High-end property broker Sotheby’s enters Philippine market

MANILA, Philippines — Luxury real estate service firm Sotheby’s International Realty has entered the Philippine market through the launch of its local affiliate as it sees opportunities in the country.

Sotheby’s International Realty is establishing its presence in the country through local affiliate Philippines Sotheby’s International Realty (PSIR) led by seasoned real estate professionals Catherine Ocariz-Florencio and her husband Thomas Florencio.

The firm, which is focused on brokering and marketing luxury properties, is expanding in the Philippines as part of efforts to continue to grow in Asia Pacific and given opportunities in the country.

“New infrastructure, world-class development and evolving demographics promise the continued advance of the luxury property markets across the Philippines. The steady growth of high net worth individuals, affluent expatriates and an aspiring professional class are signals of the prosperity that lies ahead,” Chris Palumbo, head of Asia Pacific region at Sotheby’s International Realty Affiliates LLC, said.

Palumbo said these trends are driving increased demand for luxury urban and branded resort residences with premium amenities, security and exclusivity, as well as property values that rise over time.

“Foreign and local investors are tuned in. They’re ready to seize the inbound and outbound investment opportunities that PSIR now offers and which our global network is especially well-positioned to facilitate,” he said.

He said the firm would be showcasing luxury property developments in the Philippines to foreign investors, as well as catering to Filipinos looking to invest in properties abroad.

“With the aim of fulfilling each client’s unique lifestyle goals and aspirations, our affiliate teams in 84 countries and territories around the world are dedicated to curating extraordinary experiences, marked by the outperformance that is synonymous with the Sotheby’s International Realty brand,” he said.

For her part, Ocariz-Florencio said the partnership with a globally recognized leader in luxury real estate would enable PSIR to integrate best practices with its own.

In her over a decade engagement with high-end real estate developments, she said properties in the Philippines being showcased to global investors have focused on those within the central business districts like Makati and Bonifacio Global City.

“What we have not showcased is actually the rest of our beautiful country, our luxury living, the leisure resorts, the beautiful beaches. So with this landmark opportunity with this brand, I really would love to present the rest of the country on a global scale,” she said.

She said the partnership with Sotheby’s International Realty is envisioned to cover the entire country.

“This partnership will involve national expansion, with plans to establish a minimum of three major offices across Luzon, Visayas and Mindanao over the next five years,” she said.