Global real estate brokers extend their reach in Greece

Two global real estate brokers, US based Sotheby's International Realty and Switzerland's Kensington Finest Properties International, are repositioning themselves in Greece, eying opportunities in the local market.

Sotheby's, which operates in 69 countries, said Thursday that it has signed a long-term franchise agreement with Greece's One Realty to further expand its brand presence in the country and with Rodon Realty for the opening of Rhodes Sotheby’s International Realty in Rhodes.

Chief executive of Greece Sotheby's International Realty, Savvas Savvaidis, will also head the business in Rhodes, the company said in a statement.

Philip White, CEO of Sotheby’s International Realty Affiliates said that “Greece and its islands are emerging as an attractive luxury real estate market in the Mediterranean."

The announcement comes shortly after Kensington Finest Properties International, present in 3 continents, said that it is ending a deal with a Greek frachisee but that it remains committed to the country. In commments to Greek magazine Volta, Kensington chief executive Mehrdad Bonakdar said the company will go it alone in Greece, expanding in Athens and extending its reach in Crete and Mykonos.