Aided by a highly dynamic Belgian property market and excellent results in the first three financial quarters of 2021, the Engel & Völkers group is looking to consolidate its presence in Belgium by expanding its network coverage.
Some 13, 500 employees work at more than 900 agencies spread over five continents and with more than 40 years of knowledge, Engel & Völkers is one of the global leaders on the high-end property scene. The group has posted steady growth and has already exceeded the one billion euro mark in revenue for 2021, paving the way for new possibilities and avenues for development.
Among these, Belgium, where the group has been established since 2006, has posted a 40% increase in revenue in the first three quarters of 2021, compared to 2020. These results give weight to the ambitious expansion strategy put in place by the brand, which intends to extend the Engel & Völkers network to cover the whole of Belgium.
A strategy consistent with the changes in all the sectors of the extremely dynamic Belgian luxury property market, Kevin Rentmeesters, Regional Manager at Engel & Volkers Belgium and the Netherlands, has confirmed this trend:
“We have never sold so many properties at over €1M.”
Another notable trend is the quality of life, one of the main research criteria for buyers in search of quiet surroundings, nature, authenticity, etc, all while being able to get to the office and city quickly, and without hassle.
A change which has consequently extended the suburban limits into rural villages that offer easy access to the capital. Take, for example, the Nivelles and Waterloo markets in the south, while in the north, the Flemish Brabant green belt has seen new demand in towns such as Wemmel, where Engel & Völkers recently expanded its network. Prices per square metre are now close to €4,000 in these areas. The teams working in Louvain since 2020 have also observed developments in the east, which is attracting buyers drawn by the region’s authentic and natural environment, as well as its economic dynamism.
Finally, another change largely resulting from the exceptional COVID-19 situation, in particular the border closures, has been the boom in second homes, and the emergence of the concept of a semi-primary residence. The Belgian coast (Le Coq, Knokke, etc), has been greatly impacted by this phenomenon, along with the provinces of Namur and Luxembourg. The Engel & Völkers expansion strategy will target numerous destinations in Belgium over the next two years.
The network coverage will be extended through a franchise system whereby every franchisee, each exclusively in charge of a geographical area, is free to organise its own management while receiving logistical and strategic support from the global brand.