Properties in Ras Al Khaimah sold with zero tax
Properties in Ras Al Khaimah sold with zero tax
Demand for property in Ras Al Khaimah is growing exceptionally well, mainly driven by investors looking for long-term rental income and short-term holiday home rentals. Numerous private developers have targeted the emirate's property market to capitalize on demand, especially following the announcement of the $3.9 billion (Dh14.3 billion) Wynn Al Marjan Island gaming resort in Ras Al Khaimah.
The hospitality and gaming project, being developed by local partners Marjan LLC and RAK Hospitality Holding, will attract thousands of visitors from around the world. The project is expected to boost the emirate's prestige as high-profile investors pour money into projects on Al Marjan Island.
As a real estate executive said during a conference recently held in Dubai, it is time to turn our attention to Ras Al Khaimah, especially Al Marjan Island. There is unprecedented demand from investors for projects coming there. All stocks on Al Marjan Island have been sold out. And they offer exceptionally good returns on investment. He noted that the northern emirate's real estate market is also developing a strong secondary market, which is a good sign of the maturity and stability of the market.
In September, RAK Properties sold out the first phase of the Cape Hyatt development on its first day of launch, reflecting strong demand for the property under construction. Cape Hayat is located on Hayat Island in Mina Al Arab and is a luxurious collection of residential apartments with direct access to the beach and views of the Arabian Gulf and the Hajar Mountains.
John Allen, CEO of Asteco's Valuation and Advisory Division, said the increase in large-scale investment in Ras Al Khaimah by local and international hospitality players has marked a new phase of development and has and will continue to have a positive impact on the property market.
The emirate's property market has proved particularly hot, partly due to its relative affordability compared to Dubai. He said the main driver of demand now is the investment sector, which includes investors seeking long-term rental income, short-term rentals of holiday homes and/or expectations of capital appreciation. The number of first-time buyers has also increased as many long-term residents look to get a foothold on the property ladder. In addition, there is growing demand for secondary homes from foreign buyers, as well as UAE residents looking for a local holiday.
The northern emirate's property market is projected to continue its strong growth in the future, supported by supporting infrastructure, complementary policies and a diversified economy.
