Engel & Völkers achieves strong revenue growth in first half of 2016
Group commission revenues increase by 26.2 per cent to €229.4 million
The Engel & Völkers Group generated €229.4 million in total commission revenues in the first half-year 2016. This equates to a 26.2 per cent growth over the same period in the previous year (first half-year 2015: €181.7 million). “Demand for premium property in internationally reputed first and second home markets has increased significantly once again. Our strong expansion strategy, particularly in Europe and the USA, has had an extremely positive impact on our turnover,” said Christian Völkers, founder and CEO of Engel & Völkers AG.
Expansion in Europe and North America yields returns
Residential property shops in the DACH region grew revenues by 13 per cent to €84.4 million (€74.6 million). In Spain, residential property shops achieved the highest growth internationally, with a 41 per cent rise to €20.6 million (€14.6 million). The Market Centres in Barcelona, Madrid and Valencia increased their combined turnover by 60 per cent to €13.1 million (€8.2 million). In Italy, the high demand for prestigious real estate also had a positive effect on performance figures. Residential property shops grew revenues by 15 per cent to €4.5 million (€3.9 million). In North America, Engel & Völkers is currently profiting from a recovering real estate economy and the opening of new residential property shops in prime locations. This strong expansion resulted in a 45.9 per cent rise in revenues to €42 million (€28.8 million).
Significant revenue increase in the Commercial division
A new record was set by the Commercial division, with a 25.4 per cent growth in turnover to €34 million (€27.1 million). The high demand from investors for Residential Investment properties continues unabated. There is also growing interest in sales of entire property portfolios. Consequently, the recent brokerage of a portfolio with 76 apartment buildings contributed to the division’s positive performance.
Engel & Volkers is looking to recruit real estate agents
For the remainder of this financial year, Engel & Völkers is forecasting further growth in all business divisions. This growth also entails an increased need for qualified real estate agents. “By the end of the year we are aiming to acquire around 1,300 additional real estate agents,” Mr Völkers revealed.
Engel & Völkers Sara Grech has been operating in the local real estate market for the past 30 years. For real estate queries call 2347 0000 or visit www.evsaragrech.com