Resale property market in Ras al Khaimah
Ras Al Khaimah being the 4th largest emirate by land size has a coastline measuring 64 kilometers! Ras al Khaimah’s warm and welcoming nature has seen more than a Million visitors in 2018!
Properties in Ras al Khaimah include Freehold and Non-Freehold areas, the latter mostly comprises of apartments, townhouses or villas that don’t generally offer the concept of community living like that in the Freehold areas. Some of the popular Freehold areas in Ras Al Khaimah are Al Hamra Village, Mina Al Arab, Yasmin Village, Pacific and Bab Al Bahr on Marjan Island. In the 1st half of 2019, the top 3 nationalities that bought property in Ras Al Khaimah, by value and number, were from UAE, UK and Russia, in that order. The Total value of real estate transactions was AED 2.7 Billion in the first half of 2018!
Properties For Sale
Own this affordable unfurnished studio apartment with mesmerizing city view in Union Tower, Ras Al Khaimah. Union Tower is located in the heart of...
- BathStudio - 1 Bathroom
- Sq Ft527
- Price Per Sq FtAED360.53
Ganjina is pleased to present this fully furnished one bedroom apartment with a touched of modern living in Pacific Al Marjan Island Samoa Building....
- Sq Ft772
- Price Per Sq FtAED479.27
Ganjina Real Estate is pleased to offer this exciting opportunity to own your spacious townhouse in a Beachfront community! NO COMMISSION|VIP SERVICE|AFTER-SALES ASSISTANCE WHY...
- Bed3 +Maid’s
- Sq Ft3,250
- Price Per Sq FtAED756.32
Ganjina 24/7 Real Estate is pleased to offer you this spacious townhouse in the Bayti villas! NO COMMISSION! WHY BUY THIS? BRAND NEW-Be...
- Bed3 Bedrooms+Maid’s
- Sq Ft2,786
- Price Per Sq FtAED677.17
Ganjina 24/7 Real Estate is pleased to offer you this Exclusive listing in a BRAND NEW Residential building called GATEWAY RESIDENCES! WATERFRONT | ISLAND-LIVING...
- Bed1 bedroom apartment
- Sq Ft900
- Price Per Sq FtAED755.56
Ganjina Real Estate 24/7 presents one bedroom apartment which is available for sale with luxurious amenities in Al Marjan Spa and Resort. Ganjina Real...
- Sq Ft915
- Price Per Sq FtAED491.80
Laws for property related transactions, property developers and real estate brokerages are formed and regulated by the Ras Al Khaimah Land Department.The RAK Land department protects the rights of property investors through the Real Estate Regulatory Administration.
After you view some properties offered to you by your Real Estate Agent, depending on your finances and liking, you need to figure out which property you would like to go for. After you select the property, the first step is to reserve the property. This is crucial as the Seller can market and offer the property to some other buyer. In order to reserve a property, a 10 % of the Sale amount either by check or account transfer, is held by the Agency. This amount along with the buyer’s id proof(usually the passport) helps in the Reservation of the property. The Memorandum of Agreement(MOU)/Sale Agreement, is prepared, signed by the Buyer and then signed by the Seller. Each get an Original and it defines the terms of the sale. After the MOU is signed, Developer No Objection Certificate needs to be obtained. It usually takes around 5-7 working days. Once the NOC is available, the property transfer can be carried out in the Land department where the buyer needs to submit the Purchase amount by way of Manager’s Check. The Buyer and Seller each pay 2% of the Sale amount as the Transfer fees to the Land department. The Agency Commission is the same, 2% of the Sale amount, each from Buyer and Seller. If in case the Sale amount is low, there is a minimum Commission amount of AED 10,000 plus the VAT amount charged by agencies. The new Title deed(property ownership document) is issued in a day or two!
Properties For Rent
In Ras Al Khaimah, both Short term and Long term rentals are quite popular. In case of Long-term rentals, the typical period is 1 year with option to renew. In order to rent a property, a tenant needs to make sure he/she has a valid Residence visa and Emirates id.
After viewing a property and you like it, you must book the property to avoid missing out on it. You could book the property with a 5% amount of the rental value, paid in check, cash or bank transfer.
The Landlord is paid a 5% Refundable deposit for unfurnished properties or a 10% Refundable deposit for furnished properties. Property booked, contract drafted by the Agent and signed by both parties with each having an original of the set. Post dated checks are issued at the time of Tenancy contract signing and paid in advance for the full year, usually in 4 checks. However, the lesser the number of checks, the better is the discount you get. As a Tenant, you need to note that the utility bills payments are on the Tenant’s account, whereas the Annual service fee is paid by the Landlord. In Ras Al Khaimah, a tenant needs to pay 5% of Rental value for getting the Tenancy registered with the Land department.