April 2, 2008 - After Dubai, Ras Al Khaimah is going to be the second emirates to catch up with the property boom. Engel & Voelkers is going to open its shop at the Al Hamra Mall in a few months to meet the growing property demand there.
“I believe Ras Al Khaimah will become the ‘Monaco of UAE’ with its green landscape and mountain scenery,” said Sebastian Wels, managing director of Engel & Voelkers Middle East. “We have seen a raise in popularity of the Emirates for investors, especially for those who have been priced out of Dubai and Abu Dhabi property market.”
Ras Al Khaimah is the furthest north of the UAE’s seven emirates and occupies a prime position on some of the world’s most important trade routes. Its idyllic location with fertile plains, mountains, hot springs, mangrove forests and miles of unspoilt Gulf coastline make RAK keep growing as a tourist destination and now the forth largest emirate. Since 2000, almost AED 100 billion of domestic and foreign investment has poured into RAK – 31 real estate developments are underway or at the planning stage. Some developments in the area has seen their prices increased by 20% annually for the past two years.
Unlike Dubai, freehold ownership is granted for every property in RAK. With its property price and cost only 60% of those in Dubai, RAK becomes the newest real estate hotspot for investors. For those who have missed the property profit of 300% appreciation in the last 5 years in Dubai, they do see buying properties in RAK as an investment opportunity or holiday homes. Last year RAK has recorded the highest RevPar (revenue per available hotel room) among all emirates but still sees a 4,000 shortage of hotel rooms. The exceed demand pushes the estimated current rental yield high at 6 – 8%.
The RAK shop is wholly owned by a Engel & Voelkers franchise partner, Mr. Klaus Hoelscher, who has also owned 3 other shops in Dubai. Mr. Ahmed Tuaima is assigned to be the branch manager in RAK shop to handle daily business.
About Engel & Voelkers:
Founded in 1977 and set foot into the Middle East in 2004, Engel & Voelkers Group is one of the world’s leading real estate brand in marketing of high-class residential property in top locations. The global network of Engel & Voelkers has now developed to 23 countries on the 4 continents and more than 300 property shops. Consultancy, leasing, sales and valuations form the core compentences of Engel & Voelkers for its private and institutional clients. The group is expanding on the basis of its productive licensing partner system and has now over 300 license partners. Its success is due to specialization in submarkets and the excellent training of all highly-qualified partners and employees, ensuring optimum service quality.
For further enquiries, please contact:
Ms Wing Roberts, Marketing Director
Head Office Middle East, Engel & Voelkers
View Company Website: http://www.engelvoelkers.com/middleeast