Once again Sothebys International Realty is broadening its reach to encompass more offices, clients and influence across all corners of the globe. From its humble beginnings, the brand has completely exceeded expectations from being a prestigious auction house to now also having a first-rate client service and attention to detail that surmount to a superior real estate portfolio that accounts for roughly five hundred offices in over forty countries.
We reported within recent months how new Sothebys offices were being opened in locations such as Italy, Mexico, Vietnam, with other managerial positions becoming available to represent all of Asia as well. Despite the possible mass trepidations about the real estate market worldwide, we at Sothebys hold firm our commitment to our clients and partners. Knowing that one of the essential needs in life is a home and shelter, there is always wind in the Sothebys sails as we continue to push on and be as accommodating, prepared and available as possible wherever in the world our growing client base wishes to live.
Well just recently, Sothebys was proud to release details of a new branch opening up in Israel, the new Israel Sothebys International Realty! The primary market that the three owners, Tomer and Isidora Fridman and Orna Gotslak, are targeting will be focused on the Tel Aviv area. They already have aspirations of opening a second office here that will serve as the firms headquarters in addition to opening offices in other key markets in the next few years. While the owners already have a strong real estate presence in Givatayim, they soon will garner far greater interest from Israel and Sothebys global network. This partnership with Sothebys will see Israel Sothebys International Realty in a master franchise pact for at least the next twenty-five years showing just how committed both parties have been.
With the white glove service and close connectivity with all of the worldwide Sothebys affiliates, this is sure to be a deal that will not only see this company thrive from this Sothebys advantage, but what is certain to lift the spirits, exposure and reputation of Israel real estate as well. Realtor Magazine also shared how over the past five years, Israel is ranked as third in the entire world for countries that have seen the biggest increases in average housing prices. A total jump of 54.5% from 2006 through the end of 2011 shows why it seemed as an obvious and seriously advantageous market for Sotheby's.
We at Gibson Sothebys International Realty congratulate the owners of Israel Sothebys International Realty, the country of Israel and the Sothebys brand for relentlessly defying the odds, furthering our presence, and continuing to cement our proud legacy for the prolonged future.