Engel & Völkers Group reported its 2020 company results, increasing its commission revenues by approximately 14 percent and posted more than $32 billion USD in transaction volume. This represents another significant rise in production for the globally operational real estate company, with production in the Americas increasing by 38.4 percent.
“This positive development of our business is a direct result of the consistently high quality of service we provide to our clients, even during all the uncertainty of the past year,” says Sven Odia, CEO of Engel & Völkers AG, adding, “Applying a combination of innovative, high-tech tools and top-quality personalised advice, we managed to maintain our business operations during the periods of lockdown and expand our global network to more than 13,500 people. In some locations and core markets, we even exceeded past results and set new records.”
Americas no. 1 growth market
Engel & Völkers Americas, overseeing operations in the United States, Canada, Caribbean and Mexico, closed $18 billion in volume in 2020, recording a record year amongst its network of 4,500 real estate advisors. Engel & Völkers Americas resort and gateway city shops benefited most, seeing year-over-year production gains of 39 percent, highlighted by:
“In speaking with our leaders in every market we serve, the term ‘unimaginable’ seemed to be most prevalent in describing the market and the year in general,” said Anthony Hitt, president and CEO, Engel & Völkers Americas. “These results are reflective of more than the market itself, but of the caliber of individuals within our network, and I couldn’t be more proud. What we witnessed amongst our network was nothing short of cultural magic in how everyone supported one another. In 2021 we will continue to focus on our people to help them support their clients and generate continued growth.”
Global real estate markets prove stable
While the number of property transactions declined slightly in some global markets as a result of the coronavirus pandemic, prices remained at a steady high in locations such as Paris, Hamburg and Rome. The global real estate company brokered a total transaction volume of 27 billion euros in 2020. Buyer activity among national and international clients returned, particularly during those months when protective measures were eased and travel was less restricted. North America saw the sharpest increase in revenues in the Residential division. This can be attributed, among other things, to the ongoing expansion in the USA and Canada, as well as the strong demand for properties in suburban areas and rural regions. Engel & Völkers also set forth its marked success in the DACH region and increased its production by 10.6 percent. The Group also saw a large number of transactions in Italy, and achieved a 5.2 percent growth over the previous year.
Outlook: Further growth planned
The Group’s positive business development over the past year gives Engel & Völkers cause for optimism in 2021.“The demand for real estate has been given another boost and we are registering a continuously strong interest in premium properties,” said Odia. “Houses and freehold apartments prove time and again to be stable investments, particularly during times of crisis. We intend to continue on our course of success this coming year and take our global business to the next level.”
About Engel & VölkersEngel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process for today’s savvy homeowner. Engel & Völkers currently operates approximately 225 shop locations with 4,500 real estate advisors in the Americas, contributing to the brand’s global network of over 13,500 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate, yachting and aviation. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs and platforms; as well as access to its global network of real estate professionals, property listings and market data. Each brokerage is independently owned and operated. For more information, visit www.evrealestate.com.