My Own Home takes you inside a reader-owned property to ask how much they paid, why they decided to buy and what they have done with it since moving in
Hair styling entrepreneur Jamilla Paul moved to the UAE nine years ago and now owns a large Ras Al Khaimah villa with her fiancé Paul Gandy and their three teenage sons.
Having initially lived in Abu Dhabi, Ms Paul fell in love with Al Hamra Village for its “relaxed holiday resort-style living” after being shown the area by a client.
Ms Paul, 48, is a leading hair artist who mentors stylists globally and is regional creative director for four leading hair brands.
She is about to launch premium service, Artilla – The Art of Hair, to provide cuts, styling, male grooming and more for VIPs at exclusive UAE addresses, high net worth weddings, and corporate and celebrity events.
Ms Paul regularly drives to Palm Jumeirah's The Blowout Bar, a salon she bought with her best friend.
She tells The National why her RAK home is worth the commute.
What are the details of your home?
We chose one of the larger, prestigious Bayti Villas in Al Hamra Village.
It has four double bedrooms and a double maid’s room, all en suite. In total, we have six bathrooms.
The three-storey house has a large patio overlooking the pool area, so a perfect location for entertaining while the children play in the community pool.
It also has a large terrace on the third floor and two balconies on the second floor.
We bought the property for Dh1.95 million, completing in August 2022.
Its current value would be around Dh2.75 million as it is the most sought-after location due to new developments to neighbouring Al Marjan Island, only a five-minute drive away.
We bought at the perfect time.
Why become an owner?
We were in a three-bedroom town house prior to buying, but it was just too small for our growing family.
I knew the market well, having lived in Ras Al Khaimah for seven years.
I always had a passion for property and knew the secret was nearly out that RAK was becoming more popular. I had witnessed the village becoming busier and seen many more commuters from Dubai experiencing our beautiful way of life.
The villa we bought was becoming more popular for larger families and more difficult to rent as demand was higher. Having three teenage boys, we needed the extra space.
Property prices had started to rise; RAK was always much cheaper than Dubai, and still is. However, I could see movement, and prices really have increased a lot.
Why choose this area?
I love it. I drive to Dubai most days for work – it is so worth the drive and the traffic.
Work colleagues think I’m crazy, but there is no better feeling from all the travelling I do across the region to come home to our amazing villa and community. Our boys have lots of friends here and it truly is a beautiful place to live.
Al Hamra Village has about 11 swimming pools to choose from, three beaches, a sailing club where the boys can go kayaking, paddle boarding, jet skiing, and they play volleyball and football.
There are parks and we live on a golf course.
We have many bars and restaurants, Al Hamra Mall with everything we need, and a golf buggy to get around the village. It is an amazing place to bring up your family.
Also a big attraction for me is I am close to two of the most amazing hotels in the UAE – The Waldorf Astoria and The Ritz Carlton Beach Resort. I spend most of my weekend chilling there.
Soon we will also have the Anantara, The Sofitel Al Hamra and The Westin, alongside many new resorts coming to Al Marjan Island.
What benefits do you feel owning instead of renting?
We are paying only slightly more than when we were renting a smaller villa.
We got great value for money and I cannot see us losing, only gaining, from this investment.
The deposit was a struggle, but somehow we got there. We were determined to buy this home for our family.
We were lucky to buy when we did as I could see the shift happening. I spoke to an agent not long ago and they predicted our villa would be worth Dh3 million by end of 2023, which would mean a profit of Dh1 million in 16 months.
As we bought at the right time, we can now see that the profit will support our retirement.
What upgrades have you made?
We have not done very much – only the patio at the back of the house, some general painting. I painted the kitchen to keep it looking fresh until we can afford a new one.
There is no immediate rush. The fittings in Bayti Villas are still relatively new. This was one of the reasons we chose this property, as it would be easier for us to move straight into.
We are very busy and would not have time for renovations at this stage of our careers. All the furniture was from our old villa, with a few new additions.
Are there any disadvantages to the area?
Absolutely not. It is perfect. They keep the community very clean and clean the pool every day. It really is an amazing place to live.
Do you think you will stay in this home?
The Ras Al Khaimah secret is out now. This place will go from strength to strength and I feel eternally grateful we bought when we did.
We are currently looking to buy on Al Marjan Island, maybe a one-bedroom property as another investment before the boom really happens, for short-term rental income.
We are at a very exciting stage in RAK and I feel very proud to be a homeowner here.
I don’t think we will leave this home. For me, this is also a beautiful retirement area, so we are very happy.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
UAE currency: the story behind the money in your pockets
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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Company%20profile
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Mohammed bin Zayed Majlis
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Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Race card:
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.
7.05pm: Maiden (TB) Dh165,000 1,400m.
7.40pm: Handicap (TB) Dh190,000 1,200m.
8.15pm: Maiden (TB) Dh165,000 1,200m.
8.50pm: Rated Conditions (TB) Dh240,000 1,600m.
9.20pm: Handicap (TB) Dh165,000 1,400m.
10pm: Handicap (TB) Dh175,000 2,000m.
Warlight,
Michael Ondaatje, Knopf
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