Vertica Properties goes global
Real estate brokerage firm taps UK, Cyprus, Turkey
Vertica Properties, a real estate brokerage firm, announced operations in London, UK. The firm signed a joint venture agreement with a local partner to answer the needs of potential clients from Lebanon and the Gulf.
The company will provide related services including registration and purchase of properties. “Based on market research and interaction with our clients, we found great potential in London because it is a safe haven, given the steady growth in the market and transparent legal system,” said Mohammad Sinno, Managing Director of Vertica Properties.
Two weeks ago, the company signed an agreement with a Cypriot partner. “Our clients like Cyprus because it is a European country that is just coming out of a financial crisis and so it is offering good incentives,” said Sinno. For instance, clients who buy property worth more than $390,000 are granted a residence permit. Cyprus has also always been a good offshore destination for local businesses in times of local crises.
Vertica Properties is also going to Turkey. “The announcement has not been officially made but operations have started with a local partner with strong connections to the realty market,” said Sinno.
The firm is also seeking to invest in some offices in the GCC but has not disclosed which ones. Vertica Properties will explore partnerships in other countries as well.
Reported by Yassmine Alieh
Date Posted: Jul 25, 2013