Sotheby's International Realty Network Opens First Office in Cyprus

October 16, 2008 // Franchising.com // PARSIPPANY, N.J. and LIMASSOL, CYPRUS -- Sotheby's International Realty Affiliates LLC today announced the opening of Terra Sotheby's International Realty in Limassol, serving the historic Mediterranean country of Cyprus.

The office is managed by Theo Vassiliou. In May, Terra Sotheby's International Realty signed an exclusive 25-year licensing agreement with the brand covering Cyprus.

"We see great potential for economic growth in this region and are proud to have this firm represent our brand in Cyprus," said Michael R. Good, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "The local market expertise of Terra Sotheby's International Realty's leadership, combined with our brand's global reach, offers a great value to consumers looking to invest in real estate there."

Vassiliou believes the brand's global presence will enhance his ability to reach new buyers, both foreign and those in Cyprus. "There is an opportunity in our market right now for the high-quality, worldwide services that the Sotheby's International Realty® brand offers," he said. "With the support of its strong marketing platform, we are well-poised to cater to the growing needs of today's luxury real estate consumer."

The Sotheby's International Realty network currently has more than 10,000 sales associates located in more than 500 offices in 36 countries and territories worldwide. All Terra Sotheby's International Realty listings will be marketed on the sothebysrealty.com global Web site. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs.

Terra Sotheby's International Realty is located at Soboh House, 377 28th October St., P.O. Box 58026, 3730 Limassol, Cyprus. The phone number is +35 725 875858.

About Sotheby's International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system by Realogy's subsidiary, Sotheby's International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.

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