Australian firm to initially specialize in residential, commercial and retail property sales in Dubai with plans to expand across
Abu Dhabi and Ras Al Khaimah
March 24, 2015
Raine & Horne, a leading Australian real estate franchise group, revealed the opening of its first office in Dubai, during a launching ceremony held recently at the Oberoi Hotel. The company, which has recently embarked on a global expansion initiative, has launched its offices in the emirate’s Oberoi Center, a high rise, ultra-modern, mixed-use development that is located at the entrance of Business Bay. Present during the event were His Excellency Gerard Seeber, Consul General and Senior Trade Commissioner of the Australian Trade Commission and Angus Raine, Chairman, Raine & Horne International.
Raine & Horne Dubai will initially be offering residential, commercial and retail property sales services with future plans to expand across other emirates like Abu Dhabi and Ras Al Khaimah. The company’s offices will be led by Sanjay Chimnani and Surender Bhojwani, two highly experienced property specialists.
According to Angus Raine, Chairman, Raine & Horne International, the company is upbeat with its entry into the UAE real estate market, particularly in Dubai, which has emerged from the recent economic gridlock as a leading regional commercial hub with state-of-the-art infrastructure and a world class business environment.
Raine explains, “Dubai has become the most logical place to do business in the Middle East due to its strategic location, tax free living and strong economic outlook. It has also positioned itself as an ideal base for multinationals and other companies targeting markets in Central Asia, Africa, the Asian subcontinent and the Eastern Mediterranean. This has resulted in capital flowing back into the residential and commercial markets of Dubai, which makes establishing Raine & Horne Dubai plenty of sense.”
Sanjay Chimnani, who is no stranger to the local real estate industry, was a co-founder of a major real estate investment company and later, held a senior management position with a German fund management firm before joining Raine & Horne Dubai. According to him, the Dubai real estate market’s vibrant return combined with the implementation of new regulations that aim to protect investors, proved to be key driving factors that led to the creation of Raine & Horne Dubai.
He added that the market is expected to get a big boost from the preparations leading to Dubai’s hosting of Expo 2020 Dubai. “The action is more in the residential market although the commercial market will follow as soon as the city gets ready for this global event. In fact, premium residential space in Dubai now starts at AED 1,500 a square foot while affordable housing is pegged at AED 800 a square foot. The local government is promoting Dubai as a major residential and business hub and is currently looking to attract businesses and investors to set up locally—banking on Dubai’s reputation of stability.”
Raine & Horne was first established in 1883, making it one of the oldest privately owned firms in the southern hemisphere. With offices spread out across Australia and key parts of the globe, the company is able to provide an invaluable source of local demographic and market information as well as a platform to market property internationally. Across the increasing move towards economic globalization, Raine & Horne is now in the midst of an expansion initiative that has currently resulted in more than 300 established global offices.
(From left to right) : Mr. Surender Bhojwani, Joint Managing Director, Raine and Horne Dubai; Mr. Angus Raine, Chairman, Raine and Horne International; Mr. Randolph Clements, Managing Director of Raine and Horne Victoria; and Mr. Sanjay Chimnani, Managing Director, Raine and Horne Dubai.