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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.

Engel & Völkers

Spain
Avda. Diagonal 640, 6ª planta A
08017 Barcelona Spain
Spain
Phone
+34935154455

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