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Investment guide: Ras al Khaimah, United Arab Emirates |
Whilst Dubai and Abu Dhabi have long been household names, it is only recently that the other emirates have
started to gain recognition as excellent up and coming locations for property investment, of which Ras Al
Khaimah (RAK) is proving to be one of the best options.
As prices soar in neighbouring Dubai, many investors still seeking tax-free returns are looking to RAK and the
lower prices for property, less buy-to-let competition, and a more relaxed location. There are excellent property
developments to choose from reminiscent of Dubai in the early days. As property investment in this Emirate is
still in the early stages, there is the chance of picking up the prime units in the best locations at entry level
prices. |
Whilst recently RAK has provided a cheaper location for residence for Dubai workers at the lower pay-scales, it
is rapidly reinventing itself as a tourism destination in its own right. In fact RAK now presents a much more
diverse option than just catering to overspill from Dubai.
There is already an excellent infrastructure and high quality facilities. RAK is among the fastest growing tourist
destinations in the Gulf region. There is a major drive by the government to further develop the excellent
infrastructure including the current re-development of the Ras Al Khaimah International Airport. Whilst only 45
minutes drive away from the airports of Dubai, RAK soon will be able to provide many more direct international
flight opportunities with the increased capacity and also due to the recent participation in the Open Skies policy.
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On 14th March 2006, the government of Dubai issued new legislation
allowing foreign freehold property ownership, and as interest soared it
was not long before the other Emirates followed suite. The first of
which to follow the model was Ras Al Khaimah which soon announced
a brand new freehold opportunity called Al Hamra Village. The
development initially consisted of 1300 residential units, which has now
grown to include villas and townhouses to add to the apartments and
penthouses which has attracted a great deal of interest from the global
property investment community. |
The Emirate has spectacular scenery with the 1900M Haijar
Mountains, beautiful pristine beaches with clean, empty white sand and
crystal clear seas. There are amazing desert dunes and vast areas of
totally unspoilt natural beauty. The region just to the west of the
spectacular mountains is famed for its hot springs, with many thalassic
spa centres catering to the growing numbers of visitors attracted by the
therapeutic properties of the 40ºC sulphuric water.
The government has called the new tourism drive ”Ras Al Khaimah –
Top of the Emirates” which is testament to the vision of the rulers and
the ambitious plans to turn the emirate into a global brand. Billions are
being invested into the development of this Emirate, with colossal
construction projects planned, probably the most impressive of which is
a multi-billion dollar Desert Snow Village, which promised to draw 15
million visitors per annum.
The Desert Snow Village will be a self-sufficient complex – a city within
a city - with all amenities, public services, and entertainment on site.
The main attraction will be a simulation of the North and South Pole
with associated winter sports centre. There will also be a monorail
transportation network, Aqua Park and sports centre, theme park, film
studios and 24 themed hotels including an underwater hotel and one
solely for women. |
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