Raine & Horne dips toe in the sands of Dubai
Media release - 23rd March, 2015
- Raine & Horne Dubai has officially launched in one of the UAE’s fastest growing business districts
- The new office will service real estate markets in Dubai and is already looking to expand into other emirates
- Dubai now enjoys a greater level of regulatory maturity, which is encouraging investors and businesses to return to the emirate
Raine & Horne’s global expansion is ramping up a significant notch with the launch of an office in Dubai’s ultra-modern, mixed-use Oberoi Center, located at the entrance to the city’s principal CBD, the Business Bay district.
“Business Bay is one of the United Arab Emirates’ foremost central business districts and will have upwards of 240 new commercial and residential buildings completed in the next few years,” said Angus Raine, CEO and Executive Chairman, Raine & Horne.
“Raine & Horne Dubai, which will be led by experienced property specialists Sanjay Chimnani and Surender Bhojwani, has direct views to the Burj Khalifa, the world’s biggest skyscraper, and is within walking distance of Dubai Mall and Dubai International Financial Centre.”
At an official launch party in Dubai last week, Mr Raine said the opening of Raine & Horne Dubai was timely, as the emirate has emerged from the Global Financial Crisis as a leading regional commercial hub with state-of-the art infrastructure and a world-class business environment.
“Dubai is now the logical place to do business in the Middle East, Central Asia, Africa, the Asian subcontinent and the Eastern Mediterranean due to its strategic location, tax-free living and strong economic outlook,” said Mr Raine.
“With more capital flowing back into the residential and commercial markets in the UAE’s most populous city, establishing Raine & Horne Dubai makes plenty of sense.”
Raine & Horne Dubai will specialise in residential, commercial and retail property sales from the outset according to Mr Chimnani, who has worked in the property market in Dubai since 2004 after more than three decades in India.
Prior to launching Raine & Horne Dubai, Mr Chimnani was a co-founder of a major real estate investment company, before taking a senior management role with a German fund management company.
“The Dubai property market started to improve in 2012, however we wanted to wait 5 or 6 quarters to determine if it was a sustained recovery before establishing a new business,” said Mr Chimnani.
“We also required time to review the new regulations that have been put in place since the end of the GFC. The new regulations now in place to protect investors are very similar to those in countries such as Australia and the UK.”
Primarily investors are driving demand for residential property in Dubai, according to Mr Chimnani.
“The action is more in the residential market, although commercial will follow as the city gets ready for the Expo 2020.”
Premium residential space in Dubai starts from $600 a square foot, while affordable housing is available from $300 a square foot, says Mr Chimnani.
“But unlike Sydney, for example, distances need not be big in Dubai, so you can pay $300 a square foot for space and be only 15 minutes by car from the centre of Dubai,” he said.
“But there is still a shortage of affordable housing in Dubai, so for now, many workers live in the nearby emirate of Sharjah and commute.”
On the commercial property front, Mr Chimnani is convinced the prospects are very good.
“It remains a question of supply, with more multi-nationals looking to set up shop as Dubai rebuilds its reputation as the business and tourism capital of the region,” he said.
“There are new free zones targeting technology, media, design, banking and finance, and the healthcare sector,” said Mr Chimnani.
“The Dubai government is promoting the city as a major hub for businesses looking to establish themselves in the Middle East and North Africa – and this links back to the emirate’s reputation for stability.”
The stability of Raine & Horne also proved a major attraction for Mr Chimnani and Mr Bhojwani.
“Raine & Horne has 132 years of history and it has never had a change of ownership in this time,” said Mr Chimnani.
“Family is a big factor in the UAE market, which is why linking with a family-owned company such as Raine & Horne is vital for the success of the office.
“Raine & Horne is also an international brand and this resonates strongly in the Middle East and the subcontinent.”
About Raine & Horne
Raine & Horne is an iconic Australian property firm, with more than 300 offices worldwide.
Established in 1883, Raine & Horne is a recognised Superbrand that has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Rural and Your Broker Financial Services.
Executive Chairman and CEO, Angus Raine, represents the fourth generation of his family to lead the global real estate brand.
For further media information contact:
Sanjay Chimnani, Principal Raine & Horne Dubai on +61431 248 092 or +971528538887
Andrew Harrington, National Communications Manager, Raine & Horne on +612 9258 5400