Ras Al Khaimah is emerging as one of the best options for foreign investors. Ras Al Khaimah is an inspiring land bordering the Sultanate of Oman. Its ruler is pushing for reforms in the real estate sector so that the place becomes on par with its bustling neighbour, Dubai. Simultaneously, there are 31 real estate projects underway, and experts say that this may just be the beginning of an determined plan to increase the population of the place three folds during the next 12 years.
Inspirational Plans
The future plans include Mangroves Island, which is a 7.1 million square feet project on the creeks. All the 4,500 apartments of the island will be self contained and will be in close proximity to the cities premier shopping centre, Manar Mall. Another important project is Mina Al Arab, a 30 million square foot beach front resort. The facilities of the project include 310 hectares of open spaces, traditional water taxis, ecological preserves and every conceivable residential amenity.
The most outstanding of all projects is the development of Marjan Island that includes hotels, residencies and a business village, all built on a man made island. Situated on La Hoya Bay, the island has private golf course, swimming pools and spa. Unlike its neighbours, Ras Al Khaimah is also strongly investing in the middle and upper-middle class projects. Their model project is the Gateway city that has its own sophisticated transport system.
Property Boom
The economy of Ras Al Khaimah is growing in double figures. In the region there are three major development groups, RAK Properties, KHOIE and Saraya Islands. The groups are now offering 10 percent initial down payment. The remaining amount will be distributed evenly between the development stages.
In order to invite investment it offers a tax free environment and has business friendly rules with a much less-layered bureaucracy providing full repatriation of capital and profits. One of the fastest growing regions is the RAK free with more than 4,000 registered companies in just two years.