The expansion was prompted by Israel's increasing status as a Middle East destination and as a top performing real estate market. "Tel Aviv is the financial capital of Israel and a major performing arts and business centre with the second largest economy in the Middle East," says franchisee Tomer Fridman. "And with its close proximity to Europe, it has also become a very popular destination for second-home ownership."
"The country offers numerous ultra-exclusive residential projects by legendary architects including Richard Meier, and brands such as the Residences at the Ritz-Carlton, which is currently opening its first property in Israel. There is also huge demand for high-end projects from local investors and a strong need for a luxury real estate brokerage company such as Sotheby's International Realty to be represented here. Indeed we believe it will soon become a force to be reckoned with in Israel's real estate arena," Fridman says.
Jason Rohde, CEO of Sotheby's International Realty clients in South Africa, says the new agreement also holds advantages for the international company's local clients. "There are quite a number of local investors keen to purchase property in Israel, and we frequently receive enquiries from Israelis who would like to own property in South Africa. Having a Sotheby's International Office in Tel Aviv means we will now have a direct connection to the property market in Israel and be able to facilitate these transactions much more easily."
