How to buy and rent property in Ras Al Khaimah
How to buy and rent property in Ras Al Khaimah
A guide for foreigners and expats purchasing or leasing real estate in Ras Al Khaimah
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Image by Bob McCaffrey via Flickr
This article is intended as a preliminary guide only and refers to some but not all elements required to consider in detail prior to starting any property dealings or due diligence. Property dealings are often complex, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
In the north part of the United Arab Emirates, Ras Al Khaimah borders Oman and three other emirates, Umm Al Quwain, Sharjah, and Fujairah. It is the fourth largest emirate covering an area of 2,486 square km (about 3% of the total land of the UAE) and a population of around 300,000. With 64 km of beachfront on the Arabian Gulf in the west, and the beautiful Ru’us Al Jibal mountain range in the east, property can be bought by foreigners but there are restrictions.
The local government set up RAK Properties, a property development company with freehold rights for all properties in Ras Al Khaimah. Major property development projects include villas, apartments and commercial office buildings such as Mina Al Arab, Julphar Towers, RAK Tower, and Julphar Residence.
Find properties here.
According to Move and Stay, the steps to buying property in Ras Al Khaimah are:
- Research areas to find a suitable property
- Ensure the Title Deed is correct to make sure the seller is the rightful owner, that all expenses have been paid, and there are no further expenses expected due to construction or renovations
- Finalise the purchase agreement and place a deposit
- Pay the balance by cashier’s cheques
- Transfer the title from the Land Department, which can be done by your agent or lawyer
Renting property is an option for foreigners, but you cannot rent accommodation until you have a Residency Visa. Your employer may provide you with temporary accommodation until you are able to find somewhere to live.
Fees
- Water and Power: refundable deposit US$272
- Real Estate Agent Fee: 5% of the annual rent
- Deposit on accommodation - 5% of the annual rent (refundable when you move out, if all is in order)
Rent is paid in advance and guaranteed with cheques. Some property owners require one cheque for the entire year upfront and some will accept six-monthly or quarterly payments.
Residency visas, requirements and applications can be found here.
See also:
How to buy and rent property in the UAE
How to buy and rent property in Umm al Quwain
How to buy and rent property in Fujairah
This article and the above linked artciles are not complete and are intended as preliminary guides only. These guides refer to some elements to consider prior to starting any property dealings or due diligence. Property dealings are often complex areas, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
