Oystra

When a debut development sells out its entire first phase—with buyers from Europe, the USA, China, Canada, and Australia—it can redefine market perception. That is precisely what Oystra by Richmind Development has achieved on Al Marjan Island in Ras Al Khaimah.

Designed by Zaha Hadid Architects and now moving into Phase 2—with penthouses priced from approximately AED 75 million—the project is drawing international investor attention typically reserved for Dubai Marina, Monaco, and Miami.

For UK buyers familiar with the evolution of luxury coastal markets, the question is less about whether Ras Al Khaimah has arrived and more about whether the opportunity remains early enough to matter.

The Search for the 'Next' Coastal Hub

In many global cities, prime waterfront markets have matured to the point where incremental gains are harder to justify. Dubai Marina, Monaco, and Miami continue to attract capital, but elevated entry prices, higher density, and constrained new supply limit early-stage upside.

Ras Al Khaimah offers a different profile. The emirate has positioned itself as the UAE's next major coastal investment destination, with Al Marjan Island at the center of that strategy. A key catalyst is Wynn Al Marjan Island, the UAE's first integrated resort, which signals long-term confidence from the global hospitality sector and is expected to stimulate surrounding residential demand.

For investors evaluating macro indicators, the combination of tourism infrastructure, government backing, and relatively under-penetrated beachfront inventory presents a compelling narrative.

Oystra's location adjacent to the Wynn development adds a further layer of strategic positioning, aligning buyers with a broader destination story that is still unfolding.

Why Oystra Stands Out

Oystra

Within this emerging landscape, Oystra has differentiated itself by combining design pedigree with a curated amenity mix and limited supply. The project offers around 850 one‑ to four‑bedroom residences, all oriented to maximise views of the Arabian Gulf, and is anchored by a sculptural architectural form conceived by Zaha Hadid Architects. This is the firm's first residential development on Al Marjan Island, and its involvement gives the building a recognisable identity in a market that is still forming its visual language.

Mohammad Rafiee, CEO of Richmind, has been direct about the rationale: 'The sell-out of Phase 1 is a resounding validation of our vision to bring art into living. Oystra has resonated deeply with the international community, particularly those in Europe who value the fusion of iconic Zaha Hadid architecture with functional luxury—at an ever-growing lifestyle destination like Al Marjan Island.' That conviction is reflected in the partner lineup. Richmind has also engaged HBA for interiors, Cracknell for landscape design and Dewan Architects + Engineers as the local architectural consultan., creating a team that is familiar to institutional investors and global family offices. The amenity offering includes over 50 facilities, from wellness‑focused spaces and a branded European spa to a beach club, state‑of‑the‑art fitness and a 360‑degree infinity pool positioned as a central visual and lifestyle feature. For buyers, this level of specification signals that the developer is investing not only in initial sales but also in the long‑term perception and performance of the asset.

Phase 1's complete sell‑out, with more than half of buyers coming from Europe, suggests that this positioning is resonating beyond the local market. Oystra offers a highly curated residential mix of premium one, two and three-bedroom signature residences from GBP 675,000 alongside ultra-luxury penthouses and private waterfront villas from GBP 18M, reinforcing Oystra's positioning within the ultra-premium segment of the UAE real estate market. For UK investors, this pricing structure is noteworthy: it indicates that there is already a segment of buyers willing to underwrite a premium for design, scarcity and early entry into Ras Al Khaimah's luxury tier.

Richmind Holding operates across real estate, hospitality, construction equipment, commodities trading, pharmaceuticals and medical equipment, with an established presence in markets including the UK, Portugal, Spain, Monaco and the UAE. This diversification provides multiple revenue streams and a broader balance sheet behind the development arm, Richmind Development. Critically, construction on Oystra has officially commenced on schedule, moving the project beyond concept stage and into verified delivery, with a 2029 handover already confirmed. For investors, this combination of cross-sector backing and active construction progress offers a level of execution confidence that is not always present in early-stage off-plan offerings.

On the project level, construction on Oystra has officially commenced, and the development has moved beyond the conceptual stage. The partnership with Zaha Hadid Architects and other established firms supports design integrity and build quality, reflecting the strong reputations of the stakeholders involved. Additionally, Richmind has opened a sales office in Shanghai and is conducting roadshows in European cities such as Manchester (27 Feb - 1 Mar) and Hamburg (21 Feb), alongside a showcase in Harrods in London (6–28 February), broadening the demand base across multiple international markets.

From a portfolio perspective, investors looking at Oystra as part of a diversified real estate allocation may view the project as complementary to traditional European or UK assets. The exposure is to a coastal, dollar-linked market with strong tourism fundamentals, accessed through a development designed to compete at an international standard. Provided that buyers conduct standard due diligence and align their timelines with the 2029 delivery, Oystra offers a structured way to participate in Ras Al Khaimah's trajectory with a long-term investment horizon.

How Oystra compares to Dubai, Monaco and Miami

Comparisons to Dubai, Monaco and Miami are inevitable, as many UK investors already hold exposure in at least one of these markets. Dubai continues to deliver strong transaction volumes and price performance in prime segments, but entry points in marquee locations have moved materially higher in recent years. Monaco remains one of the most expensive markets globally on a per‑square‑metre basis, with limited room for new supply. Miami, while still offering growth potential, has also seen significant capital inflows and competition for prime coastal assets.​

Oystra does not aim to replicate these destinations. Instead, it positions itself as a complementary exposure: a design‑led waterfront asset in a less mature market with room for both capital appreciation and lifestyle evolution. The bet for UK investors is that Ras Al Khaimah will continue to climb the recognition curve over the coming decade, and that projects like Oystra will be among the reference points for that story.

From a risk‑reward standpoint, the equation is straightforward. Investors are trading some of the perceived safety of globally famous postcodes for the potential upside of a high‑quality development in a market still gaining traction. The fact that Phase 1 has sold out, that the development is backed by a diversified holding group and that key design partners have been secured provides a degree of comfort that may not be present in smaller, less visible projects.

What UK buyers should watch next

For UK buyers considering Oystra, the next few years will be important in validating the investment thesis. Key indicators will include continued progress on construction milestones, the evolution of Al Marjan Island's tourism and hospitality ecosystem, and the depth of secondary market interest as the project advances. Richmind's ability to deliver on its broader pipeline and the launch of Concept Plus as a development platform will also inform perceptions of long‑term execution capability.

In the meantime, Oystra already offers a clear illustration of how capital is starting to diversify within the Gulf. It demonstrates that there is demand for projects that combine architectural pedigree, curated amenities and early‑stage destination exposure, even at price points comparable with more established markets. For UK investors accustomed to weighing risk across multiple geographies, the development provides a tangible option to participate in Ras Al Khaimah's rise while anchoring their decision to a specific, well‑defined asset.

Ultimately, the decision to back Oystra comes down to how buyers view the balance between current certainty and future potential. Dubai, Monaco and Miami offer many known quantities; Ras Al Khaimah offers fewer, but that is precisely why some investors are paying attention. In Oystra, they see a project that aligns strong design and brand signals with a market at an earlier stage of its journey, a combination that, for now, remains relatively rare in global coastal real estate.