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Engel & Völkers sees double-digit international growth
- High surge in sales overseas, in Spain and on the Balearic Islands
- Significant increase in the brokerage of commercial real estate
Hamburg, 8 October 2013. The Engel & Völkers Group, one of the world’s leading service companies specialised in the sale and leasehold of premium real estate, is experiencing strong growth, in particular at international level and in the commercial division.
Group commission revenues rose by 18.5 percent in the first nine months of the current year to 192.5 million euros (162.5 million euros in the same period last year). The majority of the growth has been generated by the overseas residential property business, where commission revenues increased by 32.2 percent to 74.3 million euros (56.2 million euros). Equally significant was the rise in commission revenues for the brokerage of commercial real estate, which went up by 27.3 percent to 42.6 million euros (33.5 million euros). The residential property division in Germany has long been on course for record growth, and this trend continued in the first nine months of 2013 with an increase of 3.9 percent to 75.6 million euros (72.8 million euros).
Internationally, the growing network of Engel & Völkers has made considerable gains, especially overseas and on the Spanish mainland as well as on the Balearic Islands. “We are experiencing strong growth in our key international markets due to the fact that we are constantly improving our position in the desirable regions of the world”, claimed Christian Völkers, CEO of Engel & Völkers AG. He explained that the company had seen a particularly strong increase in turnover in North and South America. North America benefitted from the further recovery of the property market and the expansion of the Engel & Völkers network, particularly in Florida, where turnover rose by 61 percent. In Spain, revenues actually went up by 66 percent, as the Metropolitan Market Center, which opened in Barcelona in spring of this year, has been hugely successful. The property shops on the Balearic Islands also profited from a clear rise in the demand for property, which manifested itself in a growth in turnover of 50 percent in the first three quarters of the year.
The commercial property division has also been very successful, and has benefitted from the consistently high demand for residential investment properties. The sale of individual properties from a national portfolio of well over a thousand multi-purpose apartment and office buildings made a particularly important contribution to the success of this division this year. “Alongside the trade in large property portfolios, there has been a growing interest in the purchase of individual properties, which in turn means improved returns for investors”, said Völkers. In the commercial property division, Engel & Völkers is in a better position than most other companies, especially in Germany, and is therefore able to successfully broker entire portfolios. CEO Christian Völkers expects the Engel & Völkers Group to continue to grow in all divisions and to finish the 2013 financial year with record results once again.Smadar Kahana | Managing Director | 11/Nov/2013
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