Real Estate in RAK
Ras Al Khaimah is undergoing an ambitious phase of development including investments in infrastructure improvement, tourism, property, shopping, and efforts to attract industrial and commercial enterprises.
What Sets RAK Apart from the Rest of the Emirates
- Greater availability of land
- Lower start up costs and the accessibility of important building materials such as cement and ceramics
- Improvements in road infrastructure
- Stable rental market
- 15-20 per cent average net profits on real estate projects
- Only 45-minute drive from Dubai International Airport
- Only emirate other than Dubai to permit foreign ownership
- Year-round rental offers and fantastic buy-to-let opportunities
- Natural beauty – stunning beaches and mountain backdrop
The real estate, building and construction sectors contributed AED 2.46 billion or 18 per cent of RAK GDP in 2008, rising from AED 2.2 billion in 2007. Growth of the sector consistently outpaced the overall economy between 2001-2008. These sectors will continue to play an important role in the economic development of the emirate, as it supports the government’s plan to develop and upgrade the tourism and industrial sectors, as well as the rising demand for residential properties and the growing infrastructure needs of the emirate driven, in part, by rapid growth.
In November 2005, the RAK government issued a decree permitting expatriates to enjoy freehold ownership of property developed in selected developments in Ras Al Khaimah. The legislation was preceded by a grant of 4.6 million square metres of strategically located land to RAK Properties to be used in proposed residential and industrial projects.
Residential, commercial and tourism development projects, worth over AED 100 billion (USD 27 billion), are currently in various stages of development across the emirate.
Related Links
www.rakproperties.net
