mondrian brand.
The transaction pace sits against a broader backdrop: Ras Al Khaimah has drawn sustained investor interest in recent years, anchored in part by the multi-billion-dirham Wynn Al Marjan Island integrated resort and a growing pipeline of lifestyle-led projects across the emirate.
“What we’re seeing on Al Marjan Island is bigger than any one development. Real estate is, at its core, a supply and demand business and demand on Al Marjan Island is rising by the day. Astute investors recognise the impact of over $20 billion of inward investment into a man-made island roughly half the size of Palm Jumeirah, set against a rapidly diminishing supply of beachfront real estate. I predict that within the next six to nine months, branded beachfront residences on the island will be sold out on the primary market,” Hamid Jaafri, Partner at Elevate said in a statement.
Al Marjan Island’s appeal, the company argues, lies partly in scarcity: it remains one of the few island addresses in the UAE with available beachfront real estate at the primary market stage.
