The Engel & Völkers Group increased its commission revenues in the financial year 2015 by over 100 million euros, setting a new all-time record once again. Turnover rose by 36.4 percent to 409.8 million euros (2014: 300.3 million euros). “Never before has the Engel & Völkers Group achieved such a high rate of revenue growth,” said Christian Völkers, CEO/ Founder of Engel & Völkers AG.
Expansion strategy is paying off
The Group’s Residential division played a key role in the high revenue growth. In the DACH region, residential property shops generated 15.2 percent higher overall turnover than in 2014. This substantial rise was seen in many other European countries too: the Engel & Völkers Shops in Italy increased their commission revenues by 74 percent. In Spain there was a 27 percent growth in revenues, with Belgium recording a growth of 22 percent. More over, Engel & Völkers gained new market share in key real estate markets outside of Europe. Its strong expansion in North America has resulted in a 133percent rise in revenues there.
The Commercial division also achieved significant growth. The commercial offices increased commission revenues by 30.3 percent over the previous year to approx. 74 million euros.
Market Center concept is proving a success
In addition to its strong franchise operations, Engel & Völkers has managed to expand rapidly in selected international cities with its Market Center concept. The Group-owned offices, which accommodate up to 300 real estate agents, are located in key strategic locations worldwide. Last year alone, Engel & Völkers doubled its number of Market Centers (MC). The MC in Barcelona, which opened in 2013, generated commission revenues in excess of 10 million euros for the first time. “We’re delighted that our efforts to establish the Market Center concept have been such a success,” said Christian Völkers.
Outlook: Engel & Völkers to drive global expansion forward
Engel & Völkers now has a global workforce of more than 7,000 employees, and opened its 700th location last year. The company is planning to significantly expand its number of locations in internationally known first and second home markets. The focus here will be on Europe and North America. This expansion brings with it an increased need for qualified employees. “Once again this year we want to recruit an additional 2,000 real estate agents,” Christian Völkers added.