RAK Properties Launches Lunara
RAK Properties is launching Lunara on The Strand — 583 homes across three towers with sales starting March 5. Ras al Khaimah's events calendar lists 35 upcoming happenings for March, spanning arts, business, food, and sports. The UAE Ministry of Foreign Affairs closed its embassy in Tehran and withdrew staff, reflecting regional tensions despite continued development momentum.
Lunara is the first residential project within "The Strand," a larger master-planned community on Al Marjan Island. The development offers freehold ownership to all nationalities with apartment sizes ranging from 598 to 2,852 sq. ft. and a targeted completion date of Q1 2029. The starting price for a home in Lunara is AED 1.28 million (approx. $348,000 USD), with buyers utilizing a 40/60 payment plan that requires 10% down. The Lunara project alone accounts for nearly AED 1 billion of the total AED 12 billion anticipated gross sales value for the entire Strand development. The Strand masterplan spans 187,000 square meters and is designed around three distinct districts: Urban, Creative, and Garden, emphasizing walkability and community living. The plan includes 14 retail and 8 food and beverage spaces, with a focus on prioritizing independent, UAE-grown businesses. This development is strategically positioned to capitalize on proximity to the upcoming $5.2 billion Wynn Al Marjan Island project, with direct bridge access planned between the resort and The Strand. The Wynn resort is a key component of Ras Al Khaimah's strategy to attract 3 million tourists annually by 2030. The project launches into a surging local property market where apartment prices saw a 32% year-on-year increase in 2025, with rents climbing by nearly 25%. Prime apartment prices in the emirate reached a record high of Dh2,428 per square foot during the 2025 cycle. RAK Properties, led by CEO Sameh Muhtadi, has seen significant growth, with the developer's net profit rising 79% in the first nine months of 2025. The company's sales value increased 117% to AED 2 billion in the same period, reflecting high investor confidence as over 80% of Ras Al Khaimah's residential sales are currently for off-plan properties.
