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.
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.
- 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)