Seoul’s luxury housing market continues to expand
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Sotheby’s International Realty has long been known as a blue-chip brand. Founded in 1976 by the renowned Sotheby’s Rop House. In 2020, the brand announced new offices in seven countries, six of which mark the first time Sotheby’s International Realty has opened its office in the region. Most of these contracts were made almost 100%. All international companies agree to a 25-year connection with Sotheby’s.
New international markets for 2020 included Montenegro, Ukraine, Romania, Baden-Wurttemberg (a new office there for the brand), Antigua & Barbuda, Paraguay, and South Korea.
Korea Realty Sotheby’s recently opened in South Korea. This is the first time the brand has opened an office in the country and comes at a time when the luxury market in South Korea is poised for huge growth.
Dr. Lei Wang and Ms. Tiffany Park are co-chairs and executives of the South Korean office. “Our company, Korea Sotheby’s International Realty, has 35 years of real estate experience. We serve the residential markets of Seoul, Gyeonggi-do, and the surrounding areas,” notes Wang. Sotheby’s was a strategic choice. “These markets are poised for the growth of real estate luxury and it was important for us to align our company with a brand that reflects our commitment to high quality and high quality service.” Park adds.
Q&A with President Sotheby’s and CEO Phillip White
EP: Explain how market expansion looked different in 2020 as a result of COVID?
PW: In 2020, the way we expanded moved as a result of the pandemic. Before that, we would have personal meetings with companies who wanted to join our network, whether they were international or domestic. Although personal meetings were no longer an option because of COVID-19, we still needed to offer the same level of interaction in our meaningful meetings. I am proud to say that in 2020, we have expanded to seven new countries and cities and almost all of these agreements have been made almost 100%. Considering all the obstacles that COVID-19 has brought to our industry and to the world is an amazing act, but I think it reinforces the idea that many companies and manufacturers looking to align them with established brands.
EP: Describe how the brand is perceived internationally?
PW: Sotheby’s International Realty brand is one that is known all over the world. As you may know, Sotheby’s International Realty was founded in 1976 as a real estate service for sensitive clients of Sotheby’s store. So I believe that when people first think of Sotheby ‘s International Realty, they think of heritage, thanks to our connection to the auction house, and we have built on that legacy by delivering incredible property services.
I’m sure many will consider our position as a leader in global luxury real estate. We have a worldwide presence with 1,000 offices in over 70 countries and regions and over 23,000 salespeople. Our clients know they can be trusted to expertly review the home buying and selling process and we pride ourselves on maintaining a network of local, worldwide experts. We also have a presence in all major metropolitan markets and resorts across the US, which further supports our brand recognition, especially internationally as many markets are very popular. that among international customers.
The pandemic showed the strength of our network to our clients and our affiliated companies – it was almost possible to terminate contracts, producers were still able to present homes in an elevated, meaningful way, and references remained taking place. This is largely due to our large network of affiliated companies and producers, and our recognition of the importance of early technology and we were the first brand to support virtual home tours for the our lists five years ago.
EP: What are the potential markets for international expansion?
PW: From an international perspective, we are currently looking to expand our presence in the Caribbean, Europe and Africa. In terms of domestic, we are currently exploring major cities across the country and where we can look to expand our presence based on luxury demand and interest.
Watch Sotheby’s connected network expansion in 2021 as the global luxury market continues to grow.