patsywhitehair

hi to all, My daughter has bought a studio in Ras Al Khaman (excuse spelling) it is nearly finished and seems to have gone up since she first payed her first payment. Think the price initialy was about £30.000. would she be wise to now sell it? she was told the studio was now worth about £60.000.
Also heard that the studio is now freehold?
grateful for any advice, thanks

IndieG

If it is Ras Al Khaimah, and the property has already appreciated in value, I would try and sell it (especially if she has bought it for investment and doesn't plan to stay in it). I don't think RAK has enacted any freehold law, not even heard any mention of it.

I am very surprised that the prices have gone up in RAK, considering that rentals are still very very cheap compared to Dubai, and there is no demand for housing (jobs are all in Dubai not RAK). You could easily rent a studio for Aed 5k (or may be if it is fancy, with lots of amenities, add another 2-3k)


As for Dubai, been hearing that the freehold law is 'imminent' for the last couple of years, but nothing concrete yet.

patsywhitehair

hi , thanks for replying. do you mean you can rent a studio in Ras Al Khaimah for 5000 Aed per year??? thats quite cheap isnt it. Think my daughter was hoping to rent it out as its near a golf course. She hears quite a lot of advice from the building contractors about the studio being leasehold and believes them.
I too think she would be wise to sell and run with any profit, pat

IndieG

Yes, a year. I know people who have rented 2 and 3 bed room places for under 15k a year

Advise her to book her profit!

shoushou

Let her sell it....Its not good to be greedy....