Douglas Elliman France's Fredrik Lilloe and Edward de Mallet Morgan Discuss Expansion in France, Monaco, and Beyond
by ELLIMAN INSIDER TEAM
January 2026
Pictured above: Fredrik Lilloe and Edward de Mallet Morgan
When Douglas Elliman announced, in late October, its first independent foray into the luxury real estate markets of France and Monaco, the U.S.-based brokerage declared its intention to break with the conventional approach to global expansion favored by its competitors.
“Unlike traditional franchise models,” the firm’s announcement stated, “Douglas Elliman’s approach emphasizes substance over scale, carefully selecting real estate professionals whose work ethic and client service standards reflect Elliman's entrepreneurial culture. The initiative enables the company to directly serve the growing international real estate needs of its agents, clients, and development partners without relying on third-party intermediaries.”
In the weeks since the announcement, during which the brokerage revealed further expansion into the French Alps, the contours of this model have already begun to take shape—and the clear benefits are already apparent. In that short period alone, more than 100 properties have been brought to market, representing a combined value in excess of $1.2 billion.
Led by industry veterans Philippe Curutchet, Fredrik Lilloe, and Edward de Mallet Morgan, Douglas Elliman France is looking to leverage the excitement generated by the brand’s arrival in Europe as it appeals both to the top brokers currently working in those markets and to thousands of Elliman’s U.S.-based agents who are ready to globalize their business.
In a wide-ranging interview with Elliman Insider in early December, Lilloe, CEO of Elliman France, and de Mallet Morgan, Head of Private Office and Super Prime Sales, were bullish about the brokerage’s position in France and Monaco as they discussed the strategic approach to the expansion, the markets’ particular appeal for American buyers, and the substantial upside for Elliman agents in the U.S.
How would you characterize the current state of the luxury markets in France and Monaco, and what makes Douglas Elliman uniquely positioned to capitalize on the opportunities there?
Fredrik Lilloe: When you look at our competitors in Europe, there's really no movement. Everything is just quiet. They are not doing anything newsworthy. They might do a deal or hire a new person, but they are not really breaking into markets and coming in with a fresh approach.
This is a luxury brand that is making a statement with this move: “It's time, and we are ready.”
Douglas Ellman is not just another American company or some newbie on the block. It comes with history—114 years. That rings a lot of bells in European minds. This is a luxury brand that is making a statement with this move: “It's time, and we are ready.”
It's been a slow market in many places in Europe for a couple of years. So, when we can come to our clients and say, “we’re expanding,” that is a very strong message. And when you consider that France itself is probably the most exclusive brand in the world—from the wine and culinary heritage to all of the luxury brands based here—that’s a very powerful story to tell.
Edward de Mallet Morgan: It's been a long time since a big real estate brand expanded anywhere—and there is no other big, global brand that exists and is expanding in the same stratosphere as Douglas Elliman.
It’s also very timely. Because of the war in Ukraine, a lot of Eastern European wealth has retreated particularly from the French Riviera and Monaco, both from a buying and a tourism perspective. Earlier this year, Fredrik and I were looking back at the very top end of the market on the Riviera, and a significant proportion of the biggest deals that were being done—it was certainly 50 percent-plus at that time—were purchases by American residents or passport holders.
Add to that, since Brexit, the UK has never felt more like an island, and UK non-dom changes have facilitated Paris stepping into that opening as the gateway for the U.S. into Europe. There's a lot more American money looking back again at Europe, and France, in particular, has a very good-dual taxation treaty with America, so we’re very much ready to welcome the American clientele with open arms. We’re also seeing Americans buying in Monaco for lifestyle reasons, which we have never seen historically, as normally it’s predominantly taxes that drive buyers to Monaco.
Compared to other brokerages doing business in France and Monaco, what distinguishes Douglas Elliman’s approach?
Edward de Mallet Morgan: If you look at the franchises that are attached to bigger brands, a lot of them are individually- and independently-owned businesses with the same brand above them. The agents in one office don't want to introduce business to the agents in another office because they don't want to lose their clients. It’s almost like they are competitors.
The structure of how Elliman is expanding, through licensing, makes us a very different animal because we don't compete with each other. We’re incentivized to work with each other. We're operating on one CRM system. The marketing is centralized. That structure will enable the best, most experienced brokers to focus on doing deals and cross-selling, locally and indeed nationally, rather than managing people.
Fredrik Lilloe: There’s also a selfishness and a lack of vision within a lot of these bigger brands, where they are too franchised to focus on the percentage they can make on the deals and forgetting the bigger picture, which is to grow that network.
But you don't have to reinvent the wheel. You just have to observe and then apply a better model. A lot of companies get too stuck on one model, and they don't change. The vision of this team—and from Michael Liebowitz especially—is something that others haven't done, which is part of the excitement.
What do you want your Douglas Elliman colleagues in the U.S. to know about the opportunities to do business in France and Monaco?
Fredrik Lilloe: The operational side of doing deals in Europe is different than it is in the U.S. In France, as a broker, you often represent both sides: you have a sales mandate from the owner, and then you represent that buyer, as well. There’s an industry standard 6% commission, so it’s similar to the three-plus-three standard in the U.S. Sometimes there's a co-agency, where we split the fee, but you essentially run the whole thing yourself, and this makes it quite interesting from a referral perspective.
So, an Elliman agent in the U.S. who makes the referral for a $20-million deal will get 25% of that 6% fee—1.5% of a $20-million deal. They don't have to do any visits, and they know their client will be looked after. So, you can potentially add hundreds of thousands a year to your income by using the referral model properly.
With search mandates, which give European brokers exclusivity to work on behalf of a buyer or seller, we can ensure that Elliman agents in the U.S. are able to essentially globalize their client relationships. So, if we get a call from an agent in California who says, “I'm here with my client. I do everything with them in here in L.A.,” with an exclusive search mandate, we can say, “Fine—let's organize it so they do everything with you on the French Riviera.”
Edward de Mallet Morgan: The fundamental thing is that we are one main business covering all of France and Monaco. We are one Elliman license covering these countries, which is a big deal for a seller to understand that their property is going to reach as many buyers as possible in as many markets as possible—particularly by cross-pollinating and cross-selling to clients who are active in these two huge markets, whether they’re living or visiting there. It's an amazing, unique template for us to leverage.
It’s exciting to be part of a firm that is super dynamic, that has the drive to make decisions—and the experience to know they’re the right decisions—and the bravery to act on them.
How are you recruiting agents based in Europe to work for Elliman there?
Fredrik Lilloe: The story we’re telling now is bringing qualified professionals to us. I’ve met with seven people since yesterday, and these are industry leaders in their markets. I think that’s because of the sex appeal and energy that Douglas Elliman, as a proven but still new brand outside the U.S., is bringing into the market.
People want to be part of that story. It’s exciting to be part of a firm that is super dynamic, that has the drive to make decisions—and the experience to know they’re the right decisions—and the bravery to act on them. That’s not something that every company can do, but Douglas Elliman is doing that.
Edward de Mallet Morgan: A lot of the agents who are joining us are perfectly successful on their own, so they don't necessarily need anything from us. But, as Fredrik said, they want to be part of what we're putting together—they see the potential and want to be part of something bigger and a network that is truly connected.
And people outside the U.S. still know the Douglas Elliman name. We had someone from Holland and someone else from Asia who both spend a lot of time in the U.S. and knew of Elliman. I think we underestimate the existing profile and reach of the Elliman brand that's always been there, and now it's coming through with big flags in the ground in key wealth hubs. It's just going to continue growing and expanding like a ripple effect.
It's for us to demonstrate that this isn't a flash in the pan. This is a business with staying power, with real force and resources behind it. We need to make sure we've got a select number of the best people—like an elite unit—in all of the different countries, regions, and cities where we're operating.
What about this new venture makes you most excited?
Edward de Mallet Morgan: It’s the personal relationships for me. Having spent a lot of time, over the last decade-plus, in many of the Douglas Elliman offices, I've made some really great friends and colleagues. It's been so lovely reconnecting with each one of them, particularly where we've done business in the past, because there’s a depth to the relationship that comes naturally when you've been through a sales process together.
We are incredibly proud to be part of the Douglas Elliman family.
We are incredibly proud to be part of the Douglas Elliman family. We're honored to be surrounded by such bright, market-leading individuals, from the management and the board to some of the best brokers in their respective regions throughout the U.S.
And the big difference is going to be the synergy we have. When you talk to brokers working for other big brands in Europe, they get barely anything out of the broader brand, and in some cases its actively prevented. Meanwhile, Douglas Elliman has been in France and Monaco for—what, a matter of weeks?—and we're already taking on listings and seeing referrals. We’re just getting properly up and running, and we’ve agreed deals almost immediately.
Fredrik Lilloe: I’m getting an email, just now, from an agent in Miami about a $20-million Saint Tropez property. It's just coming in constantly. And the agents know they're going to find the same level of professionalism here that they give to their clients in the U.S., which is what Michael and Rich Green [who heads strategic operations for global growth] and Wendy Purvey [Chief Strategy Officer] stressed from the beginning of the conversation: We are going to do this the way we know how to do it. So, the referral fees will be the same as if someone from LA is referring to New York. It's the same system; it's seamless. And that's how we're going to win the market, because nobody else is really doing it in this way.
Edward de Mallet Morgan: And if we do it properly, we're leveraging each other's skills and each other's relationships. For agents in the U.S. with clients who want to buy in Monaco, Paris, or Saint Tropez, not only can we help them win the business, but they can help us retain the business. So, we're really looking forward to seeing agents when they come to France and Monaco.
And likewise, Fredrik, Philippe, I, and our teams are looking forward to spending more time in the U.S. I think the upcoming event in Aspen is going to be the next opportunity for us to be there as a proper part of the Elliman family since the launch in Las Vegas. Plus, we have a whole load of events out here that will be coming up next year.
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