Engel & Völkers raises worldwide 1H income by 37%

The Hamburg-headquartered, up-market brokerage group Engel & Völkers, which largely operates its worldwide business on a franchise basis, said that it saw first-half overall commission revenues of €181.7m, up fully 36.5% on the €133.2m booked in the same period last year.

In the first half-year of 2015, the Engel & Völkers Group generated overall commission revenues of 181.7 million euros. This marks a 36.5% in turnover compared to the same period in the previous year (first half-year of 2014: 133.2 million euros).

Co-CEO Sven Odia said in a statement that the group forecasts further strong growth for the second half, and plans to recruit a further 2,000 sales advisors, bringing its global workforce to over 7,000. The group is active in 39 countries worldwide, with 570 shops and 65 commercial offices.

 “Our strong expansion strategy within and outside of Europe is having a positive impact,” said Odia. This substantial growth can be attributed to the healthy state of the real estate economy and the strong presence of the brand – particularly in Germany, Spain, Italy, North America and Switzerland.

The large-scale expansion of the network with the addition of new residential property shops has resulted in a 116% rise in revenues in the USA. On the Spanish mainland, residential property shops recorded a 55% rise in revenues.

The company is pushing its Market Center concept, introduced in 2013. The concept envisages central office spaces in the world’s metropolitan and holiday home hotspots, from which up to 300 sales advisors broker high-end residential and commercial real estate throughout the entire metropolitan area or region.