Few people can say they witnessed Dubai’s real estate transformation from the early freehold years to the globally recognised market it is today. Billy Rautenbach can.
With more than four decades in property and first-hand experience during Dubai’s formative years, Billy now returns to the city as Operations Director of Pam Golding Properties UAE. Her career has spanned early market expansion, the evolution of regulation, brokerage leadership and long-term mentorship. Today, she is leading the introduction of a 50-year heritage luxury brand into one of the most competitive real estate markets in the world.
In this conversation, she shares what those years have taught her about leadership, standards and accountability, and why the timing felt right to bring Pam Golding Properties into Dubai.
You’ve spent more than four decades in real estate, including Dubai’s earlier years. What has that journey taught you about leadership?
When I first came to Dubai, freehold had just been announced. It was an extraordinary time. The market was only just beginning to form. Developers were new. Projects were spaced apart. You might see one or two launches a week, not five or six a day like now. They were well launched, well priced, and there was opportunity everywhere, both for agents and for investors.
But what people forget is that there weren’t many experienced sales professionals here at the time. Dubai had been predominantly a rental market. So we relied heavily on people with international real estate experience, and we learned as we went. There was a lot of trial and error.
One of the most exciting parts for me was working alongside the Dubai government during the early conversations around regulation and the formation of RERA. We were in meetings discussing what the industry should look like and what needed to be built around it. It really did feel like I was living through a phenomenon. I remember thinking, if someone asks me what I was doing in 2004, I’ll say I was part of something that reshaped an entire property landscape.
From a leadership perspective, that period taught me a great deal. I’ve been fortunate to have strong mentors in my life. Some showed me what to do. Others showed me very clearly what not to do! I learned that leadership isn’t about control. It’s about clarity. You set the parameters upfront. You explain the expectations clearly. You make sure people understand what success looks like. And then you give them the space to operate within those boundaries.
Dubai also teaches you patience. You’re dealing with multiple nationalities, different communication styles, and different interpretations of instruction. You find yourself asking, “Is that clear? Do you understand? Let me show you.” That forces you, as a manager, to slow down and really think about how you communicate.
And then there’s perspective. I used to say to people who came into my office in a panic, “Take your shoes off.” They’d look at me as if I’d lost my mind. I’d say, “Take them off. Now put someone else’s shoes on. Walk in them.” It changes how you see a situation.
Early on, I assumed everyone wanted what I had grown up with in South Africa: a large home, a big garden, and space. That assumption was completely wrong. Not everyone wants that lifestyle. Not everyone can afford it. Not everyone values it in the same way.
That was a huge lesson for me. Don’t assume. Listen. Listen to your agents. Listen to your clients. Understand where they are coming from before you decide what they need.
For me, that’s leadership. Clarity, accountability, patience, and the discipline to listen before you act.
Dubai has evolved enormously since you first worked here. Beyond the headlines, what do you believe truly defines the market today?
I think the Dubai real estate market has matured significantly, but at the same time, it still feels young. When I first worked here, we would go down to the Land Department with two pieces of paper, two cheques and an agent, and that was more or less the process. Today, the structure is completely different. Escrow accounts are firmly in place, title deeds are issued properly, regulations are stronger, and overall transaction security is far more robust. The stability of the market is on a different level compared to the early days.
At the same time, the energy has not slowed down. If anything, it has accelerated. Developers are constantly launching. One of the biggest shifts I have seen recently is the rise of the EOI, the expression of interest. Buyers are effectively queuing up to commit to projects before full details are even released. Years ago, people queued for a number to secure a unit. Now they queue to secure an EOI position. It shows confidence, but it also shows how competitive the environment has become. I feel like I lived through one phenomenon in the early 2000s, and now I am watching another one unfold.
What really defines the market today for me, though, is the difference in access to information. As a brokerage, we receive updates from developers every single day. New launches, specific units, revised payment plans, and last remaining opportunities. We are constantly informed. Buyers are not. Most buyers only see what is directly marketed to them, so their view of the market can be quite narrow. That makes it a tricky landscape, especially for first-time buyers or international investors who are not familiar with how Dubai operates.
If I were a buyer today, the first thing I would do is appoint a knowledgeable broker. Someone who understands the development and off-plan landscape and can filter the noise. Everyone has their own budget, timeline, needs and ambitions, but before you get specific, you need clarity. Once the landscape is properly mapped out, you can narrow down options with confidence rather than reacting to whatever is being pushed at you.
The approach also differs between off-plan and resale. In off-plan, the broker often plays a bigger role in shaping the direction, because there is so much choice and so much marketing around each launch. In resale, the client usually knows what they want. They know the school catchment area, their commute time, and their lifestyle priorities. In that scenario, the agent's job is to listen carefully and guide on pricing and expectations.
Instead of just diving into viewings, I usually sit down with the client, and we create a timeline. I'll ask them when they realistically want to move, and then we work backwards from there in a very practical way. If there's a mortgage involved, that needs time. If they still need to sell their current property, that can add months. Registration takes time. Even just finding the right place can take longer than people expect. When you lay it out clearly at the start, the whole process feels far more manageable. It is a simple exercise, but it manages expectations from the beginning. And if you do not set those expectations early, clients naturally become anxious. They start asking why something is delayed, what has gone wrong, and whether progress is being made. A short discussion at the start saves hours of stress later.
