Sotheby’s International Realty is expanding its presence in the Middle East.
The luxury brokerage firm is adding a new branch in Qatar, as per the Real Deal. The new arm, to be headquartered in the capital city Doha, will be owned by lifestyle conglomerate Alfardan Group. Doha is not only the capital but also the largest and most populous city in the Arabic state of Qatar, which famously has the highest per capita income in the world. The city is located on the coast of the Persian Gulf. The firms’ emphasis will be on luxury residential markets, working with clients from all across the world who are looking to buy high-end real estate.
Philip White, the President and CEO of Sotheby’s International Realty, said in a statement that the country’s “high-income economy and global real estate interest” were key factors for selecting the region for the expansion. Seran Gheorghe has been appointed as the general manager of the Doha-based office. Gheorghe is a real estate veteran in the region and had been employed with Gulf Sotheby’s International Realty in Dubai. As reported by Inman, Gheorghe said the Qatari market has exquisite beachfront villas and high-end apartments and penthouses, which have attracted buyers from all around the globe including India, China, the U.S. and Europe. “We pride ourselves in offering the highest level of support and advice to our clients before, during and after the transaction,” Gheorghe said. “Aligning our company with the Sotheby’s International Realty brand will further provide our clients with unparalleled marketing, global reach and exposure.”
Sotheby’s luxury real estate brand was founded in 1976 by the Sotheby’s Auction House. It currently has 990 offices in 72 countries and territories worldwide. The brand reached $112 billion in sales last year, a company record. It is now owned by Reology Holdings, which is traded on the NYSE, and also owns Better Homes and Gardens Real Estate, Century 21, Coldwell Banker and Corcoran among other holdings.
Qatar has frequented headlines of late, for having won the right to host the 2022 FIFA World Cup soccer tournament, which will be held in late November until mid-December of 2022, to avoid the country’s summer heat. Though the decision was seeped in controversy, it is probably now leading to this entry by Sotheby’s Realty. The event will doubtlessly bring publicity and growth into the region.
The launch of the new branch also comes after a subsidiary of Peerage Capital acquired Sotheby’s Canadian brokerage division. In May, the private equity company bought Sotheby’s International Realty Canada from a subsidiary of Dundee Corp. The deal impacted SIRC’s 540 realtors in 32 offices across the country, who were reportedly be given the option to stay with the newly acquired brokerage.
