Engel & Völkers, the leading real estate management company, has closed the year consolidating its leadership in the sector.
A year full of opportunities and successes, beating an all-time sales record and reaching up to 8,500 real estate transactions in Spain alone.
Engel & Völkers has grown by a spectacular 8% in Spain, reaching a brokerage volume of 3,402 million euros.
In total, it handled 8,495 transactions, of which 4,404 were for sale and purchase and 4,091 for rental. We would highlight the 30% growth recorded in rentals, where a brokerage volume of 122.6 million euros was achieved, driven by the increase in the price of transactions to an average cost of 2,497 euros. The average price of sales transactions also rose, albeit by a smaller amount (+6.3%), to 744,687 euros.
Buyers and second homes
Although the average price of homes has been higher for both purchases and rentals, price variations are expected for 2023 in average locations, with stability in premium homes where the strong demand observed in 2022 will be maintained.
In the higher end of the market, rising interest rates have less impact on market activity, as many customers do not need to take out mortgages to finance their purchases. However, in some cases there is greater price sensitivity, resulting in longer marketing periods.
In mid-market locations, demand has declined in recent months due to increased barriers to applying for financing. Banks are much more cautious when valuing properties and are increasingly demanding more stringent requirements in terms of client solvency. On top of this, rising interest rates are making it increasingly difficult to finance a property investment.
To this impressive performance and a large number of consultants around the world, more than 1,000 agents have joined the real estate adventure and more than 53 shops have been opened worldwide in just one year.
Engel & Völkers maintains its expansion plans for 2023 under the group's successful business model, based on the solid pillars of the franchise business together with the Market Center concept and the company's own operations.
In addition to this network of professionals and franchises, the company's innovative, increasingly pioneering and intuitive digital platforms, developed from the company's headquarters in Hamburg, are also worth mentioning.
From Engel & Völkers Girona, we would like to congratulate all our colleagues and professionals who have managed, once again this year, to exceed all expectations and objectives.