2.37 million square feet island in UAE is up for $193.5 million

Billionaires looking to profit from UAE’s real estate slump had better pay attention to this. A 2.37 million square feet island in Ras Al Khaimah’s Al Hamra Village which could have earlier fetched a cool Dh1 billion ($272.3 million) is now up for sale for Dh711 million ($193.5 million). The island comes with permission for a floor area ratio of 1.5 or 330,000.00 sq m of built-up area, with maximum height restricted to seven storeys. The island is located at the center of the village and prospective buyers will be expected to pay 40-50 per cent of the amount upfront, while the rest should be paid within three years in quarterly installments.

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The Ras Al Khaimah Investment Authority (Rakia) has also emphasized that it is not bypassing any federal regulation to grant residency visas to property owners in the emirate. So if you are interested, you had better make your bid right away as reportedly the island has already received three bids.

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