KYRENIA, Cyprus—Coldwell Banker Real Estate LLC has reached a master franchise agreement with Gokhan Tas to affiliate and service Coldwell Banker residential and commercial real estate franchises in Republic of Cyprus and the Turkish Republic of Northern Cyprus.
The first Cyprus franchisee, Coldwell Banker Maximum, opened this week with 15 agents in Kyrenia, Cyprus.
Tas, who is CEO of Coldwell Banker Turkey, has successfully conducted the Coldwell Banker operations in that nation since 2013 and has led the growth of the brand to 395 agents and 55 offices.
“We have had great success in expanding the Coldwell Banker presence throughout Turkey,” Tas said. “It is a brand known worldwide for its leadership and innovation, and I have great confidence in what we can achieve in neighboring Cyprus.
“Cyprus has overcome the challenges of the recession and has a homeownership rate of 45%. There is great interest in the luxury arena largely from the affluent in Moscow, Turkey, Scandinavian countries and the Middle East. Cyprus is poised to become another one of the world's great second-home destinations.”
Tas will concentrate his franchising efforts in the cities of Kyrenia, Nicosia, Famagusta and Larnaca.
“Gokhan has clearly demonstrated tremendous understanding of the Coldwell Banker brand and shown business acumen that has allowed for immediate success,” said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. "He has long stated a desire to grow the Coldwell Banker presence in Eastern Europe and we are thrilled to announce this expansion.”
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