RAK Properties Home Sales Fall by Three-Quarters as Wynn Casino Opening Slips to 2027

Net profit after tax roughly halved to Dh111.37 million, from Dh216.82 million in the same period of 2025, according to the company's results. Revenue fell by nearly a third to Dh809.72 million. The developer, about one-third owned by the Ras Al Khaimah government, sold 260 units in the period.

The figures show how far the Iran war has hurt the UAE's off-plan market outside Dubai, where a similar drop in launches has already pulled down sales. Ras Al Khaimah has tied much of its growth plan to Wynn Al Marjan Island, which will hold the UAE's first legal casino. AGBI reported that the casino's opening has slipped by several months to September 2027.

Prices in Ras Al Khaimah have almost quadrupled since 2021, according to data from property platform Bayut cited by AGBI. The rise began after Wynn announced the resort in 2022. The emirate has relied on that project to bring buyers into homes sold before they are built.

The company blamed the slowdown on "regional volatility and a recalibrated launch calendar". It said the average ticket price rose to Dh1.83 million from Dh1.65 million, and the selling rate held at about Dh1,916 per square foot. Buyers in the period were paying more per home, but there were far fewer of them.

UAE developers usually sell homes off-plan and book revenue in stages as construction goes on. That makes the backlog of sold but undelivered homes a guide to the revenue they can expect in coming years. RAK Properties' backlog was Dh3.18 billion at the end of September. That is above the Dh2.88 billion of a year earlier but below the record Dh3.3 billion it reported at the end of June. With no new projects coming to market, the pipeline is now being drawn down.

The company also cut spending. AGBI reported that third-quarter sales and marketing costs fell to about Dh2 million from Dh13 million a year earlier. Revenue per available hotel room across the emirate fell 27% in the nine months, RAK Properties said.

The war has slowed work on the resort's surroundings too. "The conflict certainly has slowed some of the ancillary hotel development" around Al Marjan Island, Wynn chief executive Craig Billings told analysts on the group's quarterly earnings call, according to AGBI.

Chief executive Sameh Muhtadi still pointed to the casino. "With major infrastructure projects progressing, and the positive sentiment driven by the Wynn's anticipated opening next year, we are optimistic about what lies ahead for the emirate," he said in a statement. Chairman Abdulaziz Abdullah Al Zaabi said the company was "well placed to advance our growth plans".

The developer is now focused on finishing homes it has already sold. It handed over 356 homes in the nine months, made 748 available, and expects to complete 691 more in the fourth quarter. That would take the total to more than 1,400 homes for the year, which Muhtadi said would be a record. Beach Houses and Cape Hayat are due in the fourth quarter.

New launches will not resume until next year. RAK Properties plans to relaunch The Strand, starting with its first community, Lunara on The Strand, in early 2027. Its Four Seasons-branded residences and hotel are due in the first half of 2027. RAK Properties shares are down more than 27% so far this year.