High demand for real estate in urban centres

18 percent revenue growth for Engel & Völkers since the start of the year

Hamburg, 19 October 2009. Engel & Völkers continues on its profitable course of growth. Since the beginning of the year, residential property shops in Germany have generated total commission revenues of approximately 48.9 million euros. This represents an 18 percent growth in turnover over the same period in the previous year (41.1 million euros).

Property is still regarded by a great number of clients as an attractive capital investment and one of the best and most secure financial provisions for old age. We experienced a clear increase in demand over the first three quarters of 2009, particularly in the prestige property sector. Residential real estate remains a stable asset in a financial crisis as it is a scarce commodity that isn’t in endless supply, commented Kai Enders, Managing Director of Engel & Völkers Residential GmbH. Property in metropolitan areas, in particular, remains more popular than ever. This demand for residential real estate close to towns and cities will continue to grow at a disproportionately high rate in future too, as a result of the demographic shift whereby increasing numbers of older citizens are moving away from rural areas in favour of the infrastructure and cultural amenities of built-up urban areas. Second home markets on the Baltic and North Sea coasts, and in the regions around the Tegernsee lake and Lake Constance, also proved highly attractive for domestic investors. The low rates of mortgage interest at present are also impacting on demand for real estate, making the prospect of acquiring a property even more attractive.

For further information please contact:

ENGEL & VÖLKERS AG
Head of Global Corporate Communication
Princess Wittgenstein
Stadthausbrücke 5
20355 Hamburg
Germany
Phone: +49 40 36 131 – 120
Fax: +49 40 36 131 – 235
bettina.wittgenstein@engelvoelkers.com

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091019_PM_EngelVlkers_EN (1)

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