< PreviousEMERGING MARKETS 10 rapid growth, with demand for rentals at an all-time high. Apartment prices in sought-after areas have risen by as much as 9.86%, and villa costs by up to 6.5%. These increases are also prompting residents in Dubai to seek more aff ordable housing options further north, allowing them to upgrade their living standards. This shift is expected to signifi cantly contribute to the market’s expansion, along with the ongoing city-wide development projects. THE FUTURE LOOKS PROMISING According to experts, RAK is on the cusp of signifi cant growth. “By 2030, the government aims to attract 5 million tourists annually, with the completion of large-scale projects like Wynn Resort further fuelling real estate demand. Prices are expected to double by 2026 as the casino, luxury hotels, and waterfront living options become operational,” mentions Hillayel. Hillayel believes that Ras Al Khaimah’s future as a tourism and investment destination is bright, with the Wynn Resort set to be a game-changer. “Often dubbed the “second Las Vegas,” Al Marjan Island will cater to a global audience, with 95% of the world’s population being within an eight-hour fl ight from the future casino. This makes it a prime investment opportunity, particularly for those interested in WHERE ARE THE BUYERS PARKING THEIR MONEY? Property seekers have shown an interest in apartments across both the sales and rental segments. “Savvy investors in particular have shown an interest towards ready apartment units in areas like Al Marjan Island, Al Hamra Village and Mina Al Arab. These areas are also popular with tenants in RAK, ensuring good rental yield. Looking ahead, RAK’s market is poised for further growth, with its unique blend of aff ordability, lifestyle appeal, and strategic location off ering strong future prospects for both investors and residents,” shares Fibha Ahmed, VP of Property Sales, Bayut. The off -plan market is also experiencing Savvy investors in particular have shown an interest towards ready apartment units in areas like Al Marjan Island, Al Hamra Village and Mina Al Arab. These areas are also popular with tenants in RAK, ensuring good rental yield” CWPME_Dec2024_8-11_Emerging Markets_13456746.indd 1004/12/2024 18:14EMERGING MARKETS 11 the tourism and leisure sectors. The government’s commitment to making RAK a prime destination is evidenced by its ambitious plans for infrastructure, tourism, and regulatory frameworks, ensuring a prosperous future for real estate investors.” Hence, for investors looking to purchase property in RAK, it’s crucial to act now while prices remain relatively lower than in Dubai or Abu Dhabi. “RAK’s current occupancy stands at close to 75%, which will signifi cantly rise once the Wynn is fully operational. Capital appreciation has gone up 20-30% on average in most areas in the last year and this trend seems set to continue. So, do your homework and work with a reputable agent when looking to seal the deal as he/she will off er you impartial advice on the best investment to meet your needs,” advises Kataria. Hillayel emphasises focusing on waterfront properties, especially on Al Marjan Island, where long-term demand is expected to be driven by tourism and the opening of the gaming resort. “Be mindful of the emirate’s evolving regulations and consider working with local real estate experts/brokers to navigate any changes in property laws/rules and investment conditions,” she adds. The government’s dedication to transforming RAK into a leading destination is demonstrated by its ambitious initiatives in enhancing infrastructure, developing tourism, and implementing regulatory measures. This guarantees a promising future for real estate investors. As such, RAK’s market is forecasted to experience continued expansion, capitalising on its attractive combination of aff ordability, lifestyle amenities, and strategic positioning, which present excellent growth opportunities for both investors and residents. Left: Main entrance to the Wynn Resort; Reception area Right: Skyline of Ras Al Khaimah; The grand lobby area of the Wynn Resort CWPME_Dec2024_8-11_Emerging Markets_13456746.indd 1104/12/2024 18:14SPOTLIGHT 12 CRAFTING TIMELESS SPACES CWPME_Dec2024_12-15_Spotlight_13470440.indd 1204/12/2024 18:16PARTNER CONTENT 13 Images supplied by: XBD Collective As XBD Collective approaches its 10th anniversary, Ellen Søhoel, Founder and Managing Director, reflects on a decade of innovation, collaboration, and growth in the world of design From working with ultra-high-net-worth individuals and families in iconic locations like Emirates Hills and Palm Jumeirah to partnering with renowned developers on landmark projects, Ellen Søhoel and her team have continuously redefi ned excellence in architecture, interior, and landscape design. In this exclusive conversation, Søhoel shares insights, lessons, and forward-thinking strategies that have shaped XBD Collective’s journey and continue to drive its vision for the future. XBD Collective emphasises designing for long-term value creation. How do architectural and interior design choices directly impact the asset value of a development? Designing for long-term value requires a careful balance between timeless appeal and practical considerations. In my experience, timeless, more classical design choices tend to hold their value far better than trend-driven styles. This approach not only ensures longevity but also appeals to a broader audience, which is critical when considering the resale potential of a property. In terms of architecture and interior design, consistency and harmony are vital. A well-designed property should feel cohesive and intentional—almost like a symphony, where recurring design elements echo in diff erent variations, creating an overall sense of balance and unity. A good example is Riviera, a villa we refurbished that sold for $34 million on the secondary market. By repeating certain motifs in subtle ways throughout the property, we created a design that felt both elegant and inviting—a testament to the value of thoughtful design. Can you walk us through how your team integrates architecture, interior, and landscape design to deliver cohesive projects? One of our key strengths lies in our holistic involvement across architecture, interiors, and landscape design. Take the St. Regis Residences Financial Centre Road Dubai as an example—where we oversaw the façade architecture, interior design, and landscape. Working across all these disciplines gave us deep insights into how to coordinate diff erent teams and stakeholders eff ectively. We’ve learned to anticipate potential challenges early on, addressing them during the design stage to ensure smoother execution. Additionally, we support developers beyond design. With our in-house capacity for high-quality 2D/3D renderings, animations, and marketing visuals, we help create compelling materials that bring projects to life for potential buyers. From off ering fl exible layout options to showcasing fi nishes, we make it easier for developers to market their projects eff ectively while maintaining consistency across all aspects of design. Ultimately, our goal is to deliver projects that feel harmonious, refl ect the developer’s ambitions, and connect meaningfully with end users—all while keeping the process effi cient and results-driven. When designing for branded and unbranded projects, how do you tailor architectural and interior elements to align with the preferences and aspirations of the target audience? The fi rst step is always to identify who we’re designing for. Are we creating spaces for young professionals with CWPME_Dec2024_12-15_Spotlight_13470440.indd 1304/12/2024 18:16SPOTLIGHT 14 Left: Ellen Søhoel, Founder and Managing Director, XBD Collective; St. Regis Residences façade Right: St. Regis Residences penthouse entrance; St. Regis Residences library; St. Regis Residences boardroom fast-paced lifestyles, or are we catering to families seeking functionality and comfort? Understanding whether the audience is homogenous or diverse is equally important, as it infl uences everything from spatial layouts to material choices. Additionally, we consider how audiences might evolve over time, ensuring our designs incorporate fl exibility and adaptability to remain relevant. For branded projects, our approach is often guided by the brand’s identity, standards, and guidelines, which provide a framework while allowing room for creative interpretation. For unbranded developments, we have greater fl exibility to craft a unique narrative that refl ects the developer’s positioning and resonates with the target market. In the GCC, most residential and mixed-use projects carry strong developer identities and legacies, which serve as a foundation for our design. The key in both contexts—branded or unbranded—is to elevate the project’s value. As architects and designers, our role is to go beyond what’s expected, off ering insights and solutions that diff erentiate our clients’ projects in a competitive market. How do you approach master planning to create cohesive spaces that promote engagement and foster a sense of belonging among residents? We believe master planning is about more than just organising buildings and spaces—it’s about creating environments where people feel engaged, connected, and truly at home. Variety plays a key role in our approach. By designing adaptive layouts and integrating unique elements across the development, we ensure that no two spaces feel the same. We also focus on balancing the human scale with the larger urban context. It’s important to create intimate, people-centric spaces that make residents feel grounded and comfortable while also connecting them to the broader community. This balance is essential in ensuring residents feel a personal connection to their environment. Nature is another cornerstone of our design philosophy. By integrating green spaces, water features, and natural materials, we enhance the overall aesthetic and well-being of residents. Thoughtfully CWPME_Dec2024_12-15_Spotlight_13470440.indd 1404/12/2024 18:16PARTNER CONTENT 15 factor in this region’s harsh climate. Materials that might traditionally struggle here, like wood, can now be treated to withstand heat and humidity, making them more sustainable and versatile. A good example of this balance is the Solar House in Emirates Hills. While the client indulged in luxuries like a two-storey pool, they were equally committed to off setting their environmental impact. We incorporated a wastewater management system and photovoltaic technology to signifi cantly reduce reliance on the grid, proving that high-end living and sustainability can coexist beautifully. Ultimately, it’s about blending the wisdom of tradition with the possibilities of modern innovation, ensuring we deliver developments that are sustainable, resilient, and deeply rooted in their context. What are the most valuable lessons you’ve learned from designing for diverse audiences and markets? How have these experiences shaped your approach to new projects? Refl ecting on the past ten years, we’ve learned some invaluable lessons about designing for diverse audiences and markets. One of the key insights has been the importance of fl exibility in design. User requirements can change quickly, so we always guide our clients to embrace a more adaptable approach. Many clients are also deeply infl uenced by their travels and exposure to art, culture, and ideas from around the world. Interestingly, we’ve noticed a move away from the more ostentatious designs that were popular in the past. Instead, there’s a growing appreciation for what’s now often referred to as “quiet luxury”—a classical style that focuses on understated elegance, timelessness, and thoughtful details. Keeping in mind all these aspects, we aim to design creative spaces that bring people together, adapt to their needs, and thrive in their environment—all while maintaining a cohesive and inviting atmosphere. planned landscapes, complete with shaded areas, off er comfort while encouraging moments of connection with nature and each other. We also integrate sustainable practices into our design process, prioritising environmental responsibility. This includes implementing solar power and passive cooling systems, as well as creating energy-effi cient layouts whenever possible. Ultimately, our goal is to design spaces that feel cohesive and alive—places where people want to spend their time, connect with their neighbours, and become part of a thriving community. The Middle Eastern real estate market is dynamic and ambitious. How does XBD Collective address regional challenges while delivering high-quality, sustainable developments? I always encourage my team to approach every project with humility and a mindset of continuous learning. New advancements in materials and technology emerge every day, and staying informed ensures we can design solutions that are both practical and forward-thinking. Take durability, for example—a critical CWPME_Dec2024_12-15_Spotlight_13470440.indd 1504/12/2024 18:1616DECEMBER 202416 CWPME_Dec2024_16-17_Co-branded Revolution Opener_13448486.indd 1604/12/2024 18:1817DECEMBER 2024 CO-BRANDED COLLECTIONS Exploring the fusion between luxury real estate and renowned luxury brands 17 CWPME_Dec2024_16-17_Co-branded Revolution Opener_13448486.indd 1704/12/2024 18:18CO-BRANDED COLLECTIONS 18 LUXURY MEETS LIFESTYLE Raja Zeidan, COO of RDK Group, discusses the allure of branded residences, the unique features of Marriott Residences Al Barsha South, and the future of luxury real estate Interview by Shehzin Shaikh Dubai is continuously redefi ning the concept of luxury living on a global scale, with branded residences playing a key role in solidifying the city’s status as a leader in exclusive real estate developments. Especially branded residences combining premium hospitality with private ownership are becoming increasingly prominent in the GCC region as affl uent buyers drive demand to new heights. In light of this trend, the launch of Marriott Residences Al Barsha South represents a signifi cant milestone in Dubai’s evolving real estate landscape. Hence, in an exclusive interview, Raja Zeidan, COO of RDK Group, explains why we are seeing a strong interest in branded residences. What key factors are driving the demand for branded residences, both from local buyers and international investors? Branded residences are synonymous with Images supplied by: RDK Group CWPME_Dec2024_18-21_Co-branded Properties_13456630.indd 1811/12/2024 17:30CO-BRANDED COLLECTIONS 19 a luxurious lifestyle, prestige, and curated experiences, making them highly sought after by high-net-worth individuals (HNWIs) and expatriates looking for exclusivity, convenience, and comfort. These properties are considered reliable and secure investments, with the added allure of brand association. The UAE’s prime location and favourable business environment attract a diverse international clientele, while the contemporary architecture and design of branded residences appeal to modern aesthetics. Investing in branded residences can lead to a notable increase in price per square foot (PSF) of 15-30%, depending on factors such as brand, off erings, amenities, and location. How do branded residences like Marriott Residences in Dubai cater to the specifi c lifestyle needs of HNWIs? Could you share more about the unique amenities, and how they enhance the luxury living experience? We are seeing a strong demand among HNWIs and expatriates for residences that off er a blend of privacy, luxury, and seamless integration of leisure and work facilities. Marriott Residences Al Barsha South, Dubai for example, expertly blends premium hospitality with upscale living by providing a range of tailored services and exclusive amenities. Residents can unwind in the sophisticated Owner’s Lounge and benefi t from a 24/7 concierge service that attends to all personal needs, from dining reservations to bespoke event planning. Additional amenities, such as a fi tness centre, a swimming pool, and exclusive dining options, further enhance the experience. What fi nancial advantages do you believe make branded residences in Dubai especially attractive compared to traditional luxury properties? Branded residences typically off er higher long-term value and investment stability compared to traditional luxury properties due to their association with reputable brands that maintain rigorous quality and service standards. This brand association enhances asset value over time, especially Left: Front view of the project Right: An aerial shot of the penthouse Investing in branded residences can lead to a notable increase in price per square foot (PSF) of 15-30%, depending on factors such as brand, off erings, amenities, and location” when located in high-demand areas. In our experience, branded residences also see stronger demand in the resale and rental markets, as they off er both a prestigious address and lifestyle advantages, which is increasingly important to today’s global investors. How does RDK Group incorporate sustainable practices into its branded residences, and what are your plans for aligning with eco-friendly and energy- effi cient standards? We are deeply committed to advancing sustainable practices within the luxury real estate sector, ensuring that each development aligns with eco-friendly principles. At Marriott Residences Al Barsha South, Dubai, this commitment is refl ected through a series of thoughtful initiatives designed to minimise environmental impact. Recycling and waste segregation systems are in place across the property to promote responsible waste management. Additionally, the preserved fl owers program reduces the need for fresh blooms, signifi cantly lowering waste while creating an elegant, lasting aesthetic. CWPME_Dec2024_18-21_Co-branded Properties_13456630.indd 1911/12/2024 17:30Next >