The real estate market in Ras Al Khaimah is performing very well despite the debilitating impact of the COVID-19 pandemic.
Inayat-ur-Rahman, Business Editor
The Expo 2020 Dubai would transform the UAE’s economic landscape as the mega event is expected to contribute to promoting tourism as well as commercial and real estate activity in various parts of the country, including Ras Al Khaimah.
This was stated by Mohammed Al Tair, acting CEO of RAK Properties during an exclusive interview with Gulf Today.
He added that any global event hosted by the UAE represents an opportunity to highlight the country’s achievements in various sectors, and Expo Dubai 2020 is the largest global event so far to be hosted by the Emirates to date, in terms of its tenure of six months, the participation of over 190 countries, as well as the expected number of visitors to the event, which could reach 25 million.
According to Al Tair, the UAE has managed the COVID-19 pandemic very well, which has positively impacted the real estate sector, providing the impetus for the industry to recover from the repercussions brought on by the spread of the virus last year.
“The real estate market in Ras Al Khaimah is performing very well despite the debilitating impact of the COVID-19 pandemic. Strong fundamentals underpin the emirate’s real estate market, including freehold property ownership for international buyers, and a vibrant economy built on the pillars of industry, manufacturing and tourism,” he added.
Picture used for illustrative purpose only.
Highlighting the importance of freehold law, Al Tair confirmed that the decree issued in Ras Al Khaimah in 2005, as well as similar legislations in the other parts of the emirate, provide a strong appeal for investors and constitute a competitive factor for the real estate market in the UAE, as these allow non-citizens to own 100% of property in selected zones, thus raising the demand for property investment in these areas.
“The issuance of the freehold law coincided with the establishment of RAK Properties in 2005, which enabled the company to have a strong start, and paved the way for it to launch promising, attractive and competitive freehold projects. All our projects have been received well by the public, citizens and expatriates alike, prompting us to launch two large projects within the freehold areas,” he added.
Ras Al Khaimah Tourism Development Authority (RAK TDA) on Sunday announced a strategic, high-impact investment programme that will position the Emirate as one of the most preferred destinations
The resurgence of the UAE’s real estate market continued in Q2 2021, with some segments seeing double-digit growth in sales prices ahead of Expo 2020 in Dubai.
Reports from several property portals in Dubai show that ready properties in several communities were reportedly fully or partially booked even before the event started.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and Sheikh Maktoum Bin Mohammed bin Rashid Al Maktoum,
Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs and Chairman of the UAE Tourism Council, revealed that the UAE’s tourism sector achieved a new growth milestone in Q1 2022,
The UAE has become Germany’s most important trading partner in the Middle East, said Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, adding that the non-oil trade