Sotheby’s expand luxury homes sales in Spain

UK auction house to sell Spanish luxury properties

A luxury home in the heart of Spain. Credit: Avella/Shutterstock.com

Sotheby’s, the famous auction house, is aiming to capture 10 per cent of the luxury home market in Spain.

In a strategic move, Sotheby’s, the British auction house renowned for its sales of fine art and collectables, is partnering with Vivium Holding to strengthen its foothold in Spain’s high-end real estate market.

This collaboration was announced recently, with Paloma Perez Bravo appointed as the director. The new venture, operating under the banner of Viva Sotheby’s International Realty, aims to become a leading name in luxury property sales by 2028.

Strategic expansion in Spain

With its headquarters in Madrid, a hotspot for luxury property in Spain, Viva Sotheby’s is set to oversee operations across premium locations including Malaga and Costa del Sol, Costa Blanca, the Balearic Islands, the Canary Islands, Barcelona, and Costa Brava.

Sotheby’s, with its origins dating back to 1744, primarily focused on auctioning fine art, like the ‘Codex Sassoon‘ manuscript which sold for over $38 million in 2023.

Vivium Holding, established in 2017 by Elie Khouri, concentrates on high-end real estate beyond its Sotheby’s alliance.

Exclusive property market

The company will specialise in facilitating transactions for properties valued over €3 million, occasionally adjusting this minimum to €1 million for certain sales.

Most of these deals will be conducted off-market, emphasising the importance of direct, professional relationships in luxury real estate transactions.

‘This is a relationship business, which is not covered, where there is professionalisation. Our intention is not to close many transactions, but to be a benchmark within luxury and provide a service accordingly,’ stated Paloma Perez Bravo, who previously led operations at Engel & Volkers, another major broker in Spain, reports Activos.

Diverse clientele and luxury trends

The clientele’s origins significantly influence their preferences in property types and locations. Americans and French nationals are particularly drawn to Menorca.

Other prospective buyers include a diverse range of nationalities including Latin Americans, British, and Americans in Madrid, often seek properties with historic significance and architectural grandeur.

‘In Madrid, foreigners mainly look for buildings that have history, with majestic portals. For example, with very high and very bright ceilings, where they can receive visitors and exhibit their works of art,’ Perez Bravo concluded on the trends in luxury real estate in Spain.

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Written by

John Ensor

Originally from Doncaster, Yorkshire, John now lives in Galicia, Northern Spain with his wife Nina. He is passionate about news, music, cycling and animals.

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