In 2022, Al Marjan Island was a pleasant waterfront community on the northern coast of the UAE, known primarily to staycationers and kitesurfers. Transaction volumes were modest, pricing was well below Dubai equivalents, and international investor attention was limited. Then Wynn Resorts announced their UAE flagship — and everything changed.

The Wynn effect: by the numbers

Since the Wynn Marjan Island announcement in late 2022, Al Marjan has recorded:

  • 340% increase in property transactions (2022–2025)
  • Land prices up over 100% in the Al Marjan corridor
  • Off-plan absorption rate of under 6 weeks for well-positioned launches
  • International buyer share rising from 28% to 61% of transactions

The Wynn casino-resort is expected to open in 2027 and draw 3–5 million additional visitors to RAK annually. The resort will include a casino, 1,500-room hotel, entertainment complex, and marina — the scale of investment that permanently transforms surrounding real estate values.

Current GRAF projects on Al Marjan Island

GRAF currently represents two projects with direct Al Marjan exposure:

Source of Fate — Miraggio: 800+ sea-facing apartments from AED 1.2M (USD 326K), from AED 2,857/ft². Handover Q4 2028. Payment plan 60/40 with 3-year post-handover. Miraggio sits 15 minutes from the Wynn site on the northern side of Al Marjan — a position that combines waterfront living with proximity to the entertainment district.

Ellington — Costa Mare: From AED 3.9M (USD 1M) at AED 4,000/ft². Costa Mare targets the premium segment of the Al Marjan market — buyers who want Ellington's design quality at a RAK price point. The project is positioned to benefit from the same Wynn-driven demand while offering the brand reassurance of one of Dubai's most respected developers.

Price comparison: RAK vs Dubai waterfront

The investment case for Al Marjan is partly about absolute value relative to Dubai equivalents:

  • Palm Jumeirah waterfront: AED 4,500–6,000/ft²
  • Dubai Marina waterfront: AED 3,200–4,500/ft²
  • Al Marjan Island (current): AED 2,500–4,000/ft²

As the Wynn opens and Al Marjan's hospitality and retail infrastructure matures, this gap is expected to narrow. Buyers entering now are essentially buying Dubai-comparable waterfront at a 30–40% discount.

Short-term rental potential

RAK has introduced a licensing framework for short-term rentals that is more streamlined than Dubai's. Al Marjan waterfront units are already achieving AED 300–450/night on Airbnb and Booking.com. Post-Wynn, occupancy rates and nightly rates are expected to increase materially. For investors considering the Airbnb model, Al Marjan is currently one of the strongest setups in the UAE.

What GRAF recommends

For investors with AED 1.2M–2M to allocate, Miraggio by Source of Fate is our primary recommendation — entry price, developer quality, and location combine to create the best risk/return in this segment. For AED 3.5M–5M, Ellington Costa Mare adds brand premium and design quality to the same market opportunity.

Talk to GRAF

GRAF has allocation on both Miraggio and Costa Mare. Given current absorption pace, available units on preferred floor plans are limited. Contact us now to discuss your options.