RAK’s AED1.1bn prime property attracts international investors

Ras Al Khaimah / Emirates Business

Global property expert Select Property 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.