“Ras Al Khaimah is an emerging—and, I believe, future—destination for the UAE. Al Marjan Island, historically, had strong hotel occupancy, around 95% over the last decade. On top of that, the new casino (which is set to catapult RAK’s real estate landscape) will drive tourist inflows to a whole new level. There are reports forecasting visitor numbers of around 5 million in 2027 and 8 million in 2028; Ras Al Khaimah’s local population is only around 600,000,” reasons Aggarwal, adding the massive shortage of real estate supply has created a unique opportunity for developers like BNW. “Al Marjan Island’s accommodation capacity will be insufficient for that kind of demand,” he says. Notably, Al Marjan’s built capacity is about 22,000 units, and the projects that are expected to be delivered following the casino opening are roughly 8,000 units. “That mismatch creates meaningful short- and medium-term demand for hotels, branded residences and short-term rentals,” stresses Aggarwal.
Ras Al Khaimah’s property prices have also appreciated manifold in the past few years, but the casino development is set to take prices to a whole-new level. Anecdotal evidence shows that even after 20-30% revenue-share commissions, short-term rental operators are leaving owners with net yields of 5-6% of property value, numbers that rise further for ‘branded residences’ like Tonino Lamborghini Residences.
To make sure the latest project with Lamborghini does not end up becoming just a “brand-lift”, Aggarwal says BNW is working with the Lamborghini team to translate the brand experience into architecture and interiors to express the Lamborghini legacy through the residential project — beyond just a flashy logo. “The pool is shaped like a Lamborghini, grilles, balcony lines echo Lamborghini design language, and we are specifying a range of branded furnishings and fixtures they offer. It is intended to be a lived lifestyle, not mere branding.”
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