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Written by Talha » Updated on: June 24th, 2024
One of the fastest-growing and stunning hubs in the Real estate market is Ras Al Khaimah (RAK). This exclusive marketplace is located in the northwest of the United Arab Emirates. The features that make properties in Ras Al Khaimah unparalleled are beautiful landscapes, shimmering sand beaches, futuristic and modern design architecture and more. If you are searching for a way to buy property in Ras Al Khaimah, then you are in the right place. This exclusive step-by-step guide encompasses all the crucial features that will facilitate you in buying a residence in Ras Al Khaimah.
According to a trustworthy source of real estate news, there is a prediction of 25% increase in property prices. Moreover, the prediction came this year following an astounding 50% surge in 2023. These upward trends are due to the scarcity of hotel accommodation and residential units, as compared to the demand.
Another highly credible news source economy Middle East highlighted that the real estate of Ras Al Khaimah is booming. Further, due to this robust development, this popular neighbourhood witnessed a surge in rental prices of apartments by 10.5%. Similarly, this is the case with villa rental costs which surged by 9.37%.
Besides, the area that stood out according to the annual reports is Al Hamra Village. The average price per sq. ft. increased from AED 587 to AED 633 in 2022 and 2023 respectively. Now, let’s explore the factors to consider before buying Ras al Khaimah properties for sale.
Below are the four things which are must to consider before purchasing property for sale in Ras al Khaimah.
The unique aspect of properties for sale in Ras al Khaimah is that this exclusive place offers diverse property options. Pre-calculating your savings, income, existing debt and financing options is essential. This is crucial to set the budget for property purchase.
Analysis of the location and the amenities available is also critical. This includes the availability of retail stores, educational institutions and other important places.
This information is important even if you are planning to buy a cheap villa for sale in Ras al Khaimah. These freehold zones are the specific areas offering full ownership rights for non-UAE buyers.
Get to know about leasehold ownership options in which non-UAE buyers can buy residences on a leasehold basis. Also collect all the information on long-term residence visas that come with the specific property value, amount and business.
This is also an important task to cater to during the property buying in Ras Al Khaimah. Familiarize yourself with the legal technicalities and formalities.
Additionally, you should connect with a credible real estate agency offering exclusive services before investing in Ras al Khaimah properties for sale.
Another important work to do before buying property in Ras Al Khaimah is market research.
1. To make the right purchasing decision the first thing in market research is determining the kind of property that suits your need.
Types of Units Available: 1 BR Beach Residence – 2 BR Beach Residence – 3BR Beach Residence with pool – 4 BR Beach Residences with Pool – Podium, Beach, and Sky Villas
2. Carry out comprehensive research of historical property values.
3. Attentively look out for the government initiatives that are associated with the properties.
Now, let’s discuss why you should be looking to invest in Ras Al Khaimah.
The first thing that makes Ras Al Khaimah stand out and be worthy of investment is staggering economic growth. This stunning Emirate is becoming a significant player in the UAE’s economy. The government’s buyer-friendly policy development including tax incentives and property purchasing procedure ease is making this property attractive.
Ras Al Khaimah is well-known for its beauty and vibrant community. The presence of the tranquil atmosphere, majestic mountains and natural attractions make this place exclusive. Buyers are investing in houses for sale in Ras Al Khaimah as they are aware of RAK's contemporary lifestyle.
Some of the latest and upcoming real estate projects in Ras Al Khaimah are:
As a buyer, the only thing one can consider generally is simply choosing and buying properties in Ras Al Khaimah. But this is not the case as evident from the above comprehensive guide regarding the aspects to focus on before buying a house in Ras Al Khaimah. Ras Al Khaimah is a stunning Emirate, still before investing, you should consider, location, financing, information about freehold areas, connecting to the right real estate agency and having know-how of legal formalities. This will make your buying decision accurate and reduce the risk from it.
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