• Strategic Alliance
  • Asteco and Gulf Sotheby’s International Realty Join Forces in the Off-Plan Market

    We are proudly announcing a strategic alliance between Asteco, a regional powerhouse and Gulf Sotheby’s International Realty, a global luxury real estate brand.

    This alliance of Asteco’s extensive local expertise and Gulf Sotheby’s International Realty’s global reach will transform the off-plan sales business in the Middle East.

    Through this unique partnership both companies are looking to contribute to the UAE ‘s global standing as a leading real estate destination by being the leader in the off-plan real estate segment, as well as establishing a strong position in other GCC markets with fast-growing demand such as the Kingdom of Saudi Arabia and Jordan.

    Elaine Jones, Executive Chairman of Asteco, said “Asteco is thrilled to have been at the forefront of the positive evolution of 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 for expatriates to invest 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 network, making us a force to be reckoned with across the Middle East. This partnership comes at an opportune time, following the recent amendments of Dubai’s off-plan property purchase law facilitating a clearer procedure for the enforcement of developers’ rights and protection of buyers’ investments.”

    George Azar, Chairman and CEO of Gulf Sotheby’s, added: “We are extremely proud to join forces with a premium brand like Asteco. What was of utmost interest to us is their deep and unsurpassed positioning in the off-plan market. With the regional 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.”

    This strategic partnership is a natural one, given the synergies in operational styles and business models of both companies. Over 300 highly experienced professionals with expansive market understanding will join under this alliance to lead the off-plan luxury real estate segment in the GCC region.