The opening of a new residential property shop in the Californian city of San Francisco brings the total number of Engel & Völkers locations to 700 worldwide. “We are delighted about the large international presence of the Engel & Völkers brand and will continue to focus on our strong growth. The USA and the whole of North America are particularly important markets for us in strategic terms”, explains Sven Odia, CEO of Engel & Völkers AG. The new residential property shop is located in The Castro, a district that has many of the Victorian houses that typify San Francisco. From there, the 30-strong team sell residential property across the whole urban area.
High prices in the San Francisco property market
With more than 800,000 inhabitants, San Francisco is the fourth largest city in the US state of California. Situated on steep hills and surrounded by sea on three sides, this cosmopolitan city has an impressive number of luxury boutiques, museums, galleries, top class restaurants and architectural highlights, such as the Golden Gate Bridge. All these features combine to offer a high quality of living. “Property prices in San Francisco are some of the highest in the USA and achieve top rates of up to $1,000 US dollars or more per square foot”, says Anthony Hitt, CEO of Engel & Völkers in North America. This is partly due to its proximity to the global economic powerhouse of Silicon Valley. There have traditionally been a lot of luxury properties in the city districts of Forest Hill and Pacific Heights, where many magnificent buildings were erected at the beginning of the 20th century. These properties are popular with buyers from North American as well as with an international clientele.
Engel & Völkers has been represented in the USA since 2007 and is continuing with a steady expansion of the brand there.