23 Jan 2013
In the past financial year, the Engel & Völkers Group achieved their best financial results in the company’s 35-year history.
The Group commission revenues rose by 11.8 percent over the last twelve months to 230.8 million Euros compared to the previous year’s 206.4 million Euros.
The residential property shops operating in Germany were responsible for producing the highest proportion of this overall turnover. They increased their revenues from commission by 6.1 percent to 98.3 million Euros from 92.6 million Euros, which also constitutes a new record figure.
Outside of Germany, revenues rose more sharply than ever before, by 25.2 percent to 81.0 million Euros from 64.7 million Euros. In the Commercial division too, there was a 4.8 percent increase in turnover to 51.5 million Euros from 49.1 million Euros.
In total, the current number of more than 500 residential property shops and commercial offices brokered property in 2012 are worth approximately six billion Euros.
Engel & Völkers currently has a staff of more than 4 100 employees in 35 countries on five continents.
The strong growth of the Group can be attributed among other things to the positive economic situation in the real estate market, particularly in Germany, Switzerland, Austria and in key holiday regions such as the Balearics and Florida.
In Germany especially though, the level of growth could have been even stronger, had only the supply of properties, multi-purpose apartment and office blocks in particular, been sufficient to meet demand, says Christian Völkers, CEO of Engel & Völkers AG.
Considering the excess of demand and the low level of new real estate, Engel &Völkers is expecting prices to increase further especially in the sought-after urban centres.
In international markets, the strong growth of Engel&Völkers looks set to continue -the company is planning the further expansion of its brand in the world’s major metropolises from Barcelona and London to New York and Hong Kong.
Völkers says the demand in their most important markets will be sustained, which means that they can anticipate considerable further growth in 2013.
Furthermore, Engel & Völkers Southern Africa has also had its best financial month in five years during December.
Craig Hutchinson, CEO of Engel & Völkers Southern Africa, says they have been growing from strength to strength each month for the last couple of years now which looks promising not only for them but the South African property markets.
Even though pundits have predicted a stagnant market for this year, he says, they have witnessed growth in sales which contradicts the pundits' call.
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