The Engel & Völkers Group generated 229.4 million euros in total commission revenues in the first half-year 2016. This equates to a 26.2 percent growth over the same period in the previous year (1st half-year 2015: 181.7 million euros). “Demand for premium property in internationally reputed first and second home markets has increased significantly once again. Our strong expansion strategy, particularly in Europe and the USA, has had an extremely positive impact on our turnover,” said Christian Völkers, Founder and CEO of Engel & Völkers AG.
Expansion in Europe and North America yields returns
Residential property shops in the DACH region grew revenues by 13 percent to 84.4 million euros (74.6 million euros). In Spain, residential property shops achieved the highest growth internationally, with a 41 percent rise to 20.6 million euros (14.6 million euros). The Market Centers in Barcelona, Madrid and Valencia increased their combined turnover by 60 percent to 13.1 million euros (8.2 million euros). In Italy, the high demand for prestigious real estate also had a positive effect on performance figures. Residential property shops grew revenues by 15 percent to 4.5 million euros (3.9 million euros). In North America, Engel & Völkers is currently profiting from a recovering real estate economy and the opening of new residential property shops in prime locations. This strong expansion resulted in a 45.9 percent rise in revenues to 42.0 million euros (28.8 million euros).
Significant revenue increase in the Commercial division
A new record was set by the Commercial division, with a 25.4 percent growth in turnover to 34.0 million euros (27.1 million euros). The high demand from investors for Residential Investment properties continues unabated. There is also growing interest in sales of entire property portfolios. Consequently, the recent brokerage of a portfolio with 26 building complexes contributed to the division’s positive performance.
Engel & Völkers is looking to recruit new real estate agents
For the remainder of this financial year, Engel & Völkers is forecasting further growth in all business divisions. This growth also entails an increased need for qualified real estate agents. “By the end of the year we are aiming to acquire around 1,300 additional real estate agents,” Mr. Völkers revealed.