THE FIRST office of Sotheby’s International Realty Affiliates LLC will open in Cyprus by the end of the year, under an exclusive 25 year licensing agreement that will cover the Eastern Mediterranean region.
Founded in 1976 providing independent brokerages with a powerful marketing and recommendation programme for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world.
According to Michael R. Good, the president and chief executive officer, the eastern Mediterranean region represents an important step in the brand’s overall European expansion.
“Our development in this part of Europe comes at a time of unparalleled economic growth for the region,” he said, “primarily a result of the strong tourist industry and the emergence of the region a financial services and maritime centre.”
He added that the economy maintained the strength of the real estate industry and that there was a huge potential for future growth in this area.
The Sotheby International Realty network has more then 9,000 sale associates located in more then 470 offices in the US and 29 in other countries and territories.
The firm already controls and operates premier hotel, real estate, advisory and investment companies in the eastern Mediterranean region with a combined worth of about $1.6 billion and annual revenue of about $550 million
“We believe the Sotheby’s international Realty brand is uniquely positioned to help our firm take advantage of the luxury real estate growth in the region,” said general manager Theo Vassiliou. “Through the network of their professionals, they aim to deliver top quality services to the luxury real estate segment, both on a regional and global basis.”
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