Gulf Sotheby’s International Realty – the international luxury real estate firm and SPF Realty announce a strategic merger, which will leverage Sotheby’s International Realty® world renowned brand and SPF’s expertise in achieving record-breaking project sales in unprecedented timelines. Moving forward, SPF Realty will rebrand and operate under the Gulf Sotheby's International Realty brand. This is a first of its kind merger making Gulf Sotheby’s International Realty the UAE’s largest real estate company in the market; integrating its Western and Arab clientele with SPF Realty’s large South Asian customer base.
The merger will see a 50% increase in Gulf Sotheby’s International Realty’s current broker count and will also embrace two dominant nationalities in the UAE, making it the largest multicultural company totalling over 100 brokers to date.
George Azar, Chairman of Gulf Sotheby’s International Realty said: “Today is a pivotal moment for us bringing on board SPF Realty – a household name. SPF Realty in 2013, hit target of AED 1.2 billion. The company’s millions to billions performance also saw a record number of 198 villas sold in only 56 days, which is a remarkable number from a local SME.”
Azar continued, “The merger ultimately stems from the decision to continue leading the UAE luxury property sector and to extend our global expertise to a new generation of luxury home buyers from South Asia. The integration with SPF Realty’s team will enable us to extend our offerings to the Indian subcontinent’s prime property buyers, led by a team with a noteworthy track-record and incredible expertise. The merger creates a multicultural company leading in size and strength offering a wide range of services to a multitude of markets in the UAE.”
Azar concluded: “There is no company in the market that has undergone this type of merger. Gulf Sotheby’s International Realty will be the only company in the region that covers a spectrum of clientele ranging from a variety of cultures. This merge further solidifies Sotheby’s International Realty’s® position in the market as a true global leader. This is the strength we hold as an international firm working across 68 different countries.”
Ranjeet Chavan, CEO of SPF Realty said: “We are very excited to formally be a part of the world renowned Sotheby's brand as we move to upgrade and expand our Dubai realty experience of over 35 years to reach new markets and new segments. This is an incredible opportunity as the combination of Sotheby's International Realty® global outreach with SPF's local expertise will push the boundaries for UAE real estate market, when it comes to offering real estate solutions to a much larger customer base.”
Kalpesh Sampat, COO of SPF Realty further added: “Over the past decade, we have built the SPF brand to be a market leader in this region. This next step of merging with the Gulf Sotheby’s International Realty will prove to be a game changer for the UAE real estate industry. The complementary strengths and synergies of two well established entities will bring in a new dimension of service for all clients and accelerate growth for the real estate industry as a whole.”
Gulf Sotheby’s International Realty has over 90 global property consultants and connects buyers to sellers globally. The real estate firm represents exclusive properties, luxury homes, and a multitude of prestigious development projects in the UAE recently closing the largest deal in Emirates Hills worth AED100m, last month.