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Stacey Moseley
LJ Hooker is continuing its global expansion with an office opening in one of the “hottest” real estate spots in the world, according to the group’s CEO.
CEO Georg Chmiel said he was pleased to announce the opening of the group’s first office in the United Arab Emirates (UAE).
“Our network is continuing to grow, we are growing across nine countries and the most recent is the Dubai office that has just opened,” he told Real Estate Business at the recent Ideas Exchange conference in Sydney.
“Dubai is very important to us. It is the second hottest city supposedly when it comes to real estate and I do believe it is. I’ve been there and it’s an amazing place.”
The office, located in Dubai’s central business district, is owned by existing LJ Hooker franchisor Michael Rossiter and Australian expat Breff Gorman.
Mr Rossiter is already a partner in seven LJ Hooker franchises in Queensland and Mr Gorman has been working in the Dubai property industry for almost a decade.
“Opening in the UAE was a strategic and logical decision,” Mr Chmiel said. “The Dubai property market is picking up and the continent is fast returning to be the world’s economic powerhouse.
“A lot of business flows also from Dubai-based developers building in Indonesia and India, where we already have 37 offices. From Dubai we will be able to better serve these clients.”
According to Mr Chmiel, in the next six months the group plans to open another office in Dubai and then one in Abu Dhabi. Mr Chmiel predicts upwards of 30 LJ Hooker offices in the Middle East.
LJ Hooker Dubai will offer a full suite of real estate services, from sales and leasing to property management.
According to Mr Gorman, the average house price in Dubai rose by 19 per cent last year, while the residential vacancy rate is at zero per cent and consequently rental returns are exceptional with yields of around 12 per cent.
LJ Hooker comprises 700 offices around the world staffed by 7,000 property specialists. In addition to Dubai, there are LJ Hooker offices in Australia, New Zealand, Japan, Indonesia, Papua New Guinea, India, Vanuatu and China.
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