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Sunday, December 3, 2023

The 0% tax and full foreign ownership of RAK real estate developments has led to their complete sale.

Ras Al KhaimahThe 0% tax and full foreign ownership of RAK real estate developments has led to their complete sale.

The demand for real estate in Ras Al Khaimah is soaring, largely due to investors seeking both long-term rental income and short-term vacation home rentals. In order to capitalize on the demand, several private developers are focusing on the emirate’s real estate sector, particularly in light of the recent announcement of the Wynn Al Marjan Island in Ras Al Khaimah, a $3.9 billion (Dh14.3 billion) casino resort.

The accommodation and casino project, which is being developed by local partners Marjan LLC and RAK accommodation Holding, will draw thousands of tourists from all over the world. High-profile investors are expected to pour money into the projects on Al Marjan Island, which will raise the emirate’s prestige.

“It’s time to take a closer look at Ras Al Khaimah, particularly Al Marjan Island. Investor appetite for projects coming over there is at an all-time high. The Al Marjan Island’s entire stock has been consumed. Additionally, they are providing investors with extraordinarily strong returns, stated a real estate executive at a recent conference in Dubai.

The desire for the off-plan was demonstrated in September when RAK Properties sold out phase one of Cape Hayat on the first day of its debut. Cape Hayat is a luxurious complex of residential units with direct beach access, views of the Arabian Gulf, and the Hajar Mountains. It is situated on Hayat Island in Mina Al Arab.

Due in part to the emirate’s relative affordability when compared to Dubai, the real estate market there is proving to be exceptionally robust.

The property market in the northern emirate is expected to maintain its strong growth in the future, supported by favorable regulations, supportive infrastructure, and a diverse economy. The real estate industry has seen a significant rise in development activity and a change in demography during the past 20 years. “The development of the tourism industry in the RAK will continue to support the building of hotels and resorts, as well as retail, recreational, and adventure facilities, boosting residential demand,

“First off, RAK provides a strategic setting with quick access to important markets in the Middle East and elsewhere. The advantages of logistics for organizations are increased by its proximity to important transportation hubs like ports and airports. Second, it offers a business-friendly climate with policies that are beneficial to investors, such as 100% foreign ownership and no taxes. Businesses and investors benefit from a competitive advantage as a result, according to Salami.

With growing industries like manufacturing, tourism, real estate, and renewable energy, RAK also has a broad economy that offers investors a variety of options to diversify their portfolios.

The majority of the new supply is located on reclaimed ground along the ocean, and it is a big improvement over current homes. Al Hamra Village, Mina Al Arab, and Al Marjan Island are just a few examples of the master-planned, waterfront, mixed-use (residence and hospitality) developments that have arisen as a result of the coast’s development as a vacation destination.

“We predict that in 2023–2024, these initiatives will supply about 1,000 residential units, which will constitute a considerable 10% increase in the current stock. There has been an increase in activity inside these masterplans in recent years, with numerous new projects making their debuts and construction moving quickly.

In October and November 2022, Dubai Investments and Al Marjan Island Master Developer entered into an agreement to purchase land for the development of Danah Bay, a Dh1 billion mixed-use waterfront resort with an area of about 90,000 square meters and 40,000 square meters of beach.

209 villas, a residential tower with 128 flats, and a 300-key, four-star upper-scale hotel, all run by Millennium and Copthorne Middle East Holdings, will be included in the development. The first phase of the construction, which started in late 2022, is scheduled to wrap up in the fourth quarter of 2024.

He said Dubai Investments “continues to investigate new opportunities and assess the market dynamics. In order to further contribute to the region’s progress and offer appealing investment prospects, the group will actively investigate the possibility of new projects in Ras Al Khaimah.

The launches also include Hayat Island’s residential beachfront development, a joint venture between RAK Properties and Dubai-based Ellington Properties, and Bayviews Residences, a beachfront development on Hayat Island with studios, 1 BR, and 2 BR apartments, launched by RAK Properties in May 2023.

Additionally, UAE-based Luxe Developers started construction on Oceano, a twin-tower waterfront development on Al Marjan Island with 206 apartments spread across 18 floors. Falcon Island is part of Al Hamra Village and is where 502 villas and townhouses ranging in size from 2BR to 7BR will be built.

Aldar has purchased a beachfront site on Al Marjan Island, measuring over 430,000 square feet, with plans to build a residential complex with over 2,000 branded and luxury residences, access to retail establishments, a beach club, and two kilometers of private beach.

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