Complex Made Simple

Gulf Sotheby’s International Realty strengthens presence in GCC

UAE franchisee acquires GCC franchise license

Gulf Sotheby’s International Realty is now the license holder of the exclusive global luxury real estate network in six Gulf countries, following its recent acquisition of the GCC franchise license.

The territory to be covered by Gulf Sotheby’s International Realty will allow it to provide comprehensive services to its clients.

Sotheby’s International Realty® network connects the finest independent real estate companies to the most prestigious clientele in the world. The 25-year GCC license agreement was signed following the success of the UAE franchisee, who is on track to close 2015 with a 400% increase in transaction volumes over 2014.

Gulf Sotheby’s International Realty is led by George Azar as Chairman, who brings more than 18 years of finance experience to the firm. His focus on providing robust regional market intelligence has been a key factor in the firm’s success.

“Our goal is to always 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 and institutional investors who need to understand the underlying fundamentals of the markets in which they invest. This is why we have consistently beaten our own sale price targets in 2015, despite the slowdown in the Dubai property market,” said Mr. Azar.

Last month the firm’s top agent Seran Gheorghe achieved the highest per square foot price in 2015 for a luxury residential apartment in the Dubai area, recording AED 6,250 per square foot.

Most recently, Gulf Sotheby’s International Realty was appointed by Dubai Properties, the leading Dubai-based real estate master developer and asset manager, the exclusive selling agent for the prelaunch phase of its latest project 1/JBR. The firm is marketing 25 of the units ahead of the project’s full release. Project details will be unveiled at Cityscape Global from 8-10 September in Dubai.

Gulf Sotheby’s International Realty’s Investment Division also played an instrumental role in facilitating deal negotiations and the recent partnership between Emirates REIT, DAMAC and Jebel Ali School to develop a new educational facility in DAMAC’s Akoya project.

“Our clients want to invest in high quality assets in the world’s most resilient and dynamic markets. As a Sotheby’s International Realty® affiliate, we provide access to these assets backed by local market intelligence and expertise to help optimize real estate returns,” added Mr. Azar.

Currently operating in Dubai and Abu Dhabi, Gulf Sotheby’s International Realty’s services include sales and leasing, international sales, investments, projects and a unique client representative division. The firm intends to open seven new offices around the region including Riyadh, Jeddah and Dammam in Saudi Arabia and Qatar, Bahrain, Kuwait and Oman.