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SOTHEBY'S INTERNATIONAL REALTY AFFILIATES JOIN FORCES TO CREATE ONE OF THE FOREMOST REAL ESTATE COMPANIES IN THE EMEIA REGION
News provided bySotheby's International Realty
Jan 24, 2023, 12:51 PM ET
The Acquisition Brings Together LUXHABITAT Sotheby's International Realty in Dubai and United Kingdom Sotheby's International Realty
NEW YORK, Jan. 24, 2023 /PRNewswire/ -- Sotheby's International Realty today announced that its independently owned and operated affiliate, LUXHABITAT Sotheby's International Realty in Dubai, has acquired United Kingdom Sotheby's International Realty. The firm is now owned and operated by George Azar, who is also the CEO of LUXHABITAT Sotheby's International Realty. The firm will continue to operate as United Kingdom Sotheby's International Realty.
United Kingdom Sotheby's International Realty will benefit from the depth of experience brought by Azar, as his firm has amassed a majority of luxury real estate market share in the United Arab Emirates, and access to an extended network of international buyers.
"The integration of LUXHABITAT Sotheby's International Realty and United Kingdom Sotheby's International Realty combines the expertise and prestige of two prominent real estate firms in the EMEIA region," said Philip White, president and CEO of Sotheby's International Realty. "George and his team have achieved record growth consistently over the years and are committed to strategic expansion, which is a strong value for our brand. We greatly look forward to supporting their endeavors."
"LUXHABITAT Sotheby's International Realty in the United Arab Emirates has developed a global reputation as a leading player in luxury properties," said Azar. "Our primary focus at United Kingdom Sotheby's International Realty will be to further add value, grow existing market share, and leverage our experience and connections to drive transactions on a local and global level. Through this acquisition, we will be able to offer a unique experience while bringing the same passion and professionalism that clients have come to expect from the firm."
George Azar brings more than 15 years of real estate experience to the company. In the last 10 years, LUXHABITAT Sotheby's International Realty UAE office has done over AED$22 billion in sales transactions and in 2022, average property transactions were above AED$20 million with numerous high-profile transactions, setting local records. The firm also represents exclusive projects, such as Four Seasons Private Residences, Baccarat Residences, Atlantis the Royal Residences, One&Only Private Homes, One Zabeel, and 1 Residences.
The Sotheby's International Realty® network currently has nearly 26,000 affiliated independent sales associates located in over 1,000 offices in 81 countries and territories worldwide. United Kingdom Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.
Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house. Today, the company's global footprint spans more than 1,000 offices located in 81 countries and territories worldwide, including 50 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Anywhere Real Estate Inc. entered a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated. Sotheby's International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. Affiliates and agents also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.
The affiliate network is operated by Sotheby's International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby's International Realty, Inc. Both entities are subsidiaries of Anywhere Real Estate Inc. (NYSE: HOUS) a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Both Sotheby's International Realty Affiliates LLC and Sotheby's International Realty, Inc. fully support the principles of the Fair Housing Act and the Equal Opportunity Act.
Senior Manager, Public Relations & Communications
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SOURCE Sotheby's International Realty