Can Expats Own Property in RAK?

When people think about buying property in the UAE, Dubai often steals the spotlight. However, Ras Al Khaimah (RAK) has been making waves in the real estate market. Unlike the high-profile markets of Dubai, RAK’s regulations aren’t as well-publicised. That is why many expats ask whether they can own property in RAK. The answer is Yes. But before you start packing your bags or signing on the dotted line, here’s everything you need to know.

The Types of Property Ownership in RAK for Expats

Here are the key options available for expats:

Freehold Ownership

A few places of RAK permit expats to purchase properties on a freehold basis. In such property ownership, expats can own the property and the land it sits on indefinitely, much like in Dubai’s designated freehold zones. Examples of freehold areas in RAK include Mina Al Arab, Al Marjan Island, and Julphar Towers.

Leasehold Ownership

If freehold is unavailable, then expats can utilise the option of leasehold property ownership. It normally lasts for 99 years. You will have rights over the property, but you do not own the land. Leasehold arrangements are often seen as a middle ground for expats looking to invest without full ownership.

Special Economic Zones

Expats setting up businesses in the RAK Economic Zone (RAKEZ) may also explore property ownership opportunities linked to their commercial ventures. Such properties can be used for residential needs as well as business and corporate requirements.

Popular Areas for Property Ownership in RAK

Some of the most popular freehold areas for property ownership in RAK are:

Al Hamra Village

It is a scenic waterfront community with villas, apartments, and a championship golf course. Here, most homes are surrounded by well-maintained green areas and offer beautiful views of the Arabian Gulf. The average sales and rental prices of villas and apartments in Al Hamra Village are:

Mina Al Arab

Mina Al Arab is another waterfront community along Sheikh Muhammad Bin Salem Road (E11). The community features a mix of apartments, villas, and townhouses, and their average rental and sales prices are:

Marjan Island

Marjan Island is an artificial island harboured close to the edge of Ras Al Khaimah and Umm Al Quwain Marina. There are numerous freehold apartments in the community, and their average sale and rental prices are:

Comparison with Other Emirates

Ras Al Khaimah is known for its affordability and peaceful lifestyle. Unlike the bustling metropolises of Dubai and Abu Dhabi, Ras Al Khaimah offers a more leisurely lifestyle and lower living costs, attracting families and retirees. The properties in Ras Al Khaimah are much lower than those in Dubai, and they offer excellent value for money. For instance, a one-bedroom apartment in RAK could cost between AED 300,000 and AED 500,000. The same property in Dubai could easily exceed AED 1,000,000 in a prime location.

But lower costs don’t mean compromising on quality. Developments like Mina Al Arab and Al Hamra Village offer luxurious waterfront living comparable to Dubai’s premium areas.

How to Buy Property in RAK as an Expat

Buying property in RAK is a straightforward process, but it is essential to follow the right steps to avoid any hiccups.

Choose a Property: Decide on the type of property, such as an apartment, villa, or townhouse, and the area that suits your needs.

Work with a Real Estate Agent: A licensed agent can guide you through the process and help you find the best options within your budget.

Sign a Sales Agreement: Once you have chosen a property, you will sign a sales agreement that outlines the terms and conditions.

Transfer Ownership: Ownership is transferred at the RAK Lands Department. You must pay a transfer fee (usually 4% of the property value).

Register the Property: Ensure the property is registered in your name to secure your rights as the owner.

Why Choose RAK for Property Investment?

Dubai steals the spotlight regarding real estate, but RAK is quickly becoming a hidden gem. Here’s why:

• RAK offers a quieter and more relaxed way of living than busy cities.
• The emirate has excellent schools, parks, and facilities for families.
• RAK is close to Dubai and other emirates, which makes reaching major business and leisure hubs easy.
• Like the rest of the UAE, there is no property tax, so it is a lucrative option for long-term investment.

Conclusion

Owning property in RAK gives you a foothold in one of the UAE’s most promising markets. Investor-friendly policies and growing appeal are turning Ras Al Khaimah into a prime destination for expat property ownership. So, why not take a closer look? With the right guidance and preparation, the keys to your new home in RAK could soon be in your hands.

If you have been on the fence about investing in RAK, now is the time to explore your options. Contact us! We are here to help every step of the way.