Leading Luxury Brokerage in Munich Joins Christie’s International Real Estate
RIEDEL, a leading brokerage firm in Munich, Germany’s luxury residential market for more than 40 years, has joined Christie’s International Real Estate, connecting homebuyers and sellers in Bavaria with a global real estate network spanning nearly 50 countries and territories on six continents, Christies has announced. The move strengthens Christie’s International Real Estate’s network throughout western Europe, where the brand has affiliates in the neighboring countries of Switzerland, Austria, Poland, the Czech Republic, France and The Netherlands, in addition to Ireland and the U.K.
Founded in 1982 by husband and wife, Heiner and Ingrid Riedel, today the independent brokerage is led by the Riedel’s son Markus, who is managing director, and nephews Max Riedel and Ralf Heidemann, a release stated. Sabine Lenzer, who has more than 30 years of combined experience in residential brokerage and relocation consulting, serves asRIEDEL’s head of international sales. The company has a team of 50, including 23 agents, and an in-house marketing division.
The company noted that RIEDEL’s growth has mirrored that of Munich’s residential market, which saw year-over-year, double-digit price increases throughout much of the past decade. The firm has also benefited from investments in technology and digital marketing, as well as a bricks-and-mortar strategy that places offices in the heart of Munich’s most upscale neighborhoods. The company has branches in Nymphenburg, Schwabing and Bogenhausen, as well as the nearby towns of Gräfelfing and Grünwald.
Munich’s luxury sector has flourished in recent years as the city has become an international hub for technology and biotech companies, startups, and the private equity firms and investment banks that finance them. Apple, for example,recently announced that it is investing €1 billion to expand its Silicon Design Centre in central Munich. Google, Amazon and Goldman Sachs also have a significant presence in the city alongside major German corporations including BMW, Siemens AG and Allianz, a release noted.
This year, as higher interest rates and tighter lending standards have taken hold, home prices have pulled back from their peak, but transaction activity remains strong, according to Markus Riedel.
“Buyers are seizing the opportunity, with many paying cash. On the other hand, sellers have to be very realistic about where the market is today versus one year ago,” said Riedel, adding that the long-term outlook for Munich’s housing market is “very positive.”
Christie’s International Real Estate offers RIEDEL agents and clients increased exposure for luxury properties, a global referral network for international transactions, an industry-leading marketing platform and exclusive partnerships, including with Christie’s venerable auction house. The close relationship with Christie’s, which is separately owned, adds another level of white-glove service for real estate clients who want to sell or acquire fine art, collections and luxury goods.
Over the past 18 months, Christie’s International Real Estate has been expanding rapidly through new affiliations with independent brokerage firms around the world. Recently, the brand has signed market-leading affiliates in London; Milan; Venice; the Italian, Swiss and French Alps; Malta; Estonia; the Caribbean; and Japan. Christie’s International Real Estate also has added affiliates in top U.S. markets including Los Angeles, the San Francisco Bay area, Miami and Chicago.
“RIEDEL is honored to be Munich’s exclusive affiliate for Christie’s International Real Estate, a brand that aligns so well with our firm’s values and vision,” said Markus Riedel. “The relationship will undoubtedly enhance our services and create exciting opportunities for our agents and clients.”
“RIEDEL’s unwavering commitment to the highest level of service and 40-year track record in luxury property sales make them an ideal partner to carry the Christie’s International Real Estate brand into one of the world’s most beautiful and livable cities,” added Michael Golden, co-CEO, Christie’s International Real Estate.