Ras Al-Khaimah - Pacific

[richie83]

Kimo,

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

i think he meant that he wanted valuable info and then came to this forum and found it, then made his purchase.

 

[dxbobserver]

i think he meant that he wanted valuable info and then came to this forum and found it, then made his purchase.

you are right

 

[Kimo]

Thats what I meant

i think he meant that he wanted valuable info and then came to this forum and found it, then made his purchase.

Thanks Richie83 for clarifying my point, that is what I meant. I made my purchase only after checking this site and the info here confirmed what I ready knew from various other sources.

 

[killer8ball]

Hi Guys,

I am new to investing in the area. I was looking at Ajman or RAK. I plan on visiting the area in a few months. Any heads up, are the 2 places similar at all? Which do you think would be a better place to invest, keeping in mind that I am looking for an investment that will double up as a nice place to have a short holiday.
To that end, I came across a project in RAK called Royal Breeze. Any thoughts? Also any idea about the price?

 

[richie83]

Thanks Richie83 for clarifying my point, that is what I meant. I made my purchase only after checking this site and the info here confirmed what I ready knew from various other sources.

no problem. out of interest, what do you think of pacific? any interesting you could share which we might not know?

 

[Kimo]

no problem. out of interest, what do you think of pacific? any interesting you could share which we might not know?

What got me interested in RAK in general is an advise I received from a guy that I know who works in a treasury department in one of the big corporates here in Saudi. He basically told me that they are investing in RAK with billions worth of AED financing the various constructions going on there (I don’t' think Pacific is one of them). According to him RAK is the next Dubai.

The reason I selected Pacific project is mainly because I felt comfortable with their service level. I made various purchases before in the gulf but nothing beats these guys. The only problem is that they are too efficient and always a head of you in terms of the whole purchase process. I believe prices have already gone up by 4%. That's the info I got but if you are after anything specific let me know I might be able to get for you.

cheers,
Kimo

 

[Kimo]

Hi Guys,

I am new to investing in the area. I was looking at Ajman or RAK. I plan on visiting the area in a few months. Any heads up, are the 2 places similar at all? Which do you think would be a better place to invest, keeping in mind that I am looking for an investment that will double up as a nice place to have a short holiday.
To that end, I came across a project in RAK called Royal Breeze. Any thoughts? Also any idea about the price?

I was on same situation as yours, wasn’t sure which one to choose between Ajman(much cheaper than RAK) and RAK but I concluded to go with RAK for the following reasons:

* RAK is waterfront/Resort
* RAK is tourist attraction place
* RAK's government has better vision and plan
* Ajman infrastructure is not as developed

I have not been to the two places but this info is collected from friends who have been there and helped me in making my decision. Hope this helps.

Kimo

 

[killer8ball]

I was on same situation as yours, wasn’t sure which one to choose between Ajman(much cheaper than RAK) and RAK but I concluded to go with RAK for the following reasons:

* RAK is waterfront/Resort
* RAK is tourist attraction place
* RAK's government has better vision and plan
* Ajman infrastructure is not as developed

I have not been to the two places but this info is collected from friends who have been there and helped me in making my decision. Hope this helps.

Kimo

Kimo,

thanks a lot, helps a great deal. had a few quick questions.
what are the average prices, Ajman vs RAK?
have you heard of Royal Breeze?
which project did you finally opt for in RAK?

your advice is appreciated//

thanks//

 

[VQT]

I agree about Select Property. They are excellent and they made my first overseas purchase stress free and reassuring. As stated, very efficient, but if that's all to worry about then................! I am really excited about growth in RAK, its got the potential to be amazing - quality over quantity. I currently live in Dubai and it is impressive but RAK and its development plans will have the eventual edge! Have you seen the artist impressions of the convention centre? Awesome!!!

 

[Kimo]

Kimo,

thanks a lot, helps a great deal. had a few quick questions.
what are the average prices, Ajman vs RAK?
have you heard of Royal Breeze?
which project did you finally opt for in RAK?

your advice is appreciated//

thanks//

From what I know Ajman is about 500/SFT and RAK is about 1000/SFT.
Yes, I heard about RB but sorry I don't have much info on it.
As stated earlier I opted for Pacific.

Kimo

 

[killer8ball]

thanks kimo//

 

[mazi]

Contracts

Have you guys sigend your contracts yet?
I've received mine and have read it. Everything seems quite normal and I didnt notice anything unusual. I wondered what you guys thought?

Thanks

 

[anil]

Hi,

I didn't see anything that would be a particular problem..

There was a clause regarding part payment of the amount owed on the 15 year plan that looked a bid odd. It seemed to imply that there would be some kind of cost to be applied at the seller's "discretion". Anyway, I have been assured that there is no penalty for early payment.

I was pleased to see a penalty clause on the seller for finishing the developement late... although it does have to be late by more that 18 months

 

[mazi]

Hi,

I didn't see anything that would be a particular problem..

There was a clause regarding part payment of the amount owed on the 15 year plan that looked a bid odd. It seemed to imply that there would be some kind of cost to be applied at the seller's "discretion". Anyway, I have been assured that there is no penalty for early payment.

I was pleased to see a penalty clause on the seller for finishing the developement late... although it does have to be late by more that 18 months

Thanks anil

I didn't notice the late completion penalty. It was late night I was reading it i suppose i have to read it again

 

[agohil]

pacific and select property

Hello
I am just about to sign my contrat for a studio appartment in the pacific development and was just wondering if anyone could advise if it would be better for a high tax band earner to buy the property via a 'company' to avoid paying 40% on rental or income for sales if i brought the money back into the uk?

Also does anyone know what service select can provide in finding people to rent the apprtments...

Thanks

Atish

 

[richie83]

Hello
I am just about to sign my contrat for a studio appartment in the pacific development and was just wondering if anyone could advise if it would be better for a high tax band earner to buy the property via a 'company' to avoid paying 40% on rental or income for sales if i brought the money back into the uk?

Also does anyone know what service select can provide in finding people to rent the apprtments...

Thanks

Atish

hi i checked with the inland revenue and they told me that all i would pay is capital gains tax (18%),which you declare on your tax return form, when selling the property. as a UK citizen you must pay tax on your worldwide capital gains. BUT you do NOT also have to pay income tax, even if you bring the money back to UK...they don't make you pay twice! you have an allowance of approx £9000 a year which is non-taxable, so I have put my property in two names, to effectively double the non-taxable allowance. this is the case for when you sell your property.

i've just re-read your post and i'm not too sure about the tax situation on rental income (silly me!).

I suggest you contact your tax office yourself to confirm this, as i may have been given wrong information.

 

[Kimo]

Hello
....
Also does anyone know what service select can provide in finding people to rent the apprtments...

Thanks

Atish

I believe Select will be offering the service of renting out the apartment for you. But this still 3 years to go.

 

[mazi]

I was told studios in Pacific have sold out - is this true?

 

[jags]

Hello
I am just about to sign my contrat for a studio appartment in the pacific development and was just wondering if anyone could advise if it would be better for a high tax band earner to buy the property via a 'company' to avoid paying 40% on rental or income for sales if i brought the money back into the uk?

Also does anyone know what service select can provide in finding people to rent the apprtments...

Thanks

Atish

capital gain tax is flat rate 18% from this april on sale of yr property.u also have a capital gain allowance of £9000.if the property is on two names u get the double allowance. u can show yr property as a holiday home for personal use.after getting residence visa u can have current acct in UAE which gives u a debit card.u can withrow money from cash machine in any part of the world.u know what i mean.

 

[mazi]

Is it true the studios are sold out now?