Tourism has been growing by 8.7 per cent in the last three years – this figure is higher than the entire UAE. Pretty impressive
Lower profile than it’s glitzy neighbour Dubai, Ras Al Khaimah is a scenic getaway with bags of charm. And Neema Kataria, Managing Partner at Hunt & Harris, says for property searchers the time is ripe
With more than 7,000 years of fascinating history and culture, Ras Al Khaimah (RAK) may not be as glamorous or famous as say Dubai or Abu Dhabi – but it still offers the perfect getaway for those looking for tranquillity and blissful nature.
With year-long sunshine and 64 kilometres of white sandy beaches, and just 45 minutes from the Dubai city – meaning it’s a feasible commute – Ras Al Khaimah offers an entirely unique experience from its neighbouring emirates.
In recent years there has been an immense tourism drive from RAK Tourism Development Authority. Indeed, tourism has been growing by 8.7 per cent in the last three years – this figure is higher than the entire UAE. Pretty impressive.
If you haven’t been, you can expect magnificent mountain landscapes, breath-taking coastlines and rich, terracotta desert planes. In the near future you can also expect to enjoy some stunning five-star hospitality at a range of hotels that includes: The Address Hotel, Ritz Carlton, InterContinental, Anantara, and Avani as the big hospitality brands launch in the emirate.
The emirate may be low key, but it still knows how to dazzle. In fact, it has become a major hub for hotel investment with a pipeline of 10,200 rooms. Plus, Thomas Cook has announced its addition to local hotels, as well as there being many other large groups about to start construction.
Double Tree Al Marjan Island and Rotana have just added many rooms via extensions to their existing portfolios showing very positive signs of growth. These projects all pave way for an increase in employment – and in turn demand for residential property.
For investors contemplating a purchase in the northern emirates, RAK provides a unique combination of many of the UAE’s most appealing factors with beachfront and golf course living, while at the same time offering residents views and easy access to the Hajar Mountains for adventure seekers. Not to mention the world’s longest zipline, which is now up and ready for daredevils to try out.
We started to sell and rent freehold real estate in RAK back in 2007 when the market was limited to just off-plan developments. It was not easy to convince investors to pick RAK over Dubai, however, each of those developments were delivered and handed over to our eager buyers.
One development was an exception to this and that caused a major challenge. It’s never easy to break the news to an investor of a developer going bankrupt – this was one of the first instances of this scenario in RAK and we then had to change the way we sold properties. So, we instead forged ahead with selling ready property only – of course we do still sell off-plan, but only when our clients have full protection.
Key projects that global investors should note, include The Cove Rotana Resort – A traditional resort located on an idyllic beachfront. A hotel at heart but also offering one, two and three-bedroom villas for sale and long-term rental.
Then there is Mina Al Arab – a unique mix of aesthetically designed residential apartments and villas. Its surroundings are carefully crafted for residents looking to escape the stresses of city living with all amenities at hand.
For something rather special, Al Hamra Village offers an integrated community with more than 4,000 residential units, five luxurious hotels, Al Hamra Golf Club (a Par 72 championship golf course), Al Hamra Marina, and Yacht Club and Al Hamra Mall.
Finally, there is the sublime Al Marjan Island – a man-made island which is RAK’s answer to the Palm Jumeirah. With waterfront homes, quality hotels and resorts, marinas, private beaches for residents, leisure, retail and recreational facilities, it has everything a luxury buyer could want – only at more competitive prices.
Residents in most of the above communities are just a short walk away from private beaches, yacht clubs, shopping malls, and championship golf courses. Many residents even have golf buggies to get around! This really offers a relaxed way of life compared to the bigger UAE cities like Dubai and Abu Dhabi.
Having worked in RAK for so long and having witnessed its impressive rise, I know that the real appeal of the emirate is its calmer, slower pace of life amid beautiful natural surroundings. There is of course, a much cheaper cost of living compared with Dubai, yet it has a large choice of high-level residences which offer incredible value for money to both investors and tenants.
Rentals start from just AED 22,000 and AED 85,000 per annum respectively.
The proof of RAK’s growing popularity lies in the stats. We have seen almost a one hundred per cent increase in both sales and rental transactions in 2017 versus 2016.
As we move into 2018, figures show us that demand is still high and prices appear to be bottoming out, which offers investors a perfect window of opportunity to pick up a substantial property in a fantastic location, before prices rise back to their true value. Current average returns sit at 7-8 per cent offering a fantastic return on investment.
So, the question buyers considering RAK should be asking themselves in 2018 is: if not now, when?
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