The Engel & Völkers Group increased its overall commission revenues by 31.9 percent in 2017 to 667.8 million euros (2016: 506.3 million euros). This represents yet another record turnover for the globally operational real estate company in the past financial year. “In 2017, we succeeded in expanding our market position in international property markets significantly once again,” said Christian Völkers, Founder and CEO of Engel & Völkers AG.
Strongest growth in North America and Italy North America generated the highest growth in revenues in the Residential division, at 54.6 percent. The reason for this was the opening of many new residential property shops in desirable first and second home markets. In Italy, Engel & Völkers continued to pursue its course of expansion and grew its turnover by 47.2 percent. Spain and Portugal together also managed to achieve a significant increase of 33.9 percent. The course of expansion also continued in the DACH region, where the company increased its commission revenues by 10.6 percent over 2016.
Considerable growth in the brokerage of commercial real estate The Commercial division also contributed to the financial growth of the Group in 2017. With a 35 percent increase in revenues compared to the previous year, the division profited from a high demand from investors for multi-purpose apartment and office buildings, and residential portfolios. These investment properties accounted for around three quarters of the overall turnover in the Commercial division.
Outlook: 1,100 new real estate agents sought worldwide More than 10,000 people now work under the Engel & Völkers brand. In addition, the company now has an international presence in 800 locations. During the course of 2018, Engel & Völkers plans to continue on its expansion drive. The company intends to open around 50 additional locations worldwide. This brings with it an increased need for qualified personnel. “This year we are looking to recruit more than 1,100 new real estate agents,” said Christian Völkers.