• Commission revenues increase by 26 percent to 33.5 million euros
Hamburg, 09 April 2010. Engel & Völkers AG, Hamburg, has had a promising start to the 2010 financial year. In the first quarter, the globally operational group saw a 26 percent rise in total brand revenues over the same period in the previous year to approximately 33.5 million euros (Q1 2009: 26.7 million euros). CEO Christian Völkers commented on this growth as follows: It is the strength of our brand, coupled with consistent efforts to ensure that our pro- fessional standards remain the highest possible, that is now paying dividends.
Growth in non-domestic markets has had a major impact on this success, with brand revenues growing by 53 percent to around 10.6 million euros (Q1 2009: 6.9 million euros). Transactions have risen significantly in Germany too, however. The Residential property division underwent a growth in brand revenues of almost 14 percent, which totalled approximately 15 million euros at the end of the first quarter (Q1 2009: 13.2 million euros). Meanwhile the Commercial real estate division saw around 20 percent growth. As per the reporting date, the brand revenues generated here totalled 7.9 million euros (Q1 2009: 6.6 million euros).
Generally speaking, there seems to be an upturn on property markets worldwide, underlining the importance of real estate in the long run as a secure and stable investment, said Mr. Volkers, founder of the company. Based on these latest performance figures, Engel & Volkers is on course to match the revenues generated during the boom year of 2008 once again.
Growth in non-domestic markets has had a major impact on the success of the first quarter. Villas like this at Costa Brava are in great demand.
For further information please contact:
ENGEL & VÖLKERS
Phone: +49 40-36 13 11 20
Fax: +49 40-36 13 11 02
german communications dbk AG
Phone: +49 40-46 88 33 0
Fax: +49 40-47 81 80