Al Hamra Village attracts foreign investment

A real estate community in the emirate of Ras al Khaimah is attracting a lot of attention from overseas investors and others looking to settle on the Persian Gulf coast.

Only 45 minutes from Dubai, Al Hamra Village is a mixed-use community with a full golf course and other attractive amenities.

The community is known for its multicultural community and attractive pricing.

Where an average rental price of a one-bedroom apartment in Dubai is around 89,000 AED, company representatives describe average rental rates at B Al Hamra Village as around 48,000 AED for the same size dwelling, and 67,500 AED for the two-bedroom units, or 325,000 AED for five-bedroom villas.

However, apartment shoppers aren't the only ones with interest in this particular housing community; in an Oct. 25 press release, company representatives cited broad investment appeal from British, German, Indian and Russian investors. The reps broke down various national investments in this way: United Kingdom, 1 billion AED; Germany, 106 million AED; India, 115 million AED; and Russia, 150 million AED.

The developer also provided an owner-tenant mix with resident percentages: U.K. and Europe, 44 percent; Emirates and GCC, 20 percent; Asia, 13 percent; and Middle East, Americas and Africa, 23 percent.

“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,” Barry Ebrahimy, head of commercial services for the company, said in a press statement. “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.”

Al Hamra Real Estate General Manager Benoy Kurien recently spoke to Gulf News Journal about what the Al Hamra Village projects mean for the area.

“Despite the uncertainty and general slowdown of the UAE real estate market, developments in Ras Al Khaimah, such as Al Hamra Village, are proving to be a popular choice with real estate investors with all our statistics showing sales activity on the secondary market and rental rates rising in tandem,” Kurien said.

Among the many reasons Al Hamra Village attracts inhabitants and investors, Kurien said, price and lifestyle are two predominant factors.

“First and foremost, it’s the better quality of life,” Kurien said. “A peaceful, stress-free environment ideal for families and those seeking a slightly slower pace of life without downgrading on entertainment, dining, retail and education options. The cost of ownership is also very attractive, the quality of the build is as good if not better than anything in the UAE, and location is also a major factor -- Al Hamra Village is just a 45 minute drive from Dubai Airport. As a result, there are many who choose a lifestyle that combines work in Dubai with a home life in Ras Al Khaimah.”
 
Kurien sees a positive year ahead for his company.
 
“We are confident that 2016 will be another strong year with further growth forecasted in the company’s financial statements thanks to a burgeoning tourism industry in Ras Al Khaimah, which will undoubtedly have a positive knock-on effect for our hotels and demand for our residential offering,” he said.