December 7, 2021
Realogy is a truly global brand. We are fortunate to count over 130,000 internationally affiliated sales agents among our ranks, working out of 14,000 offices in 118 countries. That global presence gives us a unique insight into the state of real estate, worldwide.
2021 marks the 2nd year of Realogy’s Real Estate Expert Series. This year, the series expanded internationally, serving as an opportunity to offer what President & CEO of Realogy Franchise Group (and driving force behind What Moves Her®) Sue Yannaccone described as “tactical and tangible opportunities to learn from each other.” That certainly was the case this summer, when moderator Matthew Ferrara led a fascinating one-hour panel discussion with some of our leading international thought leaders. The topic: the global real estate market, and where it might be headed in the years to come in Europe, the Middle East, and Africa (EMEA), Asia-Pacific (APAC) and Latin America (LATAM).
The panel comprised one of the most impressive collections of global real estate talent we’ve ever seen, including:
The tone was set by a welcome message from Sue. She talked about spearheading the Realogy Real Estate Expert Series in 2020 “to bring forth perspectives of those across the country in our industry taking a look at what they’re facing, how they’re pivoting and how the dynamics of the industry are changing.” It certainly was an enlightening discussion.
The Factors Driving Real Estate Growth Overseas
The discussion began with a look at some of the macro trends driving international growth coming out of COVID-inspired lockdowns. Verónica Pagola, who saw significant growth at the helm of CENTURY 21 Argentina, credited the combined efforts of her team along with the power of the Realogy network. “Success requires help. The only thing you can do on your own is fail.” To lead her team, she relies on three pillars:
Jack Chua said that on the whole, Singapore, and other Asian nations such as Malaysia and Thailand, are currently experiencing a very strong housing market, with lots of pent-up demand. This is largely credited to governments keeping interest rates down during and immediately after the worst of the pandemic. He said that Singapore transactions are seeing a 67% increase, and buyer sentiment is strong throughout the region. Low interest rates may be the driver, but technology such as Zoom, along with the global power of the ERA brand also play a tremendous role in keeping brokerages productive in the red-hot Singapore housing market.
From his perspective, Alvaro Cardenas, the SVP of Global Development at Realogy has a unique look at the 40,000-foot big picture of global real estate. He noted some interesting trends coming out of the pandemic. For example, nations and regions that did a lot of business with inter-regional buyers, from areas such as Portugal and the south of France, were slowing. At the same time, areas that have historically been predominantly local, such as Bulgaria, Sweden, and northern France, are doing well. Of course, the pandemic looms over everything, as decisions to purchase or sell were postponed until the lockdowns ended. Once lockdowns ended, the demand rebound was robust.
Using Technology to Bring People Together
Another big theme of the panel was how technology is being used to create emotional connections between agents and customers, and brokerages and agents. Obviously, the pandemic made this necessary, but now that lockdowns are (hopefully) a thing of the past, everyone agreed that these tools are here to stay.
François Gagnon, President & CEO of ERA Europe had a smart visual metaphor for his take on what’s happening in Europe. When discussing the future, he brought out a crystal ball. But this was more than a prop. As he demonstrated to the viewers, when you look into a crystal ball, objects appear upside-down—an apt metaphor for the European real estate market right now. Traditionally, northern Europe—for example, Scandinavian countries—are more tech-inclined, while southern Europe regions—e.g. the south of France—tend to rely more on the personal touch. But like a crystal ball, the pandemic has turned this upside-down. Now in the north, people are clamoring for the personal—including personalized videos, emails, and calls—while in the south, real estate brokerages are placing more of a premium on technology, such as videos and social media.
For more insight into the convergence of real estate and technology, including virtual brand building, read Realogy SVP of Strategic Cross-Brand Marketing Dawn Perry’s recent interview on What Moves Her.
Quick Tips & Takeaways:
The global real estate market is full of liquidity
Use technology to recruit and grow
Wisdom and advice to navigate the future
Want to see the whole discussion? You can find it in our Webinar Archive here. Let us know what you think! Did it help you see the market in new ways? Are you interested in participating in a future Expert Series Webinar? We want to hear from you.
*Please note this document was published prior to Realogy’s rebrand to Anywhere Real Estate Inc. on June 9, 2022.