The Engel & Völkers Group grew its total commission revenues in 2016 by 23.6 percent to 506.3 million euros (2015: 409.8 million euros). In doing so, it broke through the half a billion euro mark for the first time. “This record result is a clear reflection of our successful global expansion,” said Christian Völkers, CEO/ Founder of Engel & Völkers AG.
Strongest growth in Southern Europe and North America
At 93.2 percent, Italy achieved the highest rise in turnover in the Residential division. Spain and Portugal also recorded a considerable joint increase of 37.2 percent. Other markets growing their turnover included Belgium at 12 percent and the DACH region (Germany, Austria, Switzerland) at 8.4 percent. In North America, Engel & Völkers expanded its presence with the opening of numerous new residential property shops. This resulted in a 55.3 percent growth in commission revenues.
Moreover, the Commercial division also reported significant revenue growth of 19.3 percent in comparison to the previous year. Residential Investment once again proved the most successful segment. In 2016 it accounted for half of the overall annual turnover in the Commercial division.
Outlook: Engel & Völkers looking for more agents worldwide
Engel & Völkers plans to proceed on its strong course of expansion in 2017. Accordingly, the Group is set to open shops and offices in approximately 50 new locations this year. This growth also increases the need for qualified professionals. “This year we intend to recruit around 1,200 new real estate agents,” said Christian Völkers.