Ras Al Khaimah's real estate market has witnessed impressive growth in recent years. The emirate's property prices are generally lower than those in Dubai, making it an appealing option for a wide range of buyers.
In this post, we will explore who can purchase property in Ras Al Khaimah and the areas for freehold ownership considering the various benefits that come with buying real estate in this thriving emirate.
A Growing Property Market
This rising interest from foreign investors has sparked the development of numerous residential and commercial projects. As a result, potential buyers now enjoy a variety of options, from luxury branded residences, villas and more apartments.
The Lands and Properties Sector within Ras Al Khaimah Municipality is dedicated to the administration of property ownership and registration. It handles documentation, registration, and disposition, facilitates electronic real estate transactions, as well as the management of real estate data and land registry. This sector is pivotal in ensuring the streamlined and efficient processing of property-related transactions.
The Real Estate Regulatory Administration (RERA) is pivotal at the executive level for organizing and regulating the real estate sector within the emirate of Ras Al Khaimah. This department is tasked with the registration of real estate development companies, registration of real estate projects from the developers, escrow account regulations, survey companies, real estate permits, owner associations management, brokerage firms, and facility management rules and regulations, ensuring a structured and well-regulated property market.
Eligibility for property ownership
In the Decision No. 20 of 2005 and Law no. 11 of 2021 known as Real Estate Register Law, it stipulates that UAE nationals respectively GCC nationals are entitled to own property across the emirate, as well as allowing expatriates for ownership of properties within areas that are designated for freehold ownership by the Ruler of RAK
This flexibility positions the emirate as a perfect option for international buyers keen on investing in the UAE.
Designated Areas for Foreign property Ownership in Ras Al Khaimah
When considering a property investment in Ras Al Khaimah, it's important to focus on certain key areas where foreign ownership is allowed and which offer various property types, catering to different preferences and budgets.
New Regulations issued in 2023 on the Development of Real Estate Projects in Ras Al Khaimah, specifies the rights and obligations of master property developers, sub-developers and purchasers of real estate development projects off-plan.
1. Al Marjan Island
Al Marjan Island is a landmark mixed-use development featuring four islands that provide stunning views of the Arabian Gulf:
Breeze Island
Treasure island
Dream island
View Island
It offers luxury beachfront villas and apartments that cater to those looking for a high-end lifestyle. The development boasts amenities such as luxury hotels, restaurants, retail options, and leisure activities, making it a highly desirable area for residence or investment.
The much-anticipated gaming and integrated resort by world-renowned Wynn brand attracts significant number of new developments such as Al Marjan Island Hotel and Residences. A unique collaboration with: Ushuaïa Ibiza by Palladium Hotel Group
2. Mina Al Arab
Mina Al Arab is a picturesque waterfront community that features charming villas and apartments set against beautiful lagoons. It is comprised of two islands:
Raha Island
Hayat Island
The area is family-friendly, with parks and vibrant retail spaces.
Ideal for those seeking both lifestyle and investment opportunities, Mina Al Arab thrives in its welcoming atmosphere.
3. Al Hamra
Created and managed by Al Hamra, a lifestyle developer and investment company is comprising of the following entities:
Al Hamra Village, Royal Breeze Apartments, Al Hamra Golf Club, Royal Yacht Club of Ras Al Khaimah, Manar Mall, and the groundbreaking residential project Falcon Island.
The company owns and manage other hospitality, retail, land plots and leisure developments.
4. Dafan Al Nakheel
Dafan Al Nakheel stands as a versatile mixed-use community nestled near Al Nakheel and Al Seer. Strategically positioned along the Al Manama – Ras Al Khaimah Road (E11).
Offering a blend of residential and commercial amenities is a serene environment perfect for investors wanting a peaceful retreat.
A promising future for investors
For international buyers, Ras Al Khaimah stands out as a promising real estate investment location. The combination of affordable property prices, high rental yields, appealing tax advantages, and ongoing infrastructure development makes it an exceptional choice for long-term real estate investments.
As potential buyers explore their options, understanding the available opportunities and the best areas for investment will empower them to make well-informed decisions.
Conclusion
Nestled among the seven emirates of the United Arab Emirates, RAK combines modern living with a rich nature elements and cultural heritage. The allure of stunning landscapes, affordable property prices, and a strategic location near Dubai has captivated investors from around the globe.
For both local and international investors, grasping the regulatory framework is crucial for informed decision-making in the dynamic real estate market of Ras Al Khaimah (RAK).
Disclaimer: The information presented in this article is for general information purposes only and does not constitute legal advice nor should it be used as a basis for any specific action or decision. For further information please do your own diligence and contact a competent authority.
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