Sotheby’s International Realty Affiliates LLC today announced plans for the brand’s expansion into five additional Gulf countries, complementing its existing presence in the United Arab Emirates. Within the next year, the brand’s affiliate brokerage in the region, Gulf Sotheby’s International Realty, is expected to enter the important new markets of Saudi Arabia, Qatar, Bahrain, Kuwait and Oman, greatly increasing the brand’s presence in the Middle East.
“Increasing our brand presence in the Middle East is yet another example of our commitment to providing the Sotheby’s International Realty network’s exclusive real estate services in luxury property destinations around the world,” said Phillip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC. “The Middle East continues to be one of the most important sources of cross-regional capital into the global real estate market and we are proud to support Gulf Sotheby’s International Realty as the company expands its footprint and continues to provide robust regional market intelligence to its clients.”
Currently operating in Dubai and Abu Dhabi, Gulf Sotheby’s International Realty is led by Chairman George Azar. The firm intends to open seven new offices around the region including Riyadh, Jeddah and Dammam in Saudi Arabia and also in Qatar, Bahrain, Kuwait and Oman.
“We are excited to be growing our company and widening our range of services to span the Middle Eastern region,” said Azar. “Our goal is to achieve the highest sale price for our clients, but achieving this means equipping investors with sound intelligence about the property market and its potential. Our clients are sophisticated high net worth individuals and institutional investors who need to understand the underlying fundamentals of the markets in which they invest. This is why we have consistently surpassed our own sale price targets in 2015, despite the slowdown in the Dubai property market.”
The Sotheby’s International Realty network currently has approximately 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide. Gulf Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and their clients will benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.