Sotheby's International Realty Brand Opens First Office in Oman

Rhea-AI Summary

Sotheby's International Realty has launched its first office in Oman, marking its expansion in the Middle East. The new venture, owned by Alfardan Group and managed by Faisal Al Shanfari, aims to provide high-quality real estate services in a rapidly improving market. The opening aligns with the Omani government's recent policies, including 99-year leases, enhancing attractiveness for expats. The company plans to leverage its global network for marketing luxury properties and aims to cater to clients seeking extraordinary properties in Oman and worldwide.

Positive

• Launch of Oman Sotheby's International Realty marks the brand's growth in the Middle East.
• Managed by experienced Faisal Al Shanfari, enhancing service delivery in Oman.
• Omani government policies, like 99-year leases, boost expat confidence in property investment.
• Access to Sotheby's extensive global network for luxury property marketing.

Negative

• None.

NEW YORK, March 31, 2021 /PRNewswire/ -- Sotheby's International Realty today announced its expanding presence in the Middle East with the opening of Oman Sotheby's International Realty. The addition of Oman Sotheby's International Realty signifies the brand's continued growth and its third affiliated company in the region.

Oman Sotheby's International Realty is owned by Alfardan Group and is led by Faisal Al Shanfari, country manager, who brings 20 years of experience to the company.

"Oman is widely considered to be a welcoming place to live and work, with a large expat community," said Philip White, president and chief executive officer, Sotheby's International Realty. "The Omani government recently implemented the 99-year lease and free hold zones, further providing expats with the confidence to invest and buy property in Oman. We also know from our 2021 Luxury Outlook report that countries, with scenic landscapes and waterfront views are generating tremendous interest, and Oman offers both. We look forward to working with Faisal and the entire Oman Sotheby's International Realty team to grow their business in the country."

"The market in Oman is improving and moving faster than ever," said Faisal Al Shanfari "Our mission is to deliver the highest quality of service to our clients. Aligning our company with Sotheby's International Realty not only builds on that commitment, but it also provides our agents with a global resource for marketing extraordinary properties in prime locations and key areas in Oman, and the brand's vast network enables us to serve our Omani clients seeking luxury and resort properties around the world."

Oman Sotheby's International Realty is headquartered in Muscat, Oman and will serve the surrounding areas.

The Sotheby's International Realty^® network currently has nearly than 24,000 affiliated independent sales associates located in approximately 1,000 offices in 75 countries and territories worldwide. Oman 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.

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 approximately 1,000 offices located in 75 countries and territories worldwide, including 45 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.

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SOURCE Sotheby’s International Realty

FAQ

When did Sotheby's International Realty open its office in Oman?

Sotheby's International Realty opened its office in Oman on March 31, 2021.

What is the significance of the 99-year lease in Oman for real estate?

The 99-year lease in Oman improves expat confidence to invest and buy property, making the market more attractive.

Who manages Oman Sotheby's International Realty?

Oman Sotheby's International Realty is managed by Faisal Al Shanfari, who has 20 years of experience in the industry.

How many offices does Sotheby's International Realty have globally?

Sotheby's International Realty has approximately 1,000 offices located in 75 countries worldwide.

What company owns Oman Sotheby's International Realty?

Oman Sotheby's International Realty is owned by the Alfardan Group.