Real estate powerhouses Douglas Elliman and Knight Frank Residential have banded to form a groundbreaking global brand alliance—one that will result in the creation of the largest interactive network for prime and ultra-prime properties around the world.
The newly established bond was formally announced at a panel discussion held at New York City's Gotham Hall, moderated by CNBC Wealth Editor Robert Frank.
Given that the formidable duo boasts over 200 years of collective experience in the industry (Douglas Elliman is the fourth largest residential brokerage in the U.S., while Knight Frank Residential reigns as the largest in the United Kingdom), the unprecedented alliance will without a doubt have an incredible impact on the global real estate marketing landscape.
Under the new partnership, the two firms will share market resources for domestic and international properties in the top 10% of each market they service, including New York City, the Hamptons, Long Island, Westchester, Los Angeles, and South Florida. Together, the companies will market more than $38 billion worth of fine luxury properties, and will leverage their reach via a combined network of over 20,000 agents spread throughout 400 offices across 52 nations.
The companies have been longtime partners—in truth, their strategic bond first developed in the 1970s through international referrals. "The strengthening of our relationship with Knight Frank Residential further solidifies Douglas Elliman's position at the top of the real estate industry through our unique marketing platform, shared market insights, and unmatched ability to connect buyers and sellers on a global scale, said Dottie Herman, the president and CEO of Douglas Elliman.
"This new global alliance formed by Douglas Elliman and Knight Frank Residential is a testament to our shared history, vision, and commitment to our clientele," said Howard M. Lorber, the chairman of Douglas Elliman. "With our best agents, the finest international properties, and in-depth global market analysis, we are offering our customers a truly seamless experience whether they're in Malibu, Manhattan, or Moscow."
In addition, the collaborators have released a first-ever joint Wealth Report supplement, which discusses the increasingly close economic relationship between the world's leading cities. According to the Report, New York will soon surpass London as the top city for the world's wealthy, as both cities continue to attract burgeoning investment in their respective luxury housing markets.
Miami, Los Angeles, Paris, and Dubai, are also enjoying a steady growth in residential market globalization, while Hong Kong and Singapore are emerging as the top cities for inward investment in luxe residential property in Asia.
"The property market has become increasingly global as the mobility of buyers increases," said Lord Andrew Hay, the global head of Knight Frank Residential. "Accordingly, this trend dictates that it is essential to be best in class... in order to provide high-net worth clients with the most comprehensive service and access to the best properties globally."
For more information on the 2014 Douglas Elliman Knight Frank Residential Wealth Report Supplement on Prime Global City Markets, visit www.thewealthreport.net.