Dubai – Gulf Sotheby’s International Realty and Asteco today announced a strategic alliance, bringing together their extensive market know-how, exceptionally skilled teams and unrivalled network in the field of off-plan sales.

The declared objective of the newly formed specialized unit is to elevate the UAE’s global standing as a leading real estate destination through driving growth in the off-plan luxury real estate segment, while also establishing a strong footing in other markets with fast-growing demand such as the Kingdom of Saudi Arabia. The combined team of over 300 experienced professionals bring to the fore a deep understanding of the market dynamics and a passion for the business.

With buyers having been attracted by lower price points, attractive floor plans and enticing payment plans, off-plan sales dominated the UAE property transactions in 2017.

Speaking on the occasion, George Azar, Chairman and CEO of Gulf Sotheby’s International Realty said: “We are extremely proud to join forces with a premium brand like Asteco. What is of utmost interest to us is their deep and unsurpassed positioning in the off-plan market. With the regional markets maturing and investors becoming increasingly discerning and knowledgeable about the return on property investments, transactions in this segment have been continuously increasing. Our values and sales propositions are perfectly aligned with Asteco’s, creating a partnership with high added value for both sides. We want to send out a clear message to the regional markets that we’re ready to set ourselves apart from the competition in the off-plan and project sales sector, aiming to take the prime position in all countries we are active in."

Elaine Jones, Executive Chairman of Asteco, added: “Asteco is recognised to have been at the forefront of the positive evolution in the off-plan market segment. We represent a significant number of the region's top property owners, developers and investors and have developed a deep expertise in off-plan and project sales since 2001 when the market was opened to expatriates for investment in real estate. Our strong regional footprint – encompassing six offices in the UAE and other major regional real estate markets – perfectly complements Gulf Sotheby’s International Realty’s international network, making us a force to be reckoned with across the Middle East. This partnership comes at an opportune time, following the recent amendments in Dubai’s off-plan property purchase law facilitating a clearer procedure for the enforcement of developers’ rights and protection of buyers’ investments.”

The synergies between the two companies are apparent in their operational styles and business models. Exclusively working with reputable developers that have an established track record, delivering impeccable customer service as well as a positioning as discreet, trustworthy and reliable advisors are just some of the common core values that have prompted this alliance.

While off-plan sales are integral to Gulf Sotheby’s International Realty’s offering, the partnership is expected to significantly elevate the business. Since its launch in the UAE, Gulf Sotheby’s International Realty has evolved as one of the most well-known brands in its segment, recording one the highest property transactions in the UAE – amounting to up to Dh100 million. After securing four major local acquisitions in recent years that paved the way for future growth, the company is now ready to further strengthen its profile and add specialized services to its portfolio.

Asteco, formed in Dubai in 1985, is today known as the Middle East's largest private full service real estate services company with a specialization in off-plan and project sales. With offices in the United Arab Emirates and established operations in Jordan and Saudi Arabia, the company has earned the trust of top-tier developers in the region by consistently delivering highly professional services in a transparent manner. It is also widely recognized for its involvement in many projects that have defined the landscape and physical infrastructure of the UAE.

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About Gulf Sotheby’s International Realty

Gulf Sotheby’s International Realty prides itself in upholding a name and franchise renowned for reverential heritage and years of expertise and successful sales of precious possessions and prestigious properties from around the world. Through its affiliation with Sotheby’s, one of the world’s largest brokers of fine and decorative arts, jewellery, real estate and collectibles, and Sotheby’s International Realty®, the most prestigious real estate brand (according to a survey conducted by The Luxury Institute), Gulf Sotheby’s International Realty collaborates with discerning clients and represents the most sought-after luxury properties and developments in the GCC. Gulf Sotheby’s International Realty’s membership in the global Sotheby’s International Realty® affiliate network empowers the firm to represent properties to its reputed connections and partners worldwide. The Sotheby’s International Realty network currently has approximately 20,000 sales associates located in approximately 880 offices in 70 countries and territories.

© Press Release 2018