Ras al-Khaimah (RAK) translates as “the top of the tent” as it resembles a triangle tent top near the northern point of the United Arab Emirates. While it would be too bold to list RAK as the top of the UAE property markets, it is emerging as a popular choice amongst investors who are looking for a less headline-grabbing emirate and lower costs to the luxurious emirate Dubai.
Ras al-Khaimah has attracted more investors to the area following the news that the emirate will host Real Madrid Football Club’s multi-million ‘Disney-styled’ Theme Park. The park is currently being referred to as the ‘Real Madrid Resort Island’ and is great news for Ras al-Khaimah’s tourism industry.
Whether exploring RAK for investment, a luxurious holiday retreat or a little bit of both, this simple step-by-step buying guide will give you a straightforward overview of the RAK market and buying process in the UAE.
Ras al-Khaimah has the reputation of being the most beautiful emirate in the Middle East for its stunning beaches and picturesque mountains. It is one of the region’s best kept secrets and enjoys plenty of international tourism that is rising every year.
Ras al-Khaimah also has an investment location that offers investors a great opportunity. The Al Marjan Island is the first man-made island in the region that extends 2km out into the Persian Gulf and is just 27km from Ras al-Khaimah’s city centre. The island is 45 minutes away from Dubai, which is easily accessible by using the emirates highway.
The Al Marjan is shaped into five coral shaped islands that will contain hotels, large villa sites, a theme park and a marina with its own village. The island has become a popular choice with investors who are looking for a second home or investment opportunity whilst property prices are still low.
The buying process in the UAE
In recent years the UAE has reformed the property laws resulting in more investors buying real estate in places like Ras al-Khaimah.
In the UAE, the first step in purchasing a property is to make an offer to a seller. A foreign national can own a property directly in the UAE and the buying process has been made fairly straightforward.
Once the offer has been accepted a sales contract will then be drafted and the buyer must pay a deposit to the seller.
Once the requirements of the sales contract are satisfied and agreed from both the buyer and seller, a final contract is completed and the buyer pays the remainder of the money owed to the seller. A deed of the property is given to the buyer and they will then become the owner of that property.
For any more questions on buying a property in Ras al-Khaimah, contact Select Property’s sales team who will be happy to answer any of your questions.