How To Buy Property In Ras Al Khaimah From Russia?

This emirate does offer a very peaceful lifestyle, gives easy access, and makes it very business-friendly for Russians who would want to own a property abroad. The article is detailing how to buy property in Ras Al Khaimah from Russia, step by step.

A) Why Do Russians Want To Buy Home In Ras Al Khaimah?

Ras Al Khaimah (RAK) increasingly captivates Russian investors keen to acquire property abroad. Its unusual confluence of thriving economy, luxury lifestyle, and investment return potential have marked the emirate as one of the favored destinations for Russians interested in expanding their real estate portfolios.

Russian Presence In Ras Al Khaimah

While there is no specific percentage of Russians moving in Ras Al Khaimah the emirate has emerged as a huge hub of Russian investment and interest. More than 900 Russian companies currently operating at Ras Al Khaimah Economic Zone (RAKEZ) indicate an increasing number of Russian companies’ presence in the area. When lured with luxurious beachfront properties and a quiet lifestyle, most Russians tend to want to have real estate in Al Marjan Island and Al Hamra Village.

Russian Business Delegation Explores Investment Opportunities In Ras Al Khaimah

As per the data, Ras Al Khaimah Economic Zone (RAKEZ) is welcoming a delegation of business owners coming from the Ural Region in Russia to survey the various investment and business opportunities one could avail in the emirate. So far, Ras Al Khaimah has continuously featured among the top favourites for Russians-and over 900 Russian companies call RAKEZ home.

These comprise technology startups as well as small-and-medium-sized enterprises (SMEs) and larger manufacturer companies. Trade turnover between the Russian Federation and the UAE has been rapidly increasing and jumped by almost 68% in 2022 alone, reaching USD 9 billion. Russian exports to the UAE skyrocketed to USD 8.5 billion, growing by 71%, while the UAE ranks 12th in importance among trading partners of Russia and first among trading partners in the Middle Eastern countries.

Benefits For Russian Investors In Ras Al Khaimah

A Stable Economy and High Returns: RAK is recognized for its stable economy and a high degree of returns on property investment, which attracts long-term financial consideration.
Luxurious Lifestyle: The emirate prides itself on a lavish lifestyle characterized by infrastructures of the finest quality with access to leisure fun and activities.
Good For Business: RAK supports personal and business investment through government policies which are business-friendly and an infrastructure of the very best.
Affordable Luxury: While Dubai and Abu Dhabi real estate is pricey, RAK is comparatively cheap, enabling a larger pool of investors.
Tax Benefits: With no corporate or personal income taxes and 100% capital and profit repatriation, Ras Al-Khaimah is a tax haven for foreign investors.

Russian Investment In Increasing

Over the last couple of years, Russian investment has increased markedly in Ras al Khaimah. Russian businessmen from the Ural Region came for a ground visit to explore the diverse investment areas in RAK, including real estate. Most of all, this visit has shown interest among Russian investors in the emirate’s growing business landscape. The trade turnover has also been growing significantly between Russia and the UAE due to an almost 68 percent growth rise in 2022, reaching USD 9 billion.

B) Step-by-step guide on how to buy property in Ras Al Khaimah

Understanding Property Ownership Laws In RAK

Freehold vs. Leasehold Properties: Foreign investors in specified areas of RAK may acquire freehold properties, thus enjoying full ownership rights. Leasehold properties provide long-term leases, generally for a total period of up to 99 years, while the landownership aspect is not transferred.
Designated Investment Zones: Such areas as Al Hamra Village, Al Marjan Island, and Mina Al Arab are designated for foreign ownership and offer luxury villas and apartments.

Legal Requirements For Russian Investors

Freehold Ownership: Foreigners can acquire freehold properties in areas specified in Ras Al Khaimah; these requirements render the buying process easier for the Russians.
Documentation: Seller should be the rightful owner and all dues need to be cleared. Required documents consist of a valid passport, proof of income, and if applicable, a No Objection Certificate (NOC).
Registration Fees: These generally cover transfer fees of roughly 4% of the property value.

Financing Your Property Purchase

Mortgage Option: Various banks across the UAE avail mortgage services to foreign investors, typically providing an amount up to 75% of the property value. Eligibility depends on income, credit history, and property appraisal.
Down Payment: Usually, a minimum of 25% of the property value is to be paid as downpayment and the rest is financed through the mortgage.

Associated Costs And Fees

The Registration Fee is typically a standard fee, often in percentage terms, concerning the property value paid to the RAK Land Department when transferring property.
Agent Commission: Generally, real estate agents charge a commission of about 2% of the buying price.
Miscellaneous Fees: There are also property valuation fees, legal fees, and administrative fees, among other additional costs.

Navigating The Purchase Process

Select the Right Type of Developer: Look for developers in Ras Al Khaimah by proven track records. They could really help manage the property search and the nastiness of the buying process.
Consult to Online Portals for a Russian-Speaking Real Estate Agent: Having an agent who speaks Russian will make things very clear and actually understand what your investment goals are.
Property Valuation and Inspection: Property valuation and inspection are processes that encompass the detailed study of the physical parameters of the property, and a proper assessment will come out with the valuation of the property in price.
Negotiation and Purchase Agreement: Negotiate the price and write down the purchase agreement. Make sure each term is clear and understood.
A payment of the deposit: A deposit, usually amounting to about 10% of the purchase price, is paid to secure the holding of the property for the purchaser.
Closing the Sale: The sale’s closure takes place at the RAK Land Department, transferring ownership as soon as the remaining balance and fees are paid.

C) Required Documents

Passport: Valid identity and nationality proof.
Proof of Residency: Current residential proof in Russia or elsewhere.
Financial Statement: Bank statements or any proof of funds to show financial capability.
No objection certificate (NOC): From the developer or relevant authority, saying no dues are outstanding on the property.

Conclusion

Real estate investment in Ras Al Khaimah can very pleasantly and profitably present itself for a Russian national wishing to anchor a flourishing tomorrow for him in one of the most promising emirates in the UAE. Location, policies welcoming investors, and luxury but affordable properties all make RAK one of the most appealing locations for discerning investors.

Be part of this opportunity. Contact our experienced yet Russian-speaking real estate professionals to know about exclusive property options to meet what you want to gain from the investments. Start your dream investment in Ras Al Khaimah now.