Sotheby’s International Realty has announced plans to expand its business into five Gulf countries.
The luxury real estate firm already operates in Dubai and Abu Dhabi.
Gulf Sotheby’s International Realty, its Middle Eastern brokerage, is expected to open seven new offices around the region within the next year, including Riyadh, Jeddah and Dammam in Saudi Arabia and also in Qatar, Bahrain, Kuwait and Oman.
“The Middle East continues to be one of the most important sources of cross-regional capital into the global real estate market,” said Phillip White, president and chief executive officer of Sotheby’s International Realty.
Chairman of Gulf Sotheby’s International Realty, George Azar, added: “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.”
Globally, the Sotheby’s brand has around 17,000 salespersons working in 800 offices in 61 countries and territories.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
