Global brokerage Engel & Völkers Group saw commission revenues increase by 14 percent in 2020 and posted over $32 billion USD in transaction volume, the company announced on Tuesday.
Engel & Völkers Americas, which operates in the U.S., Canada, Mexico and the Caribbean, led the company’s overall growth for the year with production increasing by 38.4 percent. The Americas market closed a total of $18 billion in sales volume, a record for that network’s 4,500-agent force.
“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,” Anthony Hitt, president and CEO of Engel & Völkers Americas, said in a statement. “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.”
Across Engel & Völkers Americas, outposts in resort areas and gateway cities saw the largest growth in 2020 with 30A Beach, Florida (72 percent production gains) and Missoula, Montana (71 percent production gains) leading the way. Sun Valley, Idaho (up 59 percent); Aspen, Colorado (up 54 percent); and Jackson Hole, Wyoming (up 51 percent) also saw steep production gains year over year.
“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,” Sven Odia, CEO of Engel & Völkers AG, said in a press statement. “Applying a combination of innovative, high-tech tools and top-quality personalized 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.”
The brokerage noted that markets across the globe remained stable despite the pandemic, with prices staying strong in cities like Paris, Hamburg and Rome. Continued expansion by the brand in the U.S. and Canada, as well as increased demand in 2020 for suburban and rural properties drove growth in North America, which saw the greatest increase in revenues for the company’s residential division.
Other areas that saw notable growth over the course of the year included the DACH region (Austria, Germany and Switzerland), which saw a 10.6 percent increase in production, and Italy, where production increased 5.2 percent.
Given the company’s strong growth over the last year, Odia expressed optimism and a hope for continued growth in 2021.
“The demand for real estate has been given another boost and we are registering a continuously strong interest in premium properties,” Odia said. “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.”
Engel & Völkers has about 225 shops and 4,500 real estate advisors across the U.S., and about 13,500 advisors across the globe, spanning more than 30 countries.