The brokerage will open an office in Dubai under the flag Berkshire Hathaway HomeServices Gulf Properties, according to Bloomberg. The new location will be led by CEO Phil Sheridan and Chairman Ihsan Husein Al Marzouqi, and have a team of 30 advisers and support staff.
HomeServices has been acquiring other brokerages across the U.S. in a bid for market share, and overtook Realogy’s NRT as the largest residential brokerage in the country in a Real Trends ranking from last month.
While growing at home, Buffett’s brokerage has simultaneously been expanding internationally. The brokerage teamed up with one of its two franchisees in Europe, London-based Kay & Co., to expand into Milan, Dubai and Vienna. It’s also said to be in talks with partners in Paris and Madrid, and considering options in Hong Kong, Mexico City and Tokyo.
Although the market has predicted a rebound for Dubai’s property market, it has been going through a slump since October 2014. Prices could fall by as much as 10 percent this year, according to S&P Global Ratings.
HomeServices hopes to open a second office in Abu Dhabi within a year. [Bloomberg] – Eddie Small