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Saudis, Russians rush to buy Rak Properties' Gateway homes

Buyers from Saudi Arabia, Russia, and India flock to acquire UAE developer Rak Properties' Gateway homes

Gateway Residences is a real estate project in the UAE being built by Rak Properties.
© Rak Properties
Gateway Residences is a real estate project in the UAE being built by Rak Properties.

UAE real estate developer Rak Properties expects the second batch of Gateway Residences apartments in Ras Al Khaimah to sell out faster than they did in 2018.

The first phase of the real estate project sold out in Q4 2018, and Rak Properties said its second round of sales for the $24m (AED88m) residential project will conclude even faster.

Gateway Residences is located in the mixed-use Mina Al Arab waterfront community in the northern emirate of Ras Al Khaimah. The second phase of apartment sales was launched in 2019.

READ: Rak Properties' $24m Gateway Residences tops out

The business said it witnessed a “surge in demand” for its Gateway Residences apartment complex, driven by investors from the UAE, Saudi Arabia, the UK, India, and Russia.

The developer, which appointed new chief executive officer Samuel Dean Sidiqi in 2018, said “continual development” in the emirate had helped to support its fast sales.

New landmarks in the Mina Al Arab community include the still-under-construction 350-key InterContinental Hotel, which is due to open this year.

READ: New CEO of UAE's Rak Properties lauds Hayat Island 'progress'

Rak Properties, one of the major property developers listed on the Abu Dhabi stock market, said the proximity of the hotel to its developments had positively impacted real estate prices.

While dozens of nationalities have rushed to snap up homes built by Rak Properties, the developer’s recently appointed boss, Sidiqi, said the company would not be building homes exclusively for investors.

“Our developments are not just for investors – they are for families and homeowners too. This is how we build our community," he explained. 

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Construction Week - Issue 754
Nov 23, 2019