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Ras Al Khaimah, also known locally as RAK, is rapidly emerging as the ‘new Dubai’; it is the most northerly of the United Arab Emirates and it is characterised by its stunning landscape, breathtaking mountains and the speed at which it is developing as an affluent centre for business and commerce in the GCC region.
Ever since then it has been legal for foreigners to own freehold property in RAK and receive a residency visa, it has kick started a mini property revolution in the tax-free emirate that is predicted to continue developing apace.
Those who missed out on the now legendary 300% gains that Dubai’s first freehold property projects such as Palm Jumeirah witnessed for example, are backing the emergence of RAK as a leading real estate investment hub.
Ras Al Khaimah’s property prices are currently running at around 60% of those in Dubai, and the lower price for real estate in the emirate is in part based on the fact that it has yet to establish itself on the global stage economically speaking, but also in part because more than three quarters of the cement produced in the UAE actually comes from RAK. This means that developers in the emirate can maintain lower construction costs and therefore maintain their competitiveness.
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