Looking to buy property in Ras Al Khaimah? Write to us on WhatsApp and we will select the best options for you. Everybody buys from us!
How to Buy a Luxury Apartment in an Under-Construction Building in Ras Al Khaimah, UAE in 2023 for Foreign Buyers.
Are you looking for a new and exciting opportunity to invest in the real estate market of the United Arab Emirates (UAE)? Do you want to own a luxury apartment in one of the most beautiful and dynamic emirates of the UAE? Do you want to enjoy the benefits of living in a modern and cosmopolitan city with a rich culture and history? If your answer is yes, then you should consider buying a luxury apartment in an under-construction building in Ras Al Khaimah, UAE in 2023, in 2023 from Real Estate Group.
Ras Al Khaimah, or RAK, is the northernmost and fourth-largest emirate of the UAE. It is known for its stunning natural scenery, diverse wildlife, historical landmarks, and cultural heritage. It is also a fast-growing and prosperous city that offers a high quality of life, a low cost of living, and a friendly and welcoming environment for foreign residents and visitors.
The real estate market of RAK is one of the most attractive and affordable in the UAE. It offers a wide range of properties, from villas and townhouses to apartments and penthouses, in various locations, such as the city center, the beachfront, the mountains, and the islands. The prices of properties in RAK are significantly lower than those in other emirates, such as Dubai and Abu Dhabi, but the potential for growth and appreciation is high. According to the RAK Department of Economic Development, the average price of an apartment in RAK was AED 500,000 (USD 136,000) in 2021, while the average price of an apartment in Dubai was AED 1.5 million (USD 408,000).
One of the most lucrative and rewarding ways to buy a luxury apartment in RAK is to buy it in an under-construction building. This means that you buy the apartment before it is completed and ready to move in. This strategy has several advantages, Real Estate Group points out them:
- You can buy the apartment at a lower price than the market value, as developers usually offer discounts and incentives to attract early buyers.
- You can choose the best apartment in terms of size, layout, design, view, and facilities, as you have more options and flexibility than buying a ready-made apartment.
- You can benefit from the capital appreciation of the apartment, as the value of the property increases as the construction progresses and the demand rises.
- You can customize and personalize the apartment according to your taste and preferences, as you can request changes and modifications from the developer before the handover.
However, buying an apartment in an under-construction building also has some challenges, such as:
- You have to wait for a long time before you can move in or rent out the apartment, as the construction may take several months or years to complete.
- You have to deal with the uncertainty and risk of the construction process, as the project may face delays, cancellations, or defects due to various factors, such as market conditions, legal issues, technical problems, or force majeure.
- You have to pay additional taxes, fees, and charges, such as registration fees, service charges, maintenance fees, and VAT, when buying and owning an apartment in an under-construction building.
- You have to comply with the legal and financial regulations and requirements of the UAE and RAK, such as obtaining a residence visa, opening a bank account, and transferring the funds, when buying and owning an apartment in an under-construction building as a foreigner.
Therefore, buying an apartment in an under-construction building in RAK requires careful planning, research, and guidance. In this article, Real Estate Group will provide you with a step-by-step guide to buying a luxury apartment in an upcoming building in RAK in 2023 for foreign buyers. Real Estate Group will consider two strategies for purchasing an apartment in a building under construction: “living” and “investing”. We will cover two strategies for buying an apartment in an under-construction building: living and investing. The living strategy means that you buy the apartment to live in it yourself or with your family. The investing strategy means that you buy the apartment to sell it or rent it out after the construction is completed. For each strategy, Real Estate Group will explain the following steps in detail:
- Step 1: Choosing the best area to buy an apartment in RAK.
- Step 2: Choosing a reliable real estate agency in RAK.
- Step 3: Choosing the best apartment to live in or to invest in.
- Step 4: Formalizing the purchase of an apartment in an under-construction building.
- Step 5: Deciding whether to sell or rent the apartment after construction (only for the investing strategy).
By following this guide, you will be able to buy a luxury apartment in an under-construction building in RAK in 2023 with confidence and ease. You will also be able to enjoy the benefits of owning a property in one of the most beautiful and dynamic emirates of the UAE. So, let’s get started!
Strategy 1: Buying an apartment in a building under construction to live in.
Step 1: Choosing the best area to buy an apartment in Ras Al Khaimah.
Ras Al Khaimah has many different areas that offer various advantages and disadvantages for buying an apartment in a building under construction to live in. Depending on your needs, preferences, and budget, you can choose the area that suits you best. Real Estate Group will tell you about the most popular and promising areas for buying an apartment in Ras Al Khaimah in 2023:
Al Hamra Village.
Al Hamra Village is a master-planned community that covers an area of 77 million square feet and features a mix of residential, commercial, and leisure properties. It is located on the southern coast of Ras Al Khaimah, about 45 minutes drive from Dubai International Airport. It is one of the most sought-after areas to buy an apartment in Ras Al Khaimah, as it offers a range of benefits, such as:
- It has a beautiful and serene beachfront that stretches for 7 kilometers and offers stunning views of the Arabian Gulf and the Hajjar Mountains.
- It has a world-class golf course that spans 18 holes and is designed by the renowned golf course architect, Peter Harradine.
- It has a marina that can accommodate 200 yachts and offers various water sports and activities, such as sailing, fishing, kayaking, and jet skiing.
- It has a shopping mall that has over 100 outlets and offers a variety of retail, dining, and entertainment options, such as a cinema, a supermarket, a food court, and a children’s play area.
- It has a hotel complex that consists of five hotels and offers a range of hospitality and leisure services, such as spas, pools, gyms, restaurants, and bars.
- It has a school that follows the British curriculum and caters to students from nursery to secondary levels.
- It has a hospital that provides 24/7 medical care and emergency services.
Some of the most attractive and affordable projects for purchasing an apartment in Al Hamra Village in 2023, according to Real Estate Group, include:
- Al Hamra Residences: A collection of low-rise buildings that offer spacious and elegant apartments with one to four bedrooms. The apartments have balconies or terraces that overlook the golf course, the marina, or the sea. The prices of the apartments range from AED 400,000 (USD 109,000) to AED 1.5 million (USD 408,000).
- Falcon Island: A luxury island development that offers exclusive and eco-friendly villas and apartments with three to six bedrooms. The villas and apartments have private pools, gardens, and docks that provide direct access to the sea. The prices of the villas and apartments range from AED 5 million (USD 1.36 million) to AED 15 million (USD 4.08 million).
Al Marjan Island.
Al Marjan Island is a man-made island that covers an area of 2.7 million square meters and features a mix of residential, commercial, and leisure properties. It is located on the northern coast of Ras Al Khaimah, about 15 minutes drive from Ras Al Khaimah International Airport. This is one of the most promising and developing areas for buying an apartment in Ras Al Khaimah, as it offers a number of advantages, Real Estate Group notes them:
- It has a unique and distinctive shape that resembles a coral and extends into the sea for 4.5 kilometers.
- It has a pristine and private beachfront that offers panoramic views of the Arabian Gulf and the skyline of Ras Al Khaimah.
- It has a water park that covers an area of 120,000 square meters and offers various attractions and rides, such as a wave pool, a lazy river, a slide tower, and a splash pad.
- It has a shopping mall that covers an area of 200,000 square meters and offers a variety of retail, dining, and entertainment options, such as a hypermarket, a food court, a multiplex, and a bowling alley.
- It has a hotel complex that consists of seven hotels and offers a range of hospitality and leisure services, such as spas, pools, gyms, restaurants, and bars.
- It has a school that follows the American curriculum and caters to students from kindergarten to grade 12.
- It has a hospital that provides 24/7 medical care and emergency services.
According to Real Estate Group, the most profitable and promising projects for purchasing an apartment on Al Maryan Island in 2023 include:
- Bab Al Bahr: A collection of pyramid-shaped buildings that offer modern and stylish apartments with studio to three bedrooms. The apartments have balconies or terraces that overlook the sea, the pool, or the garden. The prices of the apartments range from AED 300,000 (USD 82,000) to AED 1 million (USD 272,000).
- Marbella: A luxury beachfront development that offers spacious and elegant apartments with one to four bedrooms. The apartments have large windows and balconies that provide stunning views of the sea and the island. The prices of the apartments range from AED 800,000 (USD 218,000) to AED 3 million (USD 816,000).
Mina Al Arab.
Mina Al Arab is a master-planned community that covers an area of 43 million square feet and features a mix of residential, commercial, and leisure properties. It is located on the western coast of Ras Al Khaimah, about 20 minutes drive from Ras Al Khaimah International Airport. It is one of the most diverse and vibrant areas to buy an apartment in Ras Al Khaimah, as it offers a range of benefits, Real Estate Group lists them:
- It has a natural and protected coastline that spans for 13 kilometers and offers a variety of flora and fauna, such as mangroves, wetlands, and coral reefs.
- It has a lagoon that covers an area of 1 million square meters and offers a tranquil and scenic setting for water activities, such as boating, kayaking, and fishing.
- It has a shopping mall that covers an area of 100,000 square meters and offers a variety of retail, dining, and entertainment options, such as a supermarket, a food court, a cinema, and a children’s play area.
- It has a hotel complex that consists of three hotels and offers a range of hospitality and leisure services, such as spas, pools, gyms, restaurants, and bars.
- It has a school that follows the International Baccalaureate (IB) curriculum and caters to students from nursery to diploma levels.
- It has a hospital that provides 24/7 medical care and emergency services.
Looking to buy property in Ras Al Khaimah? Write to us on WhatsApp and we will select the best options for you. Everybody buys from us!
Some of the most diverse and vibrant projects for purchasing an apartment in Mina Al Arab in 2023, according to Real Estate Group, are:
- Bermuda: A collection of low-rise buildings that offer contemporary and cozy apartments with one to three bedrooms. The apartments have balconies or terraces that overlook the lagoon, the pool, or the garden. The prices of the apartments range from AED 500,000 (USD 136,000) to AED 1.5 million (USD 408,000).
- Gateway Residences: A collection of mid-rise buildings that offer luxurious and spacious apartments with one to three bedrooms. The apartments have large windows and balconies that provide panoramic views of the sea and the island. The prices of the apartments range from AED 700,000 (USD 190,000) to AED 2 million (USD 544,000).
