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Fri 27 Mar 2015 09:50 AM

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Australian property firm launches Dubai ops, eyes UAE expansion

Raine & Horne sees opportunities in the UAE real estate market in the run up to Expo 2020

Australian property firm launches Dubai ops, eyes UAE expansion

Raine & Horne, an Australian real estate franchise group, has announced the launch of its first office in the UAE as it seeks to take advantage of the "vibrant return" of Dubai's property market in the lead up to Expo 2020.

The company, which has recently embarked on a global expansion initiative, 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.

Raine & Horne Dubai will be led by Sanjay Chimnani and Surender Bhojwani, two highly experienced property specialists, a statement said.

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".

He said: “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.

Chimnani added that 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 said 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. 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.

It is now in the midst of an expansion initiative that has currently resulted in more than 300 established global offices.

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