Virtual brokerage eXp Realty plans to expand into three new international markets — Dominican Republic, Greece and New Zealand — during the first quarter of 2022, it was announced Thursday.
The news comes on the heels of the company’s expansion over the course of 2021 into nine other largely international markets — Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama and Germany.
EXp has experienced rapid growth over the past several years, and parent company eXp World Holdings’ earnings reports from 2021 thus far reflect its increasingly strong position in the industry. The company hit its sixth consecutive record-setting quarter as of Q3 2021, with revenue up 97 percent year over year to $1.1 billion, and agent count up by 82 percent. Today, the company has more than 72,000 agents across the world.
“We’ve continued to expand globally at a steadfast pace,” eXp Global President Michael Valdes said in a statement. “There continues to be high demand for what eXp brings to the international real estate market. With the addition of the Dominican Republic, Greece and New Zealand, we continue to solidify our strategic footprint across the EMEA, CALA and APAC regions.”
Valdes said the Dominican Republic’s economic growth has positioned it as a leader in recent years in the Caribbean and Latin America, making it a desirable choice for the brokerage’s expansion. He added that Greece has likewise seen strong economic growth projections, driven by tourism and foreign investment opportunities, making it an important part of the brokerage’s expansion on the continent. Demand for real estate in New Zealand, meanwhile, as well as its proximity to Australia, where the brokerage is already located, made the country a smart choice for expansion.
The brokerage will be hiring on leaders in each country who will be in charge of local agent operations and services, according to an announcement.
EXp Realty founder and eXp World Holdings CEO Glenn Sanford told Inman in December that the brokerage would be seeking new ways to innovate in 2022, with its sights set on things like transactions via cryptocurrency, making inroads in the second-home and fractional homeownership markets, and continuing to expand into iBuying.