Cendant Global Services, Inc., the international master franchising affiliate of Sotheby’s International Realty Affiliates, Inc., on Monday announced that it has awarded exclusive master franchise rights for the Sotheby’s International Realty® brand in Dubai and the United Arab Emirates. The master franchisee will develop a system of real estate offices in each respective Emirate that will operate as part of the Sotheby’s International Realty® network of luxury residential real estate brokerages. Sotheby’s International Realty Affiliates, Inc. is a subsidiary of Cendant Corporation.
Operating under the name Nakheel Sotheby's International Realty, the newly formed company will offer potential buyers and sellers in the UAE market quality re-sales and brokerage services for residential properties. The company will utilize the world-renowned Sotheby’s International Realty® name and the network’s exclusive marketing systems to help bring worldwide attention to its signature projects, in the Arabian Gulf, which include the creation of the world’s three largest man-made islands known as The Palm. Other iconic developments include The World, consisting of 300 man-made islands, positioned strategically to replicate the shape of the world map.
Michael R. Good, President and CEO of Sotheby's International Realty network, said, “The prestigious Sotheby's International Realty name is aligned with luxury residential real estate brokerage firms located in many of the world's most beautiful and highly desired locations. Dubai and, in particular, The Palm, is one such location and the level of progress in the real estate market in the UAE is exceptional. Only select real estate firms and individuals meeting our strict qualifications can become part of the Sotheby's International Realty network, and we are very happy to be working with Nakheel in bringing exclusive Sotheby's International Realty services to Dubai and the UAE.”
Sultan Ahmed bin Sulayem, Nakheel Executive Chairman, said, “As the real estate sector continues to grow in both Dubai and the Middle East, Nakheel is proud to announce the launch of Nakheel Sotheby's International Realty in the region. We are committed to introducing a high-quality, prestigious realty company to the region with all its standards of international best practices; in this respect, the reputation of the Sotheby's International Realty name is second-to-none and will be instrumental in exposing our properties to an international audience whilst providing discipline to the secondary market.”
James Wilson CEO of Nakheel and Nakheel Sotheby's International Realty, said, “We are very pleased to have been granted the exclusive rights for the Sotheby’s International Realty name in the UAE. We will be launching a comprehensive property sales and property management company, with its first offices located in Dubai. The Sotheby's International Realty name is synonymous with luxury and quality. Through this affiliation we are uniquely positioned to provide our clients with the personalized attention, expertise, marketing and services to market properties to an international audience. This will be further enhanced by the special relationship with Sotheby's Auction House and as part of this dynamic worldwide real estate network.”
Residential real estate brokerage firms that join the new Sotheby's International Realty® luxury franchise network have access to exclusive business resources and services, such as marketing, information technology, operations, public relations, recruiting, client referrals and training.
The Sotheby's International Realty® network has offices located in many leading luxury metropolitan markets, including London, Cannes, Paris, Sydney, Vancouver, Beverly Hills, Calif.; Dallas; Las Vegas; Miami; New York; Palm Beach, Fla.; and San Francisco, as well as resort areas such as Aspen, Colo., The Bahamas, Santa Fe, N.M.; and Newport, R.I.
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