CHICAGO and DUBAI, United Arab Emirates, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Global luxury real estate brand Christie’s International Real Estate is expanding to Ras al Khaimah City, one of the fastest-growing luxury destinations in the UAE. The new office is owned by managing partners Dinesh Chhatwani and Jackie Johns, who have been Christie’s International Real Estate’s exclusive affiliates in Dubai since 2021.
Located 90 km/50 mi northeast of Dubai’s city center and set between the Persian Gulf and the Hajar Mountains, Ras Al Khaimah City has become a popular getaway for UAE residents, as well as a burgeoning location for international and local real estate buyers and investors. Its population is expected to increase by as much as 60% by 2030, and the city welcomed more visitors in the first six months of 2023 than in any other year in its history.
Meanwhile, developers continue to introduce new projects to keep up with demand. Several high-end hotels and branded residences are underway on Al Marjan Island, a set of four connected manmade islands in the Persian Gulf. They include Nobu Al Marjan Island, a new Le Meridien property, the newly announced Nikki Beach Residences, and the largest hotel development in the region to date, Wynn Al Marjan Island, a $3.9 billion “megaresort” expected to open in 2027.
Ras al Khaimah City offers an ideal blend of affordable luxury, investment opportunities and new possibilities for development. Its lower price points compared with Dubai and its central location – one-third of the world’s population is within a four-hour flight from the city – along with the ability for foreign nationals to legally purchase properties in the region, have made the area increasingly attractive to international buyers and investors. Ras al Khaimah was the second emirate of the UAE to allow foreign freehold property ownership and was the first emirate to pass a law granting foreign nationals property rights. The expansion of its 10-year Golden visa program has also helped to spur international interest in UAE real estate.
“The incredible momentum and untapped opportunity for high-end real estate in Ras al Khaimah make this the perfect time for Christie’s International Real Estate to enter the market,” said Johns. “The area is poised to be the next center of luxury real estate in the Middle East, and quite possibly the world. The location is ideal, with beautiful beaches, mountains, and the nearby Ras al Khaimah International Airport, while incentives like the Golden visa program and incredibly low taxes make purchasing in the city a smart move.”
Additionally, the dearth of available properties in Dubai has helped turn buyers onto the area, according to Chhatwani. “As demand continues to far outpace supply in Dubai, prospective buyers are increasingly considering Ras al Khaimah, which offers a similar level of luxury but lower prices and less competition. It’s like Dubai in 2004.”
Christie’s International Real Estate has already planted a flag in Ras al Khaimah, as exclusive representatives of the $115 million Falcon Island Beach Villas in the award-winning, master-planned Al Hamra Village. The firm plans to announce additional partnerships in the coming months.
“We’re proud to partner with Ms. Johns and Mr. Chhatwani to bring Christie’s International Real Estate’s bespoke service, best in class marketing, and worldwide network to home buyers and sellers in Ras al Khaimah City, one of the world’s fastest-growing luxury destinations,” said Helena de Forton, managing director and head of EMEA and APAC for Christie’s International Real Estate. “Their team has expertly guided clients through Dubai’s unprecedented property market, and we look forward to their success in this new location.”
Ras al Khaimah is one of a number of global markets in which Christie’s International Real Estate has expanded recently. Within the past 18 months, the brand has announced new market-leading affiliates in London, Munich, Sydney, Los Angeles, the Swiss, French and Italian Alps, several Caribbean islands, Miami and other locations around the world.
Christie’s International Real Estate Dubai recently opened its third office, at the Dubai International Financial Centre, the leading financial hub in the MEASA region. The firm was also recently appointed as the exclusive sales agent for Eywa, a collection of waterfront residences in Dubai with ancient knowledge systems, state-of-the-art technologies and nature-inspired interiors designed to revolutionize luxury well-being.
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About Christie’s International Real Estate Dubai
Christie’s International Real Estate Dubai is a British-run luxury real estate company that provides unrivalled expertise and services to clients in the UAE and international property markets. As an affiliate of Christie’s International Real Estate, the firm is part of an invite-only global network that represents the world’s most desirable homes. Its esteemed clientele benefit from exclusive connections and opportunities across nearly 50 different countries and territories. The firm proudly facilitates seamless buying, selling, renting and investing processes with international reach, global marketing opportunities and a distinguished 250-year legacy.
About Christie’s International Real Estate
Christie’s International Real Estate has successfully marketed high-value real estate around the world for more than 30 years. Through its invitation-only Affiliate network spanning nearly 50 countries and territories, Christie’s International Real Estate offers incomparable services to a global clientele at the luxury end of the residential property market.
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