Richmond Residences at Mira Coral Bay

Richmond Residences is a collection of 293 fully furnished homes at Mira Coral Bay, on the Al Mairid waterfront in Ras Al Khaimah. The brand is John Richmond, the British fashion designer who has worked since the 1980s at the point where music, street culture and couture meet, and the interiors carry that signature rather than a generic luxury finish.

Prices start at AED 550,000. Residences run from 40 square metres. The payment plan is 50/50 with three years to pay after handover.

What AED 550,000 actually buys, per square foot

Forty square metres is 431 square feet, so the entry price works out at roughly AED 1,277 per square foot — and that is for a branded, fully furnished, serviced residence with private beach access. That rate is our calculation from the developer’s two published figures, not a figure Mira publishes.

Set it beside the comparison that matters. At Mondrian Al Marjan Island Beach Residences, twenty minutes down the same coast, the entry residence works out at about AED 3,379 per square foot on the same arithmetic, and a sky mansion there sold at about AED 3,800. Mondrian’s entry rate is roughly two and a half times Richmond’s.

What makes that gap worth pausing on is the direction of it. Small units almost always carry the higher rate per foot, not the lower one: we found exactly that inversion at Sobha Sanctuary and again at Jacob & Co. Beachfront Living, where the smallest apartment was the dearest square foot on the price list. Richmond’s smallest home is its cheapest square foot and it undercuts a larger unit twenty minutes away by a factor of two and a half.

Two things explain most of it, and a buyer should price both. Al Marjan Island is finite reclaimed land beside Wynn Al Marjan Island, the first casino resort in the UAE, opening September 2027; Al Mairid is open mainland coast with mountains behind it and no causeway constraint on supply. And Mondrian is an internationally operated hotel brand. Whether that combination is worth two and a half times the rate is the actual question in front of you, and it is a judgement rather than an arithmetic.

This is a studio building

The mix is the most important thing on this page after the rate, and it is published in full:

Nine homes in ten are a studio or a one-bedroom. That is the building’s character and it has three practical consequences. Your neighbours will predominantly be short-let investors and single occupiers rather than resident families, which shapes the feel of the corridors and the lobby. The service charge is spread across a lot of small units, so ask what it is per square foot rather than per home. And when you come to sell a studio you are competing with 209 identical ones in your own building, which is the single strongest argument for buying one of the larger formats instead — there are only 29 two and three-bedroom homes in the whole collection, eleven of them three-beds.

The payment structure is the softest we cover

Fifty per cent during construction, fifty per cent over three years after handover. On the AED 550,000 entry home that means roughly AED 275,000 paid before you hold the keys, with the balance spread across three years while the property is already yours to use or to let.

For comparison, the ordinary Dubai structure is 50/50 or 60/40 with the back half due at completion, not for three years after it. A genuine post-handover tail of that length is the closest thing off-plan offers to a deferred purchase, and on a resort address it means the unit can be earning before it is fully paid for. It is also the term most likely to change between a brochure and a contract, so get the schedule with the dates on it.

What is inside

Every home hands over complete: Italian-made furniture, lighting, kitchen equipment and appliances, down to linens and tableware. Within the building there is a lobby cafe, swimming pools for adults and children, separate Technogym-equipped gyms for men and women, and valet parking, concierge and housekeeping as a standing service rather than an add-on.

Beyond the front door sits the wider Mira Coral Bay community: fourteen luxury brands across the masterplan, five-star hotels, branded beach clubs, a yacht club, fine dining, a car-free upper level and private sandy beaches.

Before you commit

Ask for the floor area and the price of the specific unit you are shown, so you can work the rate yourself rather than from the entry figure. Ask for the handover date and the payment schedule with dates attached. Ask what the service charge is expected to be per square foot, given how many small units share the building. And ask for the escrow account and the Mira Care warranty document in writing — Ras Al Khaimah has no public project lookup of the kind Dubai offers, so the developer is your source.