Sotheby's International Realty to Open its First Office in South Korea as Market is Poised for Luxury Real Estate Growth

Expansion Marks the Brand's Growing Presence in Eastern Asia and its 18th Office in the Region

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Dec 30, 2020, 11:00 ET

NEW YORK, Dec. 30, 2020 /PRNewswire/ -- Sotheby's International Realty today announced that WP Realty in the country of South Korea is the newest member of its global network and will now operate as Korea Sotheby's International Realty. The addition marks the brand's first affiliated office in the country and its continued strategic growth in Eastern Asia, bringing its presence in the region to 18 offices.

Korea Sotheby's International Realty is led by Chair, Dr. Lei Wang, and Co-Chair, Tiffany Park, who bring 35 years of real estate experience to the company. Korea Sotheby's International Realty is headquartered in the capital city of Seoul and will serve the residential markets of Seoul, Gyeonggi-do, and the surrounding areas.

"South Korea's economic strength and geographical advantage as a peninsular country greatly appeal to global investors and luxury buyers," said Philip White, president and CEO, Sotheby's International Realty. "The market is seeing a significant rise in luxury real estate and high-rise developments, making it a prime location for expansion. Dr. Wang and his team have a strong understanding of the local market and we are proud to have Korea Sotheby's International Realty as our affiliate in South Korea."

"From a global perspective, we are seeing interest from investors in China, Japan, and the United States, in addition to an increased demand from local luxury buyers," said Dr. Wang. "Aligning our company with Sotheby's International Realty enables us to capitalize on our shared vision of artfully uniting extraordinary properties with extraordinary lives and will permit us to showcase our listings on an international scale."

Korea Sotheby's International Realty has experience working with investors, luxury buyers, and developers with plans to work alongside luxury hotel brands to develop residential resale in the market. The company is actively involved in the local community participating in various art and educational initiatives.

The Sotheby's International Realty^® network currently has more than 23,000 affiliated independent sales associates located in approximately 1,000 offices in 72 countries and territories worldwide. Korea 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 72 countries and territories worldwide, including 45 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 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
PR Manager
Sotheby's International Realty
973-407-6142
[email protected]

SOURCE Sotheby's International Realty