NEW YORK-BASED real estate brokerage Sotheby’s International Realty has entered the Philippines, citing rising demand for luxury properties and the country’s potential as a prime destination for high-end real estate investments.
Its official local affiliate Philippines Florencio Sotheby’s International Realty (PFSIR) plans to open at least three major offices across Luzon, Visayas, and Mindanao within the next five years.
“I think we’ve had our eye on the Philippines for some time. We’ve been very responsive to the demands for Philippine property,” Chris Palumbo, head of region, Asia-Pacific at Sotheby’s International Realty Affiliates LLC, said during a briefing on Tuesday.
Since its founding in 1976, Sotheby’s International Realty has expanded into 84 countries and territories, with over 26,100 sales associates and 1,100 offices worldwide.
“By leveraging Sotheby’s prestigious international reputation, complemented by the local expertise of PSIR, this alliance endeavors to establish an unparalleled platform that presents the stunning properties of the Philippines to the global marketplace,” PFSIR Managing Director Catherine Dianne L. Ocariz-Florencio said in a statement.
Ms. Ocariz-Florencio said the firm aims to shift attention beyond Metro Manila’s central business districts and showcase the country’s diverse luxury real estate offerings.
Luxury and upscale developments, priced at P12 million and above, accounted for 41% of new residential launches in 2024, nearly double the 20% share recorded a year earlier, according to Colliers Philippines’ fourth-quarter property market report.
“There’s a lot that I feel is attractive about the Philippines — you’ve got a great urban environment here; someone from New York will love that. On the other hand, if you want to be chilled out, relaxed, you’ve got Cebu or Boracay,” Mr. Palumbo told BusinessWorld on the sidelines of the briefing.
PFSIR also aims to promote overseas luxury properties to Filipino investors.
“With this platform, I think there are plenty of opportunities for Filipinos to start investing abroad, especially now that we are becoming more educated about international opportunities,” Ms. Ocariz-Florencio said.
As Sotheby’s International Realty’s official Philippine affiliate, PFSIR is committed to raising the standards for marketing luxury properties in the country.
“One thing we need to improve on locally is how we showcase properties. With this partnership, I’m excited to implement global best practices and standards in luxury real estate marketing,” Ms. Ocariz-Florencio said. — Beatriz Marie D. Cruz
