United Arab Emirates Property Guide Part 6 of 8 – Ras Al-Khaimah Property
Ras al-Khaimah is one of the seven emirates (sovereign states) of the United Arab Emirates. It is located in the north of the Arabian Peninsula and borders the emirates Umm al-Quwain, Sharjah and Fujairah and the Sultanate of Oman.
Ras al Khaimah was the second emirate in the United Arab Emirates (UAE) to allow freehold ownership by foreigners, and was the first emirate to pass a law granting property rights to foreign citizens. This early entry into the freehold market has meant that there are many exciting real estate developments built and under construction in the city of Ras al Khaimah.
The first freehold development built in Ras al-Khaimah is Al Hamra Village, a premium beachfront real estate and tourism precinct. The village is located 40 minutes drive from Dubai International Airport. The development is home to 3 hotels, more than 1,350 residential homes of various sizes and types, a shopping mall, an 18-hole golf course, a marina, and a 5-kilometre jogging track, among numerous other features. The development is also home to an artificial island that houses a 22-story, 400-room 5-star hotel; the island is linked to the main development by a bridge.
The Cove was the second freehold development to be built in the emirate and is a beach resort of approximately 50 acres. It will include a 5-star beachfront hotel and more than 130 Nubian-style furnished villas.
Currently due for completion is Julfar Towers, a commercial and residential freehold development consisting of 40-story residential and commercial towers built atop a three-level food and retail podium. The commercial tower will house 468 office units of various sizes, while the residential tower will offer accommodation ranging from a limited number of exclusive maisonettes and 349 apartments ranging from 4-bedroom luxury flats to studios. The Julfar Tower complex will offer a kindergarten, gym, state-of-the-art business center, and parking for more than 1,500 cars, along with stunning views of the mountains, mangroves, and creek.
There are two artificial island developments currently under construction in Ras al-Khaimah, these are Saraya Island and Al Marjan Island. Saraya Island is a tourist development that will include 3 artificial islands, in which 3 luxury hotels, 200 villas, and cultural and commercial spaces will be located.
The Al Marjan Island development is a series of 5 coral-shaped islands that will stretch two kilometers into the Persian Gulf, 27 kilometers from the city center. The development will include a theme water park, marina and marina, 10 major hotel sites and 50 large villa sites. The main development is scheduled for completion in 2009. A sub-development of the Al Marjan Island development, Gateway, is a residential and commercial development that will house 50,000 residents and is being built in 5 stages with a completion date of 2012. Hoya Bay is another development being built on the island of Al Marjan, a residential, commercial and leisure project. The project will be built in 6 phases with completion of the first phase scheduled for March 2008.