Property Overview
A 2-bedroom corner apartment in Address Residences Al Marjan Island by Emaar Properties at AED 2,830,000 for 1,131 sqft, equalling AED 2,502 per sqft. The original purchase price was AED 3,302,924, representing a saving of AED 472,924 (14.3%). 2nd floor with sea view. Off-plan with handover targeted for Q1 2028. Freehold in Ras Al Khaimah.
Property Highlights
- Type: 2-bedroom corner apartment (Type 3, 2 bathrooms)
- Size: 1,131 sqft
- Asking price: AED 2,830,000
- Original price: AED 3,302,924
- Saving: AED 472,924 (14.3%)
- Rate: AED 2,502 per sqft
- Floor: 2nd
- View: Sea view
- Configuration: Corner unit
- Handover: Q1 2028
Below OP Analysis
The agent states a 14% discount from the original price. The calculated figure is 14.3% (472,924 divided by 3,302,924). The agent's figure is within rounding tolerance.
Resale Market Comparison
Active 2BR resale listings for Address Residences Al Marjan Island:
- AED 3,155,000 for 1,158 sqft (19th floor, claimed 15% below OP)
- AED 3,170,000 for 1,157 sqft (partial sea view, claimed 15% below OP)
- AED 3,250,000 for 1,200 sqft (described as below OP)
- AED 3,675,888 for 1,169 sqft (corner, casino view)
- AED 4,199,000 for 1,236 sqft (sea view, high floor, described as at OP)
At AED 2,830,000 (AED 2,502 per sqft), this listing is priced below every comparable resale listing found. The next closest is AED 3,155,000, making this listing AED 325,000 (10.3%) cheaper. Multiple other sellers also describe their units as distress deals at 15% below OP at AED 3,155,000 to 3,170,000 for similar sizes, which suggests this listing at 14.3% below OP and a lower asking price may reflect a more motivated seller or the 2nd floor position.
Low Floor Consideration
The 2nd floor is the lowest residential floor available. Lower floors in beachfront towers typically trade at a 10% to 20% discount to upper floors due to reduced views, noise from pool and beach areas, and less natural light. The competitive pricing relative to upper-floor listings (which are AED 3,155,000 and above) partly reflects this floor positioning.
About Address Residences Al Marjan Island
Address Residences Al Marjan Island is an Emaar development branded under Address Hotels and Resorts on View Island, part of Al Marjan Island in Ras Al Khaimah. Phase 1 consists of six residential towers plus a separate Address hotel building with over 1,100 residential units. Phase 2 (Address Residences 2) adds three multi-storey complexes and low-rise townhouses with 600+ units (handover Q4 2028).
The development sits on a 40,000 sqm beachfront with a promenade. 2BR layouts range from 1,131 sqft (Type 3) to 1,425 sqft (Type 1). The project launched in January 2024 with starting prices from AED 1.7M.
Al Marjan Island
Al Marjan Island is a man-made archipelago of four coral-shaped islands off the RAK coastline. The island is undergoing rapid development, anchored by the Wynn Al Marjan Island resort (expected Q1 2027). Incoming branded hotels include W, Nobu, JW Marriott, Westin, Le Meridien and Hilton. Residential projects include branded developments by ELIE SAAB, Lamborghini, Nikki Beach and Missoni. Over 11,000 residential units are scheduled across the island by 2030.
RAK Regulatory Note
This is a RAK property, not a Dubai property. RAK has its own real estate regulatory framework under RERA-RAK (RAK Municipality). Transfer fees, registration and escrow arrangements differ from Dubai. Public transaction records are not available through portals like DXBinteract. Buyers should verify the transaction through the RAK Land Department directly.
Verification Notes
The asking price, OP, size, floor, view, corner configuration and Q1 2028 handover are from the agent brief. The selling price appeared as AED 2,830,00 in the brief and is interpreted as AED 2,830,000. The 1,131 sqft corresponds to the published Type 3 2BR layout with 2 bathrooms. The 14.3% saving is verified (472,924 divided by 3,302,924). Buyers should confirm the exact tower, view direction, remaining payment schedule and RAK transfer fees.
