Villas and townhouses in Al Hamra Village are 99.3% sold out and similarly 98.4% of all apartments are sold out. The prestigious Al Hamra Village project has seen a vast number of new developments finished this year; with the expansion of its Al Hamra Mall and the recent opening of the long awaited Waldorf Astoria Hotel.
More impressively, Al Hamra Village still remains the most popular community in the Northern Emirates. The cost of living in Ras Al Khaimah is remarkably lower when compared to the rest of the UAE and many consumers are now opting for more affordable luxury, than paying the steep prices that you expect in Dubai. Despite the fact, Al Hamra Village has seen significant increases in house prices, villa values have tripled in less than 12 months and apartment prices are up by 30% in the same period.
Al Hamra Real Estate Development has evaluated the reason behind the high sales across its residential portfolio; they believe Al Hamra Real Estate properties offer the same luxury standard as other competitors but at a far better price. This may have facilitated the fact that AHRED have been named as GCC nationals top the list of investors. Additional entertainment options and new global brands continuously being added to the mall outlets means RAK is more popular than ever. The demand is mostly from local and expatriate end users and investors, however the surge in tourism has meant that investors are trying to capitalise on the increased demand for holiday homes. The RAK Tourism Development Authority estimates that up to 1.2m visitors will arrive in 2013, up from 835,000 in 2011.
Barry Ebrahimy, Head of Sales and Marketing of Al Hamra Real Estate, said, “This year we have closed in on remaining sales and the substantial increase in prices hasn’t deterred investors away. We believe investors are still getting great value for their investment. We have been developing the Waldorf Astoria for years, so its opening has been a big milestone. The hotel brings gourmet dining and should also facilitate the tourism growth. We have seen encouraging growth throughout and we are confident that our future developments will have the same success. With sold out figures at 99.3% we are now very focused on our new projects in the pipeline.”
Al Hamra Village is seen as the perfect holiday home destination in Ras Al Khaimah. The project has allowed Freehold property owners an opportunity to redefine the meaning of luxury living. The world class community is set around salt water lagoons, an 18 Hole Championship golf course and its very own marina. The RAK Sailing Academy has allowed Al Hamra Marina & Yacht Club to be the centre of sailing in the Arabian Gulf area.