Record year for real estate agents: "Demand remains high"

Record year for real estate agents
"Demand remains high"

The Hamburg real estate agent Engel & Völkers can look back on a successful year – despite the corona pandemic. The market will continue to develop steadily in 2021, says CEO Sven Odia in the podcast "The Zero Hour".

The German real estate market also proved to be astonishingly robust in the Corona year. In contrast to other countries, there were no sustained upheavals, slumps or price declines – on the contrary. "The German real estate market is very stable and will continue to develop very stable in 2021," said Sven Odia, CEO of Engel & Völkers, in the podcast "Die Stunden Null".

In March and April there was a "paralysis" in the market during the first lockdown, according to Odia. However, from May onwards the market recovered quickly. Demand was particularly high in the luxury segment. "The second half of the year was very strong," said the CEO.

The Hamburg brokerage company with its 13,000 employees significantly increased sales during the pandemic. "We had an absolute record year in 2020," said Odia, who has worked for the broker chain for over 20 years and has been a member of the board since 2006. Overall, according to Odia, brokerage sales rose by 11 percent to over 900 million euros.

However, the demand and wishes of customers would have shifted slightly, reported Odia. Some customers made compromises and cutbacks in the location, for example, in order to have more space, a garden or a balcony. "A lot of people have thought about what their living needs really are like, and that has also meant that some criteria have shifted a bit," added Odia. There is a "renaissance of the suburbs" and the surrounding area in many regions and a "desire to go back to the countryside". The price pressure in the inner cities of many large cities remains high, however, because too little has been built.

For this year, Odia expects the demand to remain strong. "The subject of residential real estate is still a big issue, especially since there is a high level of uncertainty in other areas," said the CEO. "It's not just about returns, it's about quality of life. That is why many people will think about continuing to invest in residential property. That remains a megatrend."

You can find all the episodes of "The Zero Hour" directly at Audio Now, Apple or Spotify or via Google.

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