Sotheby’s International Realty, a luxury real estate brokerage agency, is setting up an office in Dubai, entering the market at the right time to catch up with the growing potential of the emirate’s realty sector, said Billy Rautenbach, the company’s managing director in Dubai.
“Dubai is seeing stimulated regional and foreign investment, so this is a perfect time for a prestigious brand to enter the market,” she said according to an article in Gulf News .
“The opening of the first Sotheby’s International Realty office in Dubai is an auspicious event for the Dubai real estate market, filling a requirement that has gone largely unattended.”
In the month since starting its operations, the company finalized three deals worth Dh25 million (USD $6.81 million). They said they expect to have a large number of transactions driven by the recent growth in the realty market, which has boomed over the past year.
Sotheby’s global sales value estimated at $40 billion while 17 per cent comes from the GCC region.
Rautenbach said the company has brought in a high-profile team of executives.
Expecting high returns from the realty market in Dubai, Eric Roche, Director of International Sales and Development of Sotheby’s International Realty, said that they receive daily enquiries about UAE and Dubai market.
“Today, Dubai real estate market is a very stable and growing market with high standard of services and facilitation, and Sotheby’s International realty brand’s reputation as the world’s premium luxury property marketer is a perfect fit for this region,” he added.Roche also remarked that Emiratis are among their top clients in London and South France.
“Emiratis are knowledgeable buyers who are looking for good quality products,” he added.