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Al Hamra Village draws Dh1 billion investment
British investors have purchased most units in Al Hamra Village.
According to Barry Ebrahimy, head of commercial at the company, the community has welcomed investors from 99 countries since it was first launched in 2003, led by demand from the UK, Germany, India, Russia and the UAE.
"To date, we have seen over Dh1 billion invested, with British investors accounting for over Dh400 million, Germans Dh106 million, Indians Dh115 million and Russians Dh150 million. All our investors are attracted by the value Al Hamra and Ras Al Khaimah offer compared to neighbouring markets in the UAE," he said.
The developer revealed that 44 per cent of residents hail from the UK and Europe, with 20 per cent from the UAE/GCC, 13 per cent from Asia and the remaining 23 per cent from the Mena, the Americas and Africa.
The top five investors by nationality are the UK (20.73 per cent), Russia (7.25 per cent), India (6.19 per cent) and Germany (5.17 per cent).
"We offer the combination of affordable luxury, an inclusive, friendly and secure lifestyle with leisure pursuits, retail outlets, schools nearby. If you compare property prices and rental rates in Ras Al Khaimah against Dubai, for example, there are clear benefits when it comes to Al Hamra's value proposition," added Ebrahimy.
Data released at Cityscape Global 2016 by Asteco put the average rental price of a one-bedroom apartment in Dubai at Dh89,000, with two- and three-bed units going for Dh126,000 and Dh167,000 respectively. Villas meanwhile rent from an average of Dh205,000 to Dh313,000 per annum for a three- to five-bedroom.
"Average rental rates at Al Hamra are bucking the overall UAE trend with a studio available for Dh32,000, one beds for Dh48,000, a two-bedroom unit for Dh67,500 and our top-end five-bedroom villas at around Dh325,000; all of which represent a compelling value option for tenants," said Ebrahimy.
- business@khaleejtimes.com
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