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.
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