Sotheby's International Realty Expands Presence in Europe with Launch of Hungary Sotheby's International Realty

Rhea-AI Summary

Sotheby's International Realty (NYSE: HOUS) has announced the launch of Hungary Sotheby's International Realty, marking its 197th office in Europe. The new office, headquartered in Budapest, will serve the luxury residential market in the capital, surrounding regions, and Lake Balaton area. The operation is owned by Andrew Manukovski, who also owns Kazakhstan and Cyprus Sotheby's International Realty franchises, and is jointly operated with CEO Viktoria Toth. Hungary's luxury property market has shown significant growth, driven by both domestic and international buyers, with Budapest offering competitive real estate investments compared to other European capitals. The expansion strengthens Sotheby's International Realty's global network, which now includes over 26,200 affiliated independent sales associates across 1,100 offices in 85 countries.

Positive

• Expansion into a growing luxury property market in Hungary with strong domestic and international demand
• Strategic location in Budapest offering competitive real estate investments compared to other European capitals
• Favorable tax environment in Hungary attracting investors
• Experienced leadership with owner Andrew Manukovski's 30+ years of industry expertise
• Access to Sotheby's global network and marketing resources

Negative

• None.

NEW YORK, May 29, 2025 /PRNewswire/ -- Sotheby's International Realty today announced the opening of Hungary Sotheby's International Realty, marking its 197^th office in Europe and further strengthening its presence across the continent.

Headquartered in Budapest, Hungary Sotheby's International Realty will service the luxury residential market throughout the capital, the surrounding regions, and the iconic Lake Balaton area—often referred to as the "Hungarian Riviera." The company is owned by Andrew Manukovski, a highly respected real estate professional with over three decades of industry expertise, and is operated jointly with Viktoria Toth, CEO. Manukovski also owns and operates Kazakhstan Sotheby's International Realty and Cyprus Sotheby's International Realty.

"Hungary's luxury property market has experienced significant growth, driven by strong demand from both domestic and international buyers," said Philip White, president and CEO of Sotheby's International Realty. "Budapest, with its stunning architecture, cultural offerings, and flourishing culinary landscape offers competitive real estate investments compared to other European capitals. Coupled with a favorable tax environment, Hungary presents a compelling opportunity for discerning buyers. We are thrilled to continue working with Andrew and his team as they expand and look forward to supporting their success through the power and global reach of our brand."

"With Hungary's blend of historic grandeur and modern sophistication, the real estate offerings are as diverse as they are distinguished. From elegant estates and castles to picturesque vineyards and lakeside retreats, the country presents a rare opportunity for selective purchasers," said Manukovski. "From the timeless beauty of Budapest to the tranquility of Lake Balaton, we see immense potential in showcasing the country's most extraordinary properties to a global audience. Our mission is built on integrity, expertise, and an unwavering commitment to service excellence. Through our affiliation with Sotheby's International Realty, we aim to transform the real estate experience in Hungary and elevate the expectations of buyers and sellers alike."

The Sotheby's International Realty® network currently has more than 26,200 affiliated independent sales associates located in 1,100 offices in 85 countries and territories worldwide. Hungary Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.

Sotheby's International Realty

Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house. Today, the company's global footprint spans more than 1,100 offices located in 85 countries and territories worldwide, including 48 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Anywhere Real Estate Inc. entered a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated. Sotheby's International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. Affiliates and agents also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.

The affiliate network is operated by Sotheby's International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby's International Realty, Inc. Both entities are subsidiaries of Anywhere Real Estate Inc. (NYSE: HOUS) a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Both Sotheby's International Realty Affiliates LLC and Sotheby's International Realty, Inc. fully support the principles of the Fair Housing Act and the Equal Opportunity Act.

Contact
Rachel Colletta
Senior Manager of PR and Communications
Rachel.colletta@sothebys.realty 

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SOURCE Sotheby's International Realty

FAQ

What is the significance of Sotheby's International Realty's expansion into Hungary for HOUS stock?

The expansion marks Sotheby's 197th office in Europe, strengthening its presence in a growing luxury market with strong demand and competitive investment opportunities, potentially contributing to HOUS's revenue growth and market presence.

Who owns and operates Hungary Sotheby's International Realty?

Hungary Sotheby's International Realty is owned by Andrew Manukovski, who also owns Kazakhstan and Cyprus Sotheby's International Realty, and is jointly operated with CEO Viktoria Toth.

What regions will Hungary Sotheby's International Realty service?

The office will service the luxury residential market throughout Budapest, its surrounding regions, and the Lake Balaton area (known as the 'Hungarian Riviera').

How many offices does Sotheby's International Realty currently have worldwide?

Sotheby's International Realty operates more than 1,100 offices across 85 countries and territories, with over 26,200 affiliated independent sales associates.

What makes Hungary an attractive market for Sotheby's International Realty expansion?

Hungary offers a growing luxury property market, strong demand from domestic and international buyers, competitive real estate investments in Budapest compared to other European capitals, and a favorable tax environment.