Brokerage

Coldwell Banker expands in Mediterranean

Cyprus seen as destination for luxury international buyers

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Coldwell Banker Real Estate has opened shop in the Republic of Cyprus and the Turkish Republic of Northern Cyprus under a new master franchise agreement it signed with the owner of the brand’s Turkey master franchise region, Gokhan Tas.

As CEO of Coldwell Banker Turkey, Tas has grown the brand to 395 agents and 55 offices in Turkey. The announcement of the Cyprus agreement, which covers both residential and commercial franchise operations, coincides with the opening of a 15-agent office in Kyrenia, Cyprus.

Gokhan Tas

Gokhan Tas

“Cyprus has overcome the challenges of the recession and has a homeownership rate of 45 percent,” Tas said in a statement. “There is great interest in the luxury arena largely from the affluent in Moscow, Turkey, Scandinavian countries and the Middle East. Cyprus is poised to become another one of the world’s great second-home destinations.”

Tas will concentrate his franchising efforts in the Cyprus cities of Kyrenia, Nicosia, Famagusta and Larnaca.

Coldwell Banker now has a presence in 49 countries and territories, ranking the franchisor third among real estate brands by global presence, behind only Century 21 Real Estate and Re/Max.

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Real estate brands with largest global presence

Brand Number of countries & territories Agents
Re/Max Over 95 97,000
Century 21 Real Estate 79 100,000
Coldwell Banker Real Estate 49 87,000
Keller Williams Realty Over 12 107,000

Sources: Re/Max, Realogy, Keller Williams Realty