Sotheby’s International Realty Affiliates LLC has signed an exclusive 25-year master franchise agreement with Global Realty Enterprises S.A. to develop the brand throughout the “strategically important” Panama market.

Owned by founder Rafael Alejandro Gangi, Global Realty Enterprises will now do business as Panama Sotheby’s International Realty, with an office in Panama City specializing in metropolitan, mountain, beach and golf markets.

Panama Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global website.

“Panama is competitive in the tourism sector and is ranked second in per capita foreign investment in Latin America,” said Philip White, president and CEO of Sotheby’s International Realty, in a statement. “We are proud to enter this beautiful country under Rafael Alejandro Gangi’s established leadership.”

The Sotheby’s International Realty network now claims nearly 14,000 sales associates working out of approximately 680 offices in 49 countries and territories worldwide. Source: marketwired.com

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