Buy an apartment in Mira Coral Bay, Ras Al Khaimah: Richmond Residences prices and payment plan

The way to buy into Mira Coral Bay today is its first phase, Richmond Residences by Mira Developments. According to sales materials, a 40 m² studio starts at AED 550,000 (about USD 150,000) and a 79 m² one-bedroom at AED 1.1 million. Half the price is paid over 36 months after handover, which is scheduled for 2029.

Where is Mira Coral Bay?

The community sits on the Ras Al Khaimah coast in Al Mairid, roughly ten minutes by car from the emirate's centre. It is not on Al Marjan Island, which is about twenty minutes further along the coast.

The land is being developed by the government-backed master developer Marjan, and the masterplan is by Marco Casamonti's Italian studio Archea Associati. The community itself is profiled on our Mira Coral Bay page.

How much do Richmond Residences apartments cost?

Launch prices according to sales materials. Every home is handed over furnished and fitted with appliances, with interiors licensed from the Italian fashion house John Richmond.

Type	Size	From
Studio	40 m²	AED 550,000
1 bedroom	79 m²	AED 1,100,000
2 bedrooms	131 m²	AED 1,750,000
3 bedrooms	168 m²	AED 2,300,000
2-bedroom duplex	—	AED 2,500,000
3-bedroom duplex	238 m²	AED 3,500,000

What is the payment plan?

A 10/40/50 structure: 10% on booking plus the 4% registration fee, 40% during construction, and the remaining 50% in instalments over 36 months after handover.

On an AED 550,000 studio, roughly AED 275,000 is paid before the keys. The second half can be serviced from rent if the unit is let. No published calculation backs the yield figures used in marketing, so treat them as sales talk rather than a forecast.

When is handover, and how big is the building?

Sales materials give the second quarter of 2029 for Richmond Residences. The building has eight floors and around 293 furnished homes.

The full Mira Coral Bay masterplan, as announced, covers about 220,000 m² with 943 homes: 650 apartments, 165 villas and 128 townhouses across 14 branded buildings.

What will the community offer?

A private beach, two beach clubs, a yacht club and around ten branded restaurants. Two hotels have been announced: a 100-key five-star spa hotel and a 250-room resort.

Richmond Residences owners are promised hotel-style services, including concierge, housekeeping, in-residence dining and valet parking.

Who is the developer?

Mira Developments is a boutique Dubai developer that builds furnished homes under fashion and furniture brand licences: Trussardi and Richmond District in Al Furjan, Bentley Home villas in Meydan and projects on Dubai Islands. See our Mira Developments profile and the developer page.

Why are buyers looking at Ras Al Khaimah?

The headline driver is Wynn Al Marjan Island, home to the UAE's first licensed casino resort. Wynn's latest guidance points to an opening in 2027, and the emirate expects new tourist traffic and short-let demand around it.

The trade-off is liquidity: the RAK market is smaller than Dubai's, so a resale takes longer. More on the emirate on our Ras Al Khaimah page.

FAQ

What is the cheapest apartment in Mira Coral Bay?

According to sales materials, a 40 m² studio in Richmond Residences from AED 550,000.

Can I keep paying after handover?

Yes, 50% of the price is paid over 36 months after the home is handed over.

Are the apartments furnished?

Yes, every Richmond Residences home comes furnished and with appliances.

Is Mira Coral Bay on Al Marjan Island?

No, it is in Al Mairid, about twenty minutes from the island.

Masterplan, brands and community line-up: Mira Coral Bay.