Raine & Horne dips toe in the sands of Dubai agency

Raine & Horne has opened a Dubai office, which has direct views to the Burj Khalifa, the world’s biggest skyscraper.

“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,” the Raine & Horne chief executive Angus Raine said. 

“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 an office in Dubai’s mixed-use Oberoi Center, located at the entrance to the city’s principal CBD, the Bay Business district. 

It will be headed by property specialists Surender Bhojwani, and Sanjay 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, Chimnani was a co-founder of a major real estate investment company, before taking a senior management role with a German fund management company. 

Premium residential space in Dubai starts from $600 a square foot, while affordable housing is available from $300 a square foot, says 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, 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.

“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.”