Ras Al-Khaimah - Pacific

[anil]

Has anybody else got into this development in RAK?

This seems like a good mid-range development on the island. Hopefully, as
more projects come to market we will see rising prices.

Opinions anyone?

 

[DAYFox]

Interested in this one as well! Prices are still very cheap as I noticed on their website... What about RAK in general? Do you think it's worth investing there or is it still very few developed overall?

 

[anil]

I think RAK is a little riskier than Dubai, but then the price reflects that.

Personally, I believe the economic environment is setup to benefit property as it did in Dubai. If properties on Al Marjan do half as well as on the Palms, i will be very happy.

Pacific prices seem to be around 1000-1100 Dhs/Sqft depending on localtion/views etc. I think this is on the expencive end for RAK, but then the payment plan looks good.

 

[mazi]

guys - I've heard pacific project hasn't yet been approved. Has anyone else heard this too?

 

[anil]

It is being sold now.
There are plans and prices at the agent ( I am not going to advertise for them ).
Not the most exciting design and layout but the 15 year payment plan is useful.

 

[richie83]

Hi all, this my first post, have been reading for a while to get some knowledge of UAE property in general.

I have invested in pacific, bought a studio, this is my first property investment so i am slightly anxious, but mostly excited. I'm quite happy with this investment and the service from select property so far. prices have been going up already so I am optimistic about making good capital returns in a couple of years, and about RAK in general, lots of development planned. what do you guys think? there are a few different projects to choose from on al marjan but this one seemed to stand out for me, since the developer has some experience from projects in dubai marina and i also like the idea of the private beach for residents only, think this will be a good selling point in the future for resale.

what are your opinions on this project? and if you have bought, what do you think of the seller?

 

[mirpuri]

RAK Pacific

this is my 2nd property with this devaloper, SELECT PROPERTY
service is very high and they are very professional what they do, you get full information on devalopment such as-site plane -floor plan -full availbilty -master plan this way you can decide faster to choose correct property

not like many other agents who only release properties as they want to sell
1stchoice are limmited
such as one devalopment call "Harbour residance "
this agent seem to be sole agent and only releasing few properties at time and raising price every 3days
if any one have any information on this devalopment pls contact me i am interested in 1 bed beach veiw 4th 5th & 6th floor

mirpuri

 

[richie83]

how long do you think it will take to establish a strong resale market in RAK? my idea is to sell my studio before completion and make a good profit. completion is estimated more than 3yrs from now so plenty of time for good appreciation i would say.

 

[want2invetinuae]

almarjan

Has anybody else got into this development in RAK?

This seems like a good mid-range development on the island. Hopefully, as
more projects come to market we will see rising prices.

Opinions anyone?

Yes I have but now want to invest in ajman any tips

 

[richie83]

anyone else invested in pacific? what are you thoughts?

 

[anil]

Yes, I did invest in one unit.

Overall I felt it was a decent risk/reward. The long payment plan helps as
I plan to keep the property after completion and see if it will rent.

If the rental covers future payments (and leaves some extra cash flow) then it will have been an ideal ivestement.

I also felt that it necessary to get into the market now before many other developments come online. I also think that if the whole of Al Marjan becomes a success, then, just like in Dubai, RAK may also plan another island.

 

[dxbobserver]

I have got a unit there. Exactly as another investor mentioned, the risk/reward ratio is good in Al Marjan I think + the private beach factor in pacific is a bonous.

I went for the standard payment though - somehow didn't like the idea of paying interest upfront! hope I haven't made a mistake

 

[richie83]

I have got a unit there. Exactly as another investor mentioned, the risk/reward ratio is good in Al Marjan I think + the private beach factor in pacific is a bonous.

I went for the standard payment though - somehow didn't like the idea of paying interest upfront! hope I haven't made a mistake

i wouldn't say you have made a mistake, it just depends on individual circumstances and finances. i personally went for the lengthy payment plan since i didnt want to put too much money in as i plan to sell before completion. even though there is interest involved it doesnt amount to too much during the build, so hopefully in a couple of years i will see enough appreciation in value to cover the interest and make a tidy profit.

 

[dxbobserver]

i wouldn't say you have made a mistake, it just depends on individual circumstances and finances. i personally went for the lengthy payment plan since i didnt want to put too much money in as i plan to sell before completion. even though there is interest involved it doesnt amount to too much during the build, so hopefully in a couple of years i will see enough appreciation in value to cover the interest and make a tidy profit.

Thanks for reassurance richie83

Are you outside UAE and if so, what would say is the best way to make the payments (for security, ease and rate)? they suggested Hifx to me!

 

[richie83]

Thanks for reassurance richie83

Are you outside UAE and if so, what would say is the best way to make the payments (for security, ease and rate)? they suggested Hifx to me!

im in the UK and used a currency exchange broker. i registered with both First Rate FX and Smart Currency Exchange, (which is free to do) and i went with Smart since they offered me the best rate. i've also read comments from other people on other forums who have used Smart and they also say they offered the best rates when compared with others, so this was the main reason i went with them. the process was quick and pretty easy and there were no other charges involved, you can always ring up for a quote and if you're not happy with it you don't have to take it, and you can haggle if you're getting a better quote elsewhere. (they even sent me a lonely planet dubai guide as a goodwill gesture worth £7 lol.) i'd definitely recommend them but you should also register with a couple of other brokers so you can compare, do this early so you have plenty of time before your payment is due. hifx are linked with select property, not sure if this is good or bad, but the cynic in me told me to deal with someone not linked to my property deal, although i'm sure hifx are good and reliable too.

 

[Roshan]

anyone else invested in pacific? what are you thoughts?

RAK is suitable for long term investment. Will do well once the full islands come into the market.

Holding till then would be a good idea.

Regards

Roshan

 

[anil]

I know HIFX are linked with Select, but I have been using HIFX for years and for property related transfers to other countries, so they should be acting independently.

It is always worth checking the market rate just before you talk to them, then you will understand the premium they apply.

You can get the market spot rate from
Yahoo! Finance UK - FTSE, Stock Exchange, Mortgages, Loans & More
and type in gbpaed=x where it says "Enter Company or Symbol"

 

[dxbobserver]

Thanks richie83 and anil

I will be making some phone calls then today

cheers

 

[Kimo]

Thank You All

Hi All,

I was told about the "Pacific" opportunity by a friend but I wanted some more valuable information, where lese could that come but totalproperty and its helpful members. I just bought an apartment yesterday and I believe it is a good investment. I tend to go with beach front properties.

By the way I found the guys from select properties very professional as some of you mentioned here. If any of you need information about properties in Bahrain let me know I have been following the market here in Bahrain closely for the last 2 years.

Cheers
Kimo

 

[dxbobserver]

Hi All,

I was told about the "Pacific" opportunity by a friend but I wanted some more valuable information, where lese could that come but totalproperty and its helpful members. I just bought an apartment yesterday and I believe it is a good investment. I tend to go with beach front properties.

By the way I found the guys from select properties very professional as some of you mentioned here. If any of you need information about properties in Bahrain let me know I have been following the market here in Bahrain closely for the last 2 years.

Cheers
Kimo

Kimo,

members here are helpful yes, but you need to say what valuble info you are after