RAK’s property prices rise by 16% in Q1

RAK’s property prices rise by 16% in Q1

Property values in Ras Al Khaimah climbed 16%in the first quarter of the year.

Summary:

  • RAK house values rose 16% in Q1 2013
  • They also climbed between 10% and 12% in 2012
  • Demand for properties is mainly from end users

House prices in Ras Al Khaimah (RAK) have been climbing recently, according to recent figures.

The United Arab Emirate (UAE) region has seen property costs increase by between 10% and 12% in 2012, Al Hamra Real Estate Development has revealed.

It also reported a rise in property values of 16% during the first quarter of 2013, showing how quickly prices in the Emirate are climbing.

General Manager of Al Hamra Real Estate Benoy Kurien said: “The demand is mostly from local and expatriate end users and investors.”

“We see the property market growth in [RAK] and Al Hamra Village in particular to be sustainable. Investors are getting great value for their investment,” he went on to say.

Many property moguls are keen on buying in RAK as it is less expensive than Dubai and only a 45-minute drive away from the city. This also means the rental market will see a boost as more people consider other areas of the UAE to live in that may be slightly cheaper.

Among the investment opportunities available in RAK is Select Property’s Pacific development on Al Marjan Island. These luxury apartments provide beachfront views, an excellent location and good prices.

In addition to apartments and villas being built in RAK, many hotels are cropping up in the area to cope with the growing number of tourists visiting the Emirate. The Waldorf Astoria, which is due to open in November, is one such establishment, with the hotel expected to offer luxury spas, an 18-hole golf course and 350 m private beach.

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