Engel & Völkers reports double-digit revenue growth in 2020

In 2020, the Engel & Völkers Group increased its commission revenues by approximately 14 percent to 937.4 million euros (2019: 820 million euros). This represents a significant rise in turnover once again for the globally operational real estate company, in spite of the coronavirus pandemic. “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 turnover records.”

Hamburg - In 2020, the Engel & Völkers Group increased its brokerage revenue by around 14 percent to 937.4 million euros, thus recording double-digit revenue growth.

International real estate markets prove stable 

The number of property transactions declined slightly in some markets as a result of the coronavirus pandemic. Prices remained at a steady high, however, in very good locations. The international real estate company brokered a total transaction volume of 27 billion euros in 2020 (2019: 23 billion euros). Buyer activity among national and international clients has 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, at 38.4 percent. 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 turnover 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.

In the Commercial division, with its segments specialised in residential and commercial properties, office, industrial and retail spaces, and hotels revenues in 2020 totalled approximately 117.7 million euros (2019: 122 million euros).

Outlook: Further growth planned

The Group’s positive business development over the past year gives Engel & Völkers cause for optimism in 2021. One consequence of the coronavirus crisis has been that interest has increased in a home life that is both appealing and secure. “The demand for real estate has been given another boost and we are registering a continuously strong interest in premium properties. 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,” says Sven Odia.

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