Founded nearly seven thousand years ago, Ras Al Khaimah brims with generations of rich history, intertwined with diverse cultural heritage. Domineering historical sights mold the city's skyline, with fascinating structures like the Dhayah Fort and the National Museum of Ras Al Khaimah. Nestled on the northern edge of the United Arab Emirates, this famed emirate opens onto the vast Persian Gulf, with Hajar Mountains shaping its majestic backdrop. Its geographic location conveniently places it as a bridge between the East and West, attracting visitors and investors from across the globe.
The Current Exclusive Property Market in Ras Al Khaimah
Ras Al Khaimah endures as a strong player in the exclusive property market, exhibiting resilience even when faced with economic disruptions. The supply and demand equilibrium showcases a thriving real estate market with an extensive range of luxury homes and apartments perfectly crafted to suit varied tastes, hereby suggesting an unwavering appeal for buyers.
Political and Economic Stability
Benefitting from a stable political environment, Ras Al Khaimah has an economy that continues to hold strong, providing unwavering investor confidence.
The Cost of Buying a Luxury Home in Ras Al Khaimah
In Ras Al Khaimah, the real estate commission typically costs around 2-5% of the property price paid by both the buyer and seller. Buyers should also precalculate additional costs such as transfer tax, notary fees, and possible inspection or legal costs. The transfer tax on private property stands at 4%, while there is no wealth tax levied on the private ownership of a house.
Tax Considerations
Profit from selling a privately owned home used as a main residence or a vacation home goes tax-free. There is a 0% corporate tax on profits for registered companies and also no income tax for registered residents in Ras Al Khaimah.
Mortgage Requirements and Residential Areas
The mortgage rules are relatively flexible, allowing foreign investors to acquire a property with a ratio of 25% own capital to 75% foreign capital. The top residential areas include Al Hamra Village and Mina Al Arab, attracting high-net-worth individuals with their luxury homes.
Accessibility and Proximity
Ras Al Khaimah sits about 100km north-east of Dubai, the nearest big city. It is served by the Ras Al Khaimah International Airport and is accessible via the modern Sheikh Mohammed Bin Zayed Road.
Education and Healthcare
The region hosts world-class education systems with institutions such as RAK Academy and the American University of Ras Al Khaimah. It also offers state-of-the-art healthcare services at RAK Hospital and Saqr Hospital.
Emirate Facts, Climate, and Environment
Ras Al Khaimah, one of the seven emirates of the UAE, is home to approximately 345,000 residents. Renowned for its stunning natural landscapes, including vast desert expanses and miles of sandy beaches, the region boasts of a year-round sunny climate.
Leisure and Lifestyle
Ras Al Khaimah showcases luxury through first-class hotels like the Waldorf Astoria and The Cove Rotana Resort. High-end shopping experiences are available in places such as the Al Hamra Mall. The city is a hub for exciting sports and outdoor activities – from golf at the Tower Links Golf Course to desert safaris and watersports.
Cultural and Sporting Events
Yearly cultural events include the Ras Al Khaimah Fine Arts Festival. The emirate is also home to the Ras Al Khaimah Half Marathon, attracting athletes from around the globe.
Public Infrastructure and Amenities
Ras Al Khaimah's infrastructure supports a high standard of living, boasting a well-integrated public transport system and access to necessary amenities, including high-speed Internet and public utilities.
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