RAK top-end villa prices surge 50pc in Q1
Ras Al Khaimah, June 3, 2013
Apartment prices have increased by 16 per cent in the first quarter of 2013 in Ras Al Khaimah (RAK) while higher end villas surged by more than 50 per cent, said an industry expert.
Property prices in Ras Al Khaimah have been on a steady rise and last year saw an average of 10 per cent to 12 per cent increase and the demand on investment has accelerated substantially in 2013, explained Benoy Kurien, general manager of UAE-based Al Hamra Real Estate Development.
"The demand is mostly from local and expatriate end users and investors,” he added.
As prices increase, many investors choose to relocate to Ras Al Khaimah rather than in already well-established but increasingly overcrowded parts of the UAE, he said.
The cost of living in Ras Al Khaimah is remarkably lower than in Dubai. A 45-minute drive enables professionals to take advantage of business opportunities, but at the same time, not paying the increased prices Dubai brings, Kurien noted.
“During the economic crisis, Al Hamra Group was one of the few that continued with the projects and we delivered to clients on the promised deadlines,” Kurien said.
“Today, the community is the most preferred residential choice for investors and has options on affordable yet high end properties for all target groups. With the UAE economy on track to positive growth, we are confident that Al Hamra Village will be one of the most favoured investments,” he added.
“We see the property market growth in Ras Al Khaimah and Al Hamra Village in particular to be sustainable. Investors are getting great value for their investment.”
Al Hamra Village, a Dh1 billion ($272 million) development, is situated at the southern end of Ras Al Khaimah City - a vast 7.1 million sq ft expanse that is set around salt water lagoons, an 18-hole championship golf course and its very own marina.
There are five hotels and resorts within Al Hamra Village including the all new Waldorf Astoria, a super luxury brand opening its first hotel in the UAE at Al Hamra Village.
With the opening of the RAK Sailing Academy, Al Hamra Marina and Yacht Club, the Village forms the centre of sailing and yachting within the Arabian Gulf area, Kurien said. – TradeArabia News Service
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