Sotheby’s International Realty is growing in the Middle East.
The brokerage firm is adding a new arm in Qatar, Inman reported.
The branch, to be headquartered in the capital of Doha, will be owned by lifestyle conglomerate Alfardan Group and will focus on luxury residential markets. It also will work with clients who are looking to buy real estate around the globe, according to Inman.
Philip White, president and CEO of Sotheby’s International Realty, in a statement pointed to the country’s “high-income economy and global real estate interest” as a reason for the expansion.
Seran Gheorghe, a real estate veteran in the region who had been with Gulf Sotheby’s International Realty in Dubai, will head up the new brokerage. He said the Qatari market has high-end apartments, beachfront villas and penthouses that have attracted buyers from India, China, the U.S. and Europe, Inman reported.
The move from Sotheby’s, which is owned by Reology and has offices in 72 countries and territories, to open the new brokerage comes as the 2022 FIFA World Cup soccer tournament is scheduled to play in the country, Inman reported, a decision that already has been fraught with controversy.
The new branch launch also comes after a private equity firm — a subsidiary of Peerage Capital — recently acquired Sotheby’s Canadian brokerage division.
Earlier this year, Sotheby’s realigned its corporate structure to bring two of its former business divisions under one roof, a move the firm said would help it create more synergies and grab more global market share.
[Inman] — Mary Diduch