One of Australia’s biggest franchises has expanded into the United Arab Emirates by opening an office in Dubai.
The office will specialise in residential, commercial and retail property sales and has direct views to the Burj Khalifa, the world’s biggest skyscraper.
Raine & Horne has more than 300 offices throughout the world, including franchises in Malaysia, Hong Kong and Fiji.
It also has affiliate offices in Austria, Belgium, the Czech Republic, Hungary, India, Israel, Italy and Japan, and is in negotiations for further franchises in New Zealand and mainland China.
Chief executive Angus Raine said Dubai’s strategic location, tax-free living and strong economic outlook makes it the logical place to do business in the Middle East, Central Asia, Africa, the Asian subcontinent and the Eastern Mediterranean.
“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,” he said.
Dubai principal Sanjay Chimnani said premium residential space in Dubai starts from $600 a square foot, while affordable housing is available from $300 a square foot.
“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.
Mr Chimnani said the Dubai office has plans to expand into other UAE emirates such as Abu Dhabi and Ras al-Khaimah.
[Related: Angus Raine talks international expansion]