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Ras Al Khaimah Real Estate launches housing project worth 400mn AED

Ras Al Khaimah Real Estate

Abu Dhabi, (Business News Report)|| Ras Al Khaimah Real Estate company has launched a huge residential project on Hayat Island in Mina Al Arab in Ras Al Khaimah region.

Ras Al Khaimah Real Estate said that the real estate project is called Bay Residence – Central I, a mixed-use residential complex on Hayat Island in Mina Al Arab, Ras Al Khaimah, with investments amounting to 400 million dirhams.

Mohammed Al-Tayer, Acting CEO of Ras Al Khaimah Real Estate , said that the Central I project is one of the four residential buildings in the Bay Residence project on Hayat Island.

Al Tayer added: “We were inspired by the sea in the first design phase, and we aimed to provide an integrated experience within the project’s distinctive location directly overlooking the sea.”

Featuring modern and unique designs with stunning beach views, the buyer can enjoy luxurious living with access to restaurants, retail stores and many other amenities.

The project complements Ras Al Khaimah’s growing position as one of the most desirable destinations, due to its investment opportunities and the remarkable developments it is witnessing in the region.

The Bay Residence project, adjacent to the InterContinental Mina Al Arab Resort & Spa Ras Al Khaimah, spans over a total built-up area of ​​1,180,000 million square feet and offers affordable apartments.

In a separate context, the UAE Central Bank’s decision to raise interest rates by 0.5%, in line with the US Federal Reserve’s decision to raise the interest rate by 50 basis points, raised questions about who should bear the rise in interest rates.

Is it the real estate developer or the final buyer, amid fears that the real estate finance movement, especially new finance, will be affected, which will affect the sector’s growth rates.

Although raising interest rates by 0.5% does not make a big difference so far, the Fed’s plan to raise interest rates about six additional times this year, may lead to an increase in interest rates between 1 and 2%.

Realtors and economists stressed that the dynamics of the real estate market is the main determinant of the party that will bear the high interest rate on new investment loans, either the company or the final consumer.

They explained that the decline in the volume of demand could put the interest cost on companies in order to maintain sales, while the high demand will direct the cost of interest on loans to new buyers.

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