BIZ BUZZ: Coming soon: Sotheby’s realtor
With demand for private jets, yachts, art pieces and luxury villas seemingly on the rise in the Philippines, the economy is creating a bigger pool of high-net worth individuals, although admittedly still tiny relative to the total population.
This improving consumer affluence got into the radar of the realty unit of Sotheby’s, the storied auction house known for bringing to the market some of the world’s rarest and most exceptional treasures since setting up shop in London back in 1744.
We’re talking about Sotheby’s International Realty Affiliates LLC, which is debuting in the country in the coming days. This is in partnership with a seasoned realtor with more than 15 years of professional experience in the luxury real estate sector.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, Sotheby’s International Realty network was “designed to connect the finest independent real estate companies to the most prestigious clientele in the world,” according to its website.
This is a subsidiary of New York Stock Exchange-listed Anywhere Real Estate Inc., which is into real estate franchising and brokerage as well as relocation and settlement services.
Affiliations in the Sotheby’s system are “granted only to brokerages and individuals meeting strict qualifications.”
Why is the venerable network coming to town? We were told it’s due to the “consistent rise in demand for luxury properties in the country from their affluent international clientele.”
No catalogue of up-for-grabs local real estate assets is publicly available yet, but the network briefer includes this interesting pitch, “For the ultimate privacy, the Philippines is one of the few countries in which an entire island can be had.”
Cognizant of the Constitutional prohibition on foreign ownership of land, however, it noted, “Like many parts of Asia and the South Pacific, ownership is in the form of a long-term lease.”
