Dubai real estate: Casino hype boosts demand, China eyes UAE property market
The highly anticipated launch of the UAE’s first legal casino at the Wynn Resort in Ras Al Khaimah and the establishment of a new legal gaming regulator are expected to boost confidence in the country’s already booming property sector and more
The UAE, and Gulf region’s first legal casino, is expected to be launched in early 2027. Though the highly anticipated resort is still in the preliminary construction phase, it is already attracting investor interest globally.
The casino has already accelerated growth in Ras Al Khaimah’s high-end residential market, with unprecedented appetite from investors seeking lifestyle developments near the casino.
“Currently, the majority of headline activity is in the off-plan market. However, the impact is also being seen in secondary market prices, which are increasing significantly in developments like Al Hamra and Mina Al Arab,”
UAE gambling regulator boosts investor confidence
Early last month, the UAE set up a regulatory body for “commercial gaming” – a step that could potentially allow for casino licenses across the country.
Ali Manzoor, Head of Hospitality at CBRE Middle East, views the new regulatory framework for gaming as a “significant initiative” that will enhance the UAE’s appeal as a major tourist destination.
“This, alongside further anticipated developments in this sector, will help further enhance the UAE’s appeal as a major tourist destination”
The regulator will boost investor confidence in the market, with expectations of it having a direct impact on other local real estate markets such as in the emirates of Umm Al Quwain or Ajman if prices escalate too much in Ras Al Khaimah.
“It will also generate new investment opportunities in the hospitality and entertainment sectors from GCC and international investors, contributing to economic growth.”
These new investment opportunities will generate immediate benefits for job creation and an influx of tourists.
“These jobs will be created not only in the gaming industry but hospitality, transportation, and even local retail sectors to name a few,”
“Dubai, already a well-established tourism and business center, could find itself climbing new economic ladders with these launches.”
“We expect that in the long run, this will add to the already expansive list of destination drivers that the UAE has to offer, thereby encouraging a new cohort of visitors and more diversified source markets,”
The casino and the gambling regulator are expected to, as a result, support long-term nationwide economic stability. Only further developments will tell if the positive spillover effects being forecasted will come to full fruition.
Chinese investor activity surges 130% after news of casino launch
“The potential transformation of the UAE into a prominent player in the gaming arena is expected to catalyze economic progression, elevating demand from residents and investors, and benefiting homeowners,”
“The infusion of the gaming industry is foreseen to be a pivotal element in amplifying the nation’s economic dynamism.”
Chinese investors have historically been drawn to destinations with casino gaming, but as the UAE prepares to open its first casino resort, they are increasingly investing in Dubai real estate as well.
According to real estate firm Allsopp & Allsopp, Chinese investment in Dubai’s residential property market has surged 130 percent so far this year compared to the same period in 2021.
Though Chinese investors have long been active in the UAE, the upcoming casino seems to be accelerating their interest. Dubai appears poised to attract even greater investment from Chinese nationals looking to own property near gaming facilities.
“Chinese investors have shown a preference for spacious living units, with a substantial 78 percent opting for cash transactions according to our records,”.
“The positive impacts are expected to resonate in Ras Al Khaimah as well. The blossoming tourism sector, fueled by the presence of casinos, is anticipated to allure a diverse pool of investors keen on capitalising on this promising enhancement to the nation’s economic landscape,”
The introduction of legal gaming has created “significant excitement” among investors, particularly in Ras Al Khaimah where property prices have seen a rise.
“With the casino currently under construction, we anticipate a surge in new developments that will further enhance the real estate landscape, elevating its profile and prospects for robust growth,” .
“Gaming casinos hold great potential for Dubai to boost tourism, as evident from the success stories of destinations like Macao and Las Vegas. Their track record demonstrates the significant positive impact such establishments can have on a city’s tourism industry.”