Sotheby's International Realty Brand Expands into Romania

Rhea-AI Summary

Sotheby's International Realty has expanded its global network by adding Romania Sotheby's International Realty as its first affiliate in Romania. This new office, owned by Constantin Prisecaru and operating in Bucharest, aims to serve the growing luxury and residential market in the region. The company plans to highlight Romanian heritage and historical properties while benefitting from the extensive reach of the Sotheby’s brand. The Sotheby’s network boasts over 23,000 associates across 1,000 offices worldwide, achieving a record $114 billion in global sales volume in 2019.

Positive

• Expansion into Romania enhances global market presence.
• Increased demand for luxury properties in Bucharest supports potential growth.

Negative

• None.

MADISON, N.J., July 16, 2020 /PRNewswire/ -- Sotheby's International Realty Affiliates LLC today announced that Artmark Historical Estate in Romania is the newest member of its global network and will now operate as Romania Sotheby's International Realty. This addition marks the brand's first affiliated office in the country and its continued strategic growth in Europe.

Romania Sotheby's International Realty is owned and operated by Constantin Prisecaru, who has practiced real estate in Romania for seven years. Monica Barbu is the chief executive officer for the company and brings more than 20 years of real estate industry experience in the region. Romania Sotheby's International Realty will serve the luxury and residential markets of Bucharest and the surrounding region.

"The modern real estate market in Romania continues to develop and flourish," said Philip White, president and chief executive officer, Sotheby's International Realty. "We are seeing increased demand in Bucharest and its surrounding areas and the luxury market continues to expand as interest grows for holiday and weekend homes at the seaside or in the mountains. Constantin and his team have a passion for and strong grasp on the Romanian market, and we are proud to welcome them as an affiliate."

"Joining forces with Sotheby's International Realty enables us to provide an added level of international exposure to our clients and listings," said Prisecaru. "Our company culture is built on professionalism, heritage, and excellence. It was important that we aligned ourselves with a brand that values these same principles and one that actively works to highlight a property in its best light, bringing attention to landmarks, heritage, history, and architecture."

Romania Sotheby's International Realty is located in Bucharest with six sales associates. The company and its sales associates are actively involved in promoting Romanian heritage and continue to work to bring attention to historical buildings throughout the country including palaces, castles, manors, and century-old villas.

The Sotheby's International Realty network currently has more than 23,000 affiliated independent sales associates located in 1,000 offices in 72 countries and territories worldwide. In 2019, the brand achieved a record global sales volume of $114 billion USD. Romania 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 the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.

About Sotheby's International Realty
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 1,000 offices located in 72 countries and territories worldwide, including 43 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Realogy entered into 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 Realogy Holdings Corp. (NYSE: RLGY) 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.

CONTACT

Melissa Couch
Manager, Public Relations and Communications
Sotheby's International Realty
Melissa.Couch@sothebysrealty.com 

 

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SOURCE Sotheby's International Realty

FAQ

What is the significance of Sotheby's International Realty expanding into Romania?

The expansion signifies Sotheby's commitment to growing its global presence and catering to the luxury real estate market in emerging regions like Romania.

When was Romania Sotheby's International Realty announced?

Romania Sotheby's International Realty was announced on July 16, 2020.

Who owns Romania Sotheby's International Realty?

Romania Sotheby's International Realty is owned by Constantin Prisecaru.

What kind of market will Romania Sotheby's International Realty serve?

Romania Sotheby's International Realty will serve the luxury and residential markets in Bucharest and surrounding areas.

How does Sotheby's International Realty benefit from its expansion into Romania?

The expansion allows Sotheby's to provide international exposure to its clients and listings, enhancing market opportunities.