Sotheby's International Realty Opens First Office in Egypt

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Jun 09, 2022, 08:30 ET

NEW YORK, June 9, 2022 /PRNewswire/ -- Sotheby's International Realty today announced the opening of Egypt Sotheby's International Realty, signifying the brand's second office in Northern Africa and its 206^th office in the EMEIA region.

Egypt Sotheby's International Realty is co-founded and operated by Marwan Gebril who brings 15 years of real estate experience to the company. The company is headquartered in the city of Cairo and will service the entire country, including the city of Sheikh Zayed, a top development area, and Arkan, the country's up-and-coming retail landmark.

"Luxury real estate has been on the rise in Egypt, with hidden gems being uncovered across the country's expansive and varied terrains," said Philip White, president and CEO of Sotheby's International Realty. "Major public investment, including infrastructure upgrades in Cairo, have further primed the country for growth in the sector. I am proud of our continued expansion in the region, and I look forward to supporting Marwan and the entire Egypt Sotheby's International Realty team."

"Over the past decade, we've seen the rise and demand for branded serviced residences, signature projects, and boutique complexes in Egypt," said Gebril. "It is clear that Egypt will play a much bigger role in the region as a key luxury real estate destination and investment hub. Our firm is primed for such industry growth as the only luxury real estate firm in the country, and our affiliation with Sotheby's International Realty enables us to capitalize on this growing demand on a global level."

The office currently has 30 sales associates with plans for continued expansion. Egyptian properties offer proximity to some of the world's oldest monuments, artifacts, and historic towns, in addition to lifestyle interests, such as world-class diving and golf.

The Sotheby's International Realty® network currently has more than 25,000 affiliated independent sales associates located in more than 1,000 offices in 78 countries and territories worldwide. Egypt 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

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 78 countries and territories worldwide, including 51 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Realogy entered a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of 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, 973-407-6142, [email protected]

SOURCE Sotheby's International Realty