One of the emirates in the UAE, Ras Al Khaimah, which is commonly known as RAK, has been becoming an attraction for investors. The city has huge potential when it comes to real estate investments because it offers very affordable properties.
The city is also witnessing a great level of interest from the developers, coming up with different development projects. Therefore, it is a perfect opportunity for the people living in Ras Al Khaimah, as well as foreign investors to buy property in these development projects.
The development projects are mainly focused on providing leisure and amazing residential destinations. There are multiple projects that have caught the eye of many local and foreign investors, wanting to get their hands on promising piece of properties in Ras Al Khaimah.
It is time to take a look at the best new and upcoming projects that are quite promising compared to other projects.
Hayat Islands
There are several island and waterfront developments taking place in RAK and Hayat Islands are among those promising projects. The project is currently ongoing and it is being developed on an island. For those wanting to buy the best residential properties and retail outlets in a community full of entertainment, and leisure, this is the place for them.
The residential properties include townhouses, villas, and even waterfront apartments. The developers are aiming to offer private beach access to the residents of townhouses and villas.
Apart from the residential and retail zones, the development includes the construction of al fresco restaurants, a shopping mall, and internationally recognized 4-star & 5-star resorts. The developers are focusing heavily on setting up foundations of the community that are sustainable.
Whether it is an individual or an entire family, they will have access to plenty of event spaces, playgrounds, parks, promenades, architecture, and food places, at The Hayat Island.
Al Marjan Island
This is a mega project that is currently under progress in Ras Al Khaimah. Al Marjan Island is the right place for investors to place their money and see their investments turn into huge gems.
Once the Al Marjan Island project is complete, it will be one of the largest man-made islands in the entire world. It is set to become a place that will be highly attractive to investors plus tourists. Once completed, it will be the first ever man-made island of Ras Al Khaimah.
The development companies have revealed that their plan is to develop 2,000 houses and 1,500 hotels on Al Marjan Island. On top of the hotels, the developers are planning to develop mixed-use properties on Al Marjan Island. These properties would feature retail outlets, hospitality, and high-end residents.
The Ras Al Khaimah authorities have confirmed that more than one developer will be working on the development of this project. This ensures that the development will be fast and the prices of the properties on the island would spike tremendously.
The island will be offering different kinds of apartments such as studio apartments with one or two bedrooms as well as apartments with similar units. The rents for these properties are expected to start from AED 46,000.
As for those wanting to purchase such apartments, the selling prices would start from AED 295,000 for the studio apartments. For the apartments with 1 bedroom, the starting price would be AED 425,000, and AED 600,000 for apartments with 2 bedrooms.
Mina Al Arab
This is also one of the most attractive waterfront development in Ras Al Khaimah. The development of the project has been initiated by RAK Properties. The development of the project is set for AED 5 billion. Once the development is complete, the project will become a new entertainment and social hub for the city.
The residents of Mina Al Arab will have access to the most advanced and world-class facilities. The place will feature apartments, townhouses, and residential villas apart from houses. The investors and interested parties will be able to sell and rent the places in Mina Al Arab.
The development teams will be introducing villas and houses with 2, 3, and 4 bedrooms. Their rents are expected to be AED 70,000, AED 85,000, and AED 110,000 respectively.
Conclusion
There is a great misconception among global real estate investors that it is just Dubai or Abu Dhabi in the United Arab Emirates offering great investment opportunities.
Ras Al Khaimah is turning out to be as promising as other emirates in the UAE, offering huge investment opportunities. The locals of the emirate have a golden opportunity to keep an eye on these development projects as well as others, so they can acquire properties at really attractive prices.
