Faq
Property
FAQ’s
The Ras Al Khaimah real estate market is growing. The fast-growing city is becoming a desirable place to live and work and provides a cost-effective alternative to the premium prices of Dubai.
Ras Al Khaimah offers family-friendly accommodation at an affordable price. The master-planned communities are carefully planned and designed to provide the best of everything. Beaches, pools, schools, and shopping malls offer you the greatest quality of life.
Step By Step
Guide
A property purchase is a big investment, so you’ll need to choose carefully. Looking at property websites can give you a good idea of what’s available, but nothing beats being ‘on the ground’ and looking at potential properties in person.
Always ask yourself what kind of property do you want?
Do you want to be by the beachfront?
Do you need something family friendly?
Do you need to be close to work?
Once you have a basic starting point you can then shortlist some options.
Having an agent, you can trust is the most important starting point. They will take you through the process step by step, whether you’re buying off-plan or a ready property.
Any nationality can buy property in Ras Al Khaimah as long as those properties are in designated freehold areas. You don’t have to be a resident of the UAE to buy property, so if you live abroad you can still buy property here for self-occupation, to rent out long term or short term.
Once an agreement is signed, it usually takes around 30 to 45 days to complete the transaction from start to finish. This can be done quicker based on individual circumstances however this would be the maximum time frame. Of course if you need finance then this should be done beforehand.
Once you have selected a property that you like, an agreement of sale is signed, and a deposit is paid (usually around 10%). The next stage is to apply for a No Objection Certificate from the developer so that the property can be transferred and sold. The developer will issue subject to a fee this can range from AED 500 to up to 2% of the selling price.
Once you’ve obtained the NOC, you can then go to the RAK Land Department and transfer ownership of the property.
Once all that is completed, you’ll be issued a title deed in your name for the property.
In addition to the cost of the property you’re buying, you’ll need to to take into account the additional fees and charges.
- NOC fees – the cost of the No Objection Certificate is between AED 500 and up to 2% of the selling prices. These are usually paid by the seller to the developer.
- Real Estate Agent’s commission – this is usually around 2% plus VAT of the purchase price
- Transfer fees – approximately 4% of the purchase price.
- Mortgage Registration Fees – If you are buying with a mortgage then you may be subject to mortgage registration fees at a rate of 0.25%.
You may also have to pay your annual service charge to the developer in advance prior to them giving you an NOC.
An off-plan property refers to a property where construction is yet to begin or is in its preliminary stages of construction so is therefore not ready to occupy immediately.
- Title deed or SPA (Sales Purchase Agreement)
- Owners passport copy with signature
- Signed listing form
- Power of Attorney along with POA passport copy with signature, company documents (only if applicable)
The United Arab Emirates is a tax-less country so there are no taxes on property or on any income generated off it. However, the property owner is responsible for the annual maintenance fee and service charge payments, which need to be made to the management company hired by the owner’s association.
For an individual, the tenant should have a valid passport and Residence Visa copy this is required to register the property with the correct departments and connect utilities.
For a corporate tenant, a valid Trade License, General Manager’s Passport Copy(if he/she is signing the Agreement) and valid passport of the Occupant.