Dubai: The developer of the Al Hamra project in Ras Al Kahimah - one of the UAE's first freehold projects - is offering 12-year residency and a business license to property investors. This is being done in alliance with Ras Al Khaimah Economic Zone.
Investors who buy a ready-to-move-in seafront or golf course view home in Al Hamra Village or Bab Al Bahr get to have this value-added facility. There will also be an additional partner visa as part of the offer. (More than 38,000 companies are currently licensed to operate in the emirate.)
Visa tie-ins could be the next big thing in UAE's real estate space, as developers prepare/adjust their strategies for a post-COVID-19 investment landscape. It will be interesting to see whether other master-developers in the emirate will come up with their own such programmes.
An apartment at Al Hamra Village and Bab Al Bahr starts from Dh292,000. Investors will also have the opportunity to make the payment over a five-year period with a 20 per cent upfront payment of the total value.
“Ras Al Khaimah, named as the Gulf Tourism Capital for 2021, is now the fastest-growing tourism and investment destination in the region," said Benoy Kurien, Group CEO of Al Hamra. "With the launch of our new package, we are offering an opportunity for investors to buy into Al Hamra as well as set up a company under their own business licence.
"The new package aims to attract entrepreneurs, freelancers, consultants and seniors - anyone looking to live and work in the UAE."