- In 2016, the German company sold properties worth 1.425.95 million euros in Spain, Portugal and Andorra
- In the rental market, Engel & Völkers increased this number by 43 per cent, amounting to 2,308 rented properties
- The revenue from commissions received by this real estate company set a new record of over 500 million euros
Engel & Völkers, the world’s leading German real estate brokerage firm, registered a 33.24 per cent growth in Spain, Portugal and Andorra in 2016. The firm managed properties worth 1,425.95 million euros compared to the 1,070.24 million euros achieved in 2015.
This positive growth has turned the Iberian Peninsula into a strategic region for the German real estate company and pushed the creation of a new managerial position to manage the three regions. The new General Manager of Engel & Völkers for Spain, Portugal and Andorra, Juan-Galo Macià, has the objective of maintaining “a sustained growth of 15 franchises per year for the next few years, reaching a total of 150 in Spain.”
In Spain alone, the company carried out a total of 2,268 property sales in the last year, which was 27.1 per cent more than the 1,785 recorded in 2015. The average price remained around 600,000 euros, with hardly any changes compared to the previous year.
As for the rental market, the number of homes managed by the firm in Spain increased by 41.6 per cent to 2,218 cases from the 1,566 recorded in 2015. The average price rose by 4.5 per cent in line with the market trend Before the rental boom. Thus, the average monthly rental price in 2016 was 2,277 euros compared to 2,178 euros a year earlier.
Strong momentum in South Europe and North America
In the other parts of the world, the Engel & Völkers Group saw an increase in its profits by 23.6 per cent, which amounted to 506.3 million euros. This is an increase of almost 100 million euros compared to 409.8 million in the previous year and a new record for the company. “This record is one more example of Engel & Völkers Group’s successful expansion strategy around the world,” said Christian Völkers, the founding CEO of Engel & Völkers AG.
The South European market, especially Italy, Spain and Portugal, has played a key role in the strong growth of the company. A trend supported by other European markets, notably the DACH region (Germany, Austria and Switzerland) and Belgium, but above all by the successful expansion strategy carried out in North America, where revenues have grown by 55.3 per cent.
More job creation in 2017
With a staff of more than 8,000 employees worldwide, Engel & Völkers plans to maintain its international expansion strategy with the opening of 50 new locations throughout 2017. This growth entails a greater need for skilled workers, “This year, we intend to recruit about 1,200 real estate consultants,” confirms Christian Völkers.