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RAK housing project 'a big hit among EU investors'

RAS AL KHAIMAH, October 25, 2016

Al Hamra Real Estate Development, a leading developer in Ras Al Khaimah, UAE, said a total of 99 nationalities, led by British, German, Indian and Russian investors have chosen the northern emirate’s popular Al Hamra Village community as a prime investment location and residential destination of choice.

Its multicultural community is a hallmark of the popular Al Hamra Village neighbourhood in Ras Al Khaimah, said the top developer.

Revealing its latest investor nationality statistics for the flagship community, Al Hamra said the top five are the UK with 20.73 per cent of the total investments, Russia (7.25 per cent), India (6.19 per cent) and Germany (5.17 per cent).

"We have a true league of nations under our roof with investors from virtually every corner of the globe including Mozambique, Dominican Republic, Fiji and even North Korea," remarked Barry Ebrahimy, the head of commercial for the RAK developer.

An established community, the Al Hamra Village has welcomed investors from a total of 99 countries since it was first launched in 2003, led by demand from the UK, Germany, India, Russia and the UAE, he revealed.

"To date, we have seen over Dh1 billion  ($272 million) invested with British investors accounting for over Dh400 million, Germans (Dh106 million), Indians (Dh115 million) and Russians (Dh150 million). All of our investor are attracted by the exceptional value Al Hamra and Ras Al Khaimah offers compared to other neighbouring markets in the UAE," stated Ebrahimy.

In its latest report, the RAK-based developer shared a full breakdown of its owner-tenant mix, and revealed that 44 per cent of residents hail from the UK and Europe with 20 per cent from the UAE/GCC, 13 per cent from Asia/Oceania and the remaining 23 per cent encompassing Middle East and North Africa (Mena), the Americas and Africa.

"We offer the combination of affordable luxury, an inclusive, friendly and secure lifestyle with ample leisure pursuits, retail outlets, excellent schools nearby plus the confidence of a quality product within a mixed-use community," noted Ebrahimy.

"If you compare property prices and rental rates in Ras Al Khaimah against Dubai, for example, there are clear benefits when it comes to Al Hamra’s value proposition," he added.

Data released at the recent Cityscape Global 2016 exhibition by regional real estate company Asteco, put the average rental price of a one-bedroom apartment in Dubai at Dh89,000, with two and three-bed units going for Dh126,000 and Dh167,000 respectively.

Villas, meanwhile, rent from an average of Dh205,000 to Dh313,000 per annum for a three to five-bedroom.

“Average rental rates at Al Hamra are definitely bucking the overall UAE trend with a studio available for Dh32,000, one beds for a very acceptable Dh48,000, a two-bedroom unit for Dh67,500 and our top end five-bedroom villas at around Dh325,000; all of which represent a compelling value option for tenants,” said Ebrahimy.

"While that’s great news for tenants looking for quality but on a budget, a vital consideration, sales prices for Al Hamra homes also offer unrivalled value," he added.-TradeArabia News Service




Tags: RAK | UK | Europe | investors | housing project |

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