30 Apr UAE 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 situated in the north of the Arabian Peninsula and is bordered by the emirates Umm al-Quwain, Sharjah and Fujairah and the Sultanate of Oman.
Ras al Khaimah was the second emirate of the United Arab Emirates (the UAE) to allow foreign freehold property ownership, and was the first emirate to actually pass a law granting foreign nationals property rights. This early entry into the freehold market has meant that there are many exciting property developments constructed and under construction in Ras al Khaimah City.
The first freehold development built in Ras al-Khaimah is Al Hamra Village, a premium beachfront real estate and tourism precinct. The village is situated 40 minutes drive from Dubai International Airport. The development houses 3 hotels, over 1350 residential dwellings of various sizes and types, a shopping mall, 18 hole golf course, marina and a 5 kilometre jogging track among other numerous features. The development is also home to a man made island that houses a 22 floor, 400 room, 5 star hotel; the island is linked to the main development by a bridge.
The Cove was the second freehold development being built in the emirate and is a beach resort of approximately 50 acres. It will include a 5 star beachfront hotel and over 130 Nubian style furnished chalets.
Currently due for completion is the Julfar Towers, a commercial and residential freehold development consisting of 40 story residential and commercial towers built over a three level podium of retail and food outlets. The commercial tower will house 468 office units of various sizes whilst the residential tower will offer accommodation ranging from a limited number of exclusive duplexes, and 349 apartments ranging from 4 bedroom deluxe flats to studios. The Julfar Tower complex will offer a kindergarten, fitness centre, advanced business centre and parking for over 1500 cars, along with breathtaking views of the mountains, mangroves and creek.
There are two man-made 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 man-made islands, onto which 3 luxury hotels, 200 villas and cultural and commercial venues will be placed.
The Al Marjan Island development is a series of 5 coral shaped islands that will extend two kilometres into the Arabian Gulf, 27 kilometres from the city centre. The development will include a water theme park, a marina and marina village, 10 major hotel sites and 50 large villa sites. The main development is due for completion by 2009. A sub development of the Al Marjan Island development, the Gateway, is a residential and commercial development that will house 50,000 residents and is being constructed in 5 stages which have a completion date of 2012. La Hoya Bay is another development being built on Al Marjan Island, a residential, commercial and leisure project. The project will be built in 6 phases with the first phase scheduled for completion in March 2008.