- 37 percent rise in group commission revenues in first half of 2010
- Record year once again for residential property shops in Germany
- Significant growth in International markets particularly in the USA, Spain, and South Africa.
22 July 2010.
The Engel & Völkers Group, with headquarters in Hamburg, Germany, has sustained the marked upward trend in its financial results. Group revenues increased by 37.6 percent in the first half-year of 2010 to 79.7 (HY 1 2009: 57.9) million euros. Throughout the Group’s worldwide network of more than 400 residential property shops, performance figures have risen, some sharply, in almost all regions and on all continents. The “International” business field, which includes all residential property shops operating outside of the Group’s domestic market Germany, has seen a particularly significant growth in brand revenues – by approximately 69% in the first half-year to 25.6 (15.1) million euros. “We have certainly felt the impact of the recovery from the crisis within our markets abroad, especially in the USA, Spain and South Africa,” said Christian Völkers, CEO of Engel & Völkers AG.
Residential property shops in Germany have also maintained their operative growth course. As per the end of June 2010, brand revenues had risen here by 25.7 percent to 36.7 (29.2) million euros. Moreover, the last week in June witnessed the highest weekly revenuesgenerated by shops in Germany in the company’s history – with a total net commission of 2.4 million. “Our residential property shops are registering a high level of demand, above all in premium markets such as Munich, Sylt and Hamburg,” Mr. Völkers added.
The general economic revival is also having a very positive impact on business operations within the Engel & Völkers Commercial division. Overall, the 44 commercial offices increased revenues over the first six months of 2010 by almost 35 percent to 17.2 (12.8) million euros. “We are seeing a very high interest in investment property, with homeowners and investors keen to profit from the attractive market conditions at present,” Christian Völkers revealed. For the second half of 2010, Engel & Völkers also forecasts major revenue growth and a continuation of this distinct upward trend.
Engel & Völkers is one of the world’s leading service companies specialised in the sale and leasehold of premium residential property, commercial real estate and yachts. More than 400 residential property shops specialised in high-class real estate and 44 commercial offices brokering retail, office and industrial space, investment properties, multi-purpose apartment and office blocks and property portfolios offer both private and institutional clients a professionally tailored range of services. Engel & Völkers is currently represented with around 3,500 employees operating in 36 countries on four continents.