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Engel & Völkers Licence Partner Spain > Blog > Engel & Völkers grows by 32% in Spain and registers new record

Engel & Völkers grows by 32% in Spain and registers new record

• Reports sales of 908 million euros in the first half year

• Average property sales price is 639.218 euros = 6% increase over same period 2016

• 3 Market Centres Spain – Barcelona, Madrid & Valencia report growth of 71%

• Demand for premium coastal properties in Mallorca & Marbella

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Engel & Völkers AG, one of leading international real estate brands of premium property worldwide has registered a new record in Spain in the first half year.  In the first six months of the year, Engel& Völkers reported sales volume of 908 million euros, representing a 32%increase over the same period in 2016. These figures include rental and sales operations. 

Sales increased by 24% with a total of 1,415 transactions and rentals increased by 19% with 1,214 transactions.  The buoyant market is also reflected in price development.  The average price of property sold was 639.218 euros, a 6% increase over the same period the previous year.  The average rental also increased by 13% to 2.878 euros per month.

The CEO of Engel & Völkers Spain, Portugal and Andorra, Juan-Galo Macià, commented; “the extraordinary results registered in Spain in this first half year confirm the positive market activity and its’ strategic importance for the company”.

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The Market Centre concept (MC) has also demonstrated its increased profitability. The three Spanish MC’s in Barcelona, Madrid and Valencia brokered sales totalling 408.4 million euros representing a 71% increase over the same period in 2016. Real estate sales were up by 55% and rentals increased by 30%.

Demand for premium property in Mallorca & Marbella

There has been extraordinary increased demand for premium properties in areas such as Mallorca and Marbella. Engel & Völkers Mallorca with 17 shops and more than 25 years’ experience on the island, reported sales increase of 24% over the same time last year with total sales transaction volume of 270.5€ million euros. The average price of property sold during this period also increased by 9% to 1.2 million euros.

The main buyers are German speaking, British and Scandinavian with increased Spanish and French investors coming into the market. The Brits continue to buy in Mallorca and in some areas of the island Engel & Völkers has reported increased sales to British investors.

The resurgence of the market in Marbella, which is currently enjoying its best period in years, demonstrates increased demand from premium real estate investors. In the past two years developers have started to construct new modern, quality projects in a wide range of prices. There’s also demand for property to refurbish. There’s growing interest from German, Swiss, Belgian buyers together with long term Dutch and Scandinavian investors.

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Together with Spain, Andorra, where Engel & Völkers opened its first shop last year focusing on the international buyer, has also reported a substantial increase of 42% growth over the first half year figures of 2016.

Strong Growth Worldwide

Worldwide, the Engel & Völkers group increased commission income by 31% to € 300.6 million from € 229.4 million in the same period last year. "The great success of franchise operations in our core markets is one of the factors that have contributed to this strong growth," says Christian Völkers, founder and co-president of Engel & Völkers AG. "Only residential retail shops in North America account for about a quarter of the group's total revenue," he says.

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The commercial division of the company - which includes commercial premises, offices, hotels, buildings and industrial buildings - improved its revenues by 29% to 43.8 million euros.

Looking ahead to the second half of the year, Engel & Völkers expects more growth in all its divisions. "We are on track to achieve an end year total of around 560 million euros," says Sven Odia, CEO of Engel & Völkers AG.

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Property on offer in Spain

In recent years, the Spanish property market has become a sector particularly valued by international investors, and it's no surprise. Between 2009 and 2014, property prices in Spain underwent notable changes, and as a result properties are currently being sold at very competitive prices. This situation applies to houses both for sale and to let, as well as to more luxurious properties, making Spain a practically unique case in Europe. The best investment possibilities can be found in Spain's high-end properties.

The high-end sector is the most interesting to the international investor. Many people the world over consider property in Spain, especially in the larger cities, to be some of the best patrimonial assets in Europe (a good example would be a luxury attic in Madrid or Barcelona). And as for the exclusively residential market, those who wish to have a second home in Spain, or buy a main house can also benefit from this situation. Logically, all of these benefits also reach the proprietors who wish to sell their houses.

Living and working in Spain

The quality of life enjoyed in Spain is the result of a unique combination of climatic, geographic, and of course, human factors. Living in Spain is an option that is contemplated by more foreigners every day, and buying a house is the first step towards that. Acclimatisation tends to be fast, and those who move in with the objective of developing business ventures can also count on easier administration when buying a house. Spain's high quality property market paves the way forward.

The type of property which one moves into in Spain will obviously depend on the newcomer's aspirations. Those who head to Spain, whether to live or to work, can enjoy the wonderful surroundings, either in an apartment with a view (of the beach, mountains or the city) or in a house right on the coast. For more information, it can be very useful to seek the advice of an estate agent in Spain, who will analyse the most interesting offers based on the prospective buyer's criteria.

Selling your house in Spain

Selling your house is another option for foreigners who live in Spain. Whether you are coming to the end of your stay in Spain or you just want to get rid of one asset in particular, the services of a reliable and trustworthy Spanish estate agent are essential. These professionals will examine the qualities of the villas in Spain that they want to commercialise, reaching the most advantageous sales agreements possible and getting the luxury properties in question on the market. Little wonder: if anything indicates the current context of the market it's that the role of the agent is basically to close a good sales agreement.

How to arrive in and travel through Spain

Alongside the properties that Spain has available, the country also offers areas of great patrimonial and natural interest. It's worth highlighting the excellent connections by land, sea and air to all the European capitals such as London, Paris, Berlin, Rome, Brussels, and Geneva, and many other European cities are less than a three-hour journey from the main Spanish airports. Those who travel to Spain have airports at their disposal not only in the main cities but also in the majority of the provinces. Another alternative to get around the country is via the complete train network that, on a smaller scale, consists of commuter trains to the inland regions, creating easy access to almost any town and property in Spain.