The Sotheby’s International Realty brand is coming to Saudi Arabia, with the first brokerage office affiliated with the Realogy franchisor set to open in Riyadh this month.
Sotheby’s International Realty Affiliates LLC has signed an exclusive 25-year master franchise agreement with Regents Group LLC to develop the Sotheby’s International Realty brand throughout Saudi Arabia, Bahrain and Kuwait.
The firm will do business as First Regents Sotheby’s International Realty with Paul Aiken as managing broker. The office in Riyadh will serve the luxury residential real estate market throughout Riyadh, Jeddah, Dammam and Al Khobar.
“Saudi Arabia is a strategically important market for the Sotheby’s International Realty brand and this signing represents a key step forward in our overall growth plans across the Middle East,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, in a statement. “The First Regents Sotheby’s International Realty team offers in-depth local knowledge and is led by an experienced management team. Many Saudi nationals look to international markets to purchase real estate, making this an important new market for our luxury network.”
The Sotheby’s International Realty network currently has nearly 14,000 sales associates located in approximately 680 offices in 49 countries and territories worldwide. Source: marketwired.com