A recent study by the Boston Consulting Group found that the Sotheby's International Realty brand is the most well-known luxury real estate brand in the world. We're recognized as having a vast global network and our people are highly respected and highly trusted. This is a brand positioning to be proud of, and we are. Yet some people ask if being global is all that important in the hyperlocal residential real estate market, and particularly with properties that are not the high end of luxury. We think it is, and as a matter of fact, we think that there's a world of reasons why being global is important locally.
Sotheby's International Realty has over 950 offices in 72 countries and 22,000 professionals. As importantly, those 22,000 professionals will assist in over $100 billion US dollars of global residential real estate transactions this year. Our network infrastructure is designed such that all our listings are published to all of our offices virtually overnight regardless of price.
Our global website sothebysrealty has over 26 million visitors and 49 million property page views annually. While we might expect that most buyers are local, at Sotheby’s International Realty, we cast a wide net. Having a company that can market your property locally, regionally, nationally, and internationally covers all of the basis. The other interesting fact is that not all foreign buyers are buyers of multimillion-dollar properties. Our research indicates that the average foreign buyer is looking at properties that are at or in some cases slightly below the average price of a home in any given market.
Being international is also about how international digital and traditional media finds its way back to Canada to be viewed by Canadians from all origins. In addition to local media, all Sotheby’s International Realty Canada listings are listed online with our international media partners, all of whom have significant local reach. For example, the New York Times and the Wall Street Journal have more than 1 million subscribers each in Canada. These Canadian readers are prime homebuyers who choose to get their news from these media titles.
Canada is one of the most multicultural countries in the world. Over the generations, our country has become a microcosm of all of the people who have immigrated here. Being international means being culturally sensitive to how they want to receive their information. Our website can be viewed in 16 different languages and 50 different currencies. In Canada, and equally throughout the Sotheby's International Realty global network. We share a passion for excellence and a strong culture of sharing best practices. Our collective skills have been developed from representing some of the most iconic properties and some of the most discerning buyers and sellers in the world. That skill, ability and creativity is brought to buyers and sellers at all price ranges, who receive a consistent experience globally from a firm who is always learning, and always innovating.
Last, and certainly not least is our affiliation with the Sotheby’s auction house. We share their name and we bask in their lineage and reputation. Since 1744 Sotheby’s has been helping people buy and sell some of the world's most cherished possessions. The auction house website, sothebys is the largest source of referrals to sothebysrealty, second only to Zillow. At the end of the day, our job is to expose your property to the largest audience possible in an effort to find that one buyer who will see the most value in your property. So while we think globally, we channel that thinking and our resources to act locally. This pays is huge dividends for our people and for you, our clients.
President & Chief Executive Officer