RAK’s AED 1.1 billion property attracts international investors

Global property expert Select Property has recently announced the first phase of completion for Pacific, its AED 1.1 billion purely residential project in the UAE. Pacific occupies a prime location on Ras Al Khaimah’s man-made Al Marjan Island, said to be the northern emirate’s version of Dubai’s Palm Jumeirah.

It marked the occasion by inviting new local and international buyers to a neighboring 5* hotel to learn more about the project during a development showcase event. The development is now reported to be 85% sold out, with phase one scheduled for occupation in Q2 2017.

Investors from as far as Saudi Arabia, Kuwait and the United Kingdom had travelled in for the event, in addition to German and Russian holidaymakers in RAK being drawn towards the prospect of owning their own property on the island.

Gareth Rafferty, a British expat who has invested in a number of properties across the UAE, purchased an apartment in Pacific and said, “The project is really coming to life and with big hotels already open in RAK and visitor numbers on the rise, the area has huge investment potential. I’m looking forward to spending weekends here, it will be our home away from home and welcome break from our busy life in Dubai. The view from Pacific is just fantastic – you’re right there at the edge of the ocean.”

With substantial investment into RAK’s tourism industry and the target to reach one million annual visitors by 2018, the emirate has already seen some of the world’s leading hotel brands taking up residence. Its growing reputation as a premier tourist destination means that 25,000 new accommodation units are needed just to keep up with rising visitor demand.

Al Marjan Island, a man-made archipelago that extends a phenomenal 4.5 kilometers into the sea, will become key to RAK’s future as it cements itself as one of the world’s fastest growing tourist destinations.

Pacific is made up of 1,440 spacious waterfront apartments, many offering uninterrupted views of the Arabian Gulf. Its resident-only private beach, impressive rooftop swimming pools, tennis courts and state-of-the-art gymnasium make Pacific one of the most exciting purely residential projects in Ras Al Khaimah, according to Select.

Some of the most affordable beachfront property in the UAE, studio apartments in Pacific start from AED 350,000 with the offer of a post-completion developer payment plan. The development is now reported to be 85% sold out, with phase one scheduled for occupation in Q2 2017. Select has just released the final phase of sales in the project, which includes a selection of top-floor units.