International luxury brokerage Engel & Völkers is bolstering its presence in the Southeast by opening up a new shop in Raleigh, North Carolina, the company announced on Wednesday.
The brokerage’s license partner of Engel & Völkers Charlotte, Yuriy Vaynshteyn, will help lead the new office, alongside Nikita Zhitov and Vincenzo Verdino, founders of CityPlat Commercial Real Estate, a Raleigh-area firm the duo opened in 2019.
Vaynshteyn will serve as the new office’s license partner, while Zhitov will be the shop’s managing broker. Meanwhile, Verdino’s experience in new construction and development will lead the charge in helping the team service clients in those areas.
“Raleigh is poised for explosive growth over the next ten years thanks to the continued migration of residents from the West Coast and Northeast, as well as international residents coming from India, China, Mexico and Russia,” Anthony Hitt, president and CEO of Engel & Völkers Americas, said in a statement.
“Yuriy, Nikita and Vincenzo all bring a wealth of experience and knowledge specific to the Raleigh market as well as a deep understanding of global real estate and connections throughout the world. As a global luxury real estate brand, this partnership was a natural fit as we expand our presence in North Carolina and across the United States.”
As a trending tech hub, Raleigh has indeed seen surging buyer demand recently, with new listings in the metro down 15.8 percent year over year in October, according to realtor.com.
The Research Triangle Park, where Raleigh, Durham and Chapel Hill meet (and, subsequently, North Carolina State University, Duke University and University of North Carolina at Chapel Hill meet), is now home to over 300 companies, including Amazon, Google, IBM and Apple, the Engel & Völkers press release noted. As such, the region appears to be ripe for housing demand for years to come.
“The luxury market in Raleigh has been underserved until this point,” Vaynshteyn said in a statement. “As more progressive residents from bigger cities flock to our community for its quality and cost of living, diverse and inclusive culture, and opportunities to push the boundaries of science and technology, Engel & Völkers offers a clean, sophisticated and worldly approach to real estate not previously present in the local market.”
According to realtor.com data, over one-third of buyers looking to relocate to Raleigh are from major metro areas like New York, Los Angeles and Washington, D.C.
“Bringing Engel & Völkers to Raleigh is direct evidence of the city transitioning from a small town to one of the fastest growing and most desirable places to live in the country,” Zhitov said in a statement.
The new office will have over 75 real estate agents to start and will service Raleigh, Durham and Chapel Hill.