Property

Global investments in RAK’s Al Hamra Village total $272m

Buyers of 99 nationalities have invested in the destination – led by Brits, Germans, Indians and Russians, developer reveals

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Ras Al Khaimah’s Al Hamra Village development has welcomed investors from a total of 99 countries since it was launched in 2003, with total investments of AED1 billion ($272 million), according to a statement from the developer.

The latest investor nationality statistics revealed by Al Hamra Real Estate Development show that demand in its flagship UAE community has been led by buyers from the UK, Germany, India, Russia and the UAE.

Barry Ebrahimy, head of Commercial for the company, said: “To date, we have seen over AED1 billion invested with British investors accounting for over AED400 million, Germans AED106 million, Indians AED115 million and Russians AED150 million. All of our investors are attracted by the exceptional value Al Hamra and Ras Al Khaimah offers, compared to other neighbouring markets in the UAE.”

In its latest report, the RAK-based developer shared a breakdown of its owner-tenant mix, showing that 44% of residents hail from the UK and Europe, 20% from the UAE/GCC, 13% from Asia/Oceania and the remaining 23% encompassing MENA, the Americas and Africa. The top five investors by nationality are the UK (20.73%), Russia (7.25%), India (6.19%) and Germany (5.17%).

“We have a true league of nations under our roof with investors from virtually every corner of the globe including Mozambique, Dominican Republic, Fiji and even North Korea,” Ebrahimy added.

“We offer the combination of affordable luxury, an inclusive, friendly and secure lifestyle with ample leisure pursuits, retail outlets, excellent schools nearby plus the confidence of a quality product within a mixed-use community. If you compare property prices and rental rates in Ras Al Khaimah against Dubai, for example, there are clear benefits when it comes to Al Hamra’s value proposition.”

The statement added that average rental rates at Al Hamra are bucking the overall UAE trend, with a studio available for AED32,000, one beds for AED48,000, two-bedroom units for AED67,500 and the top end five-bedroom villas at around AED325,000.

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