Engel &Völkers achieves best first quarter in company’s history in 2013
- 12.7 percent rise in Group commission revenues in Q1 2013
- Focus on strategic expansion in important growth markets
Hamburg, 15 April 2013. The Engel &Völkers Group, with more than 530 residential property shops and commercial offices operating in 37 countries spanning five continents, has seen operations continue on an upward trend in 2013 with sustained growth in all business divisions. The Group’s overall commission revenues increased during the first three months over the same period in the previous year by 12.7 percent to around 54.0 million euros (Q1 2012: 47.9 million euros). This represents the best first quarter ever achieved by the Group in its entire history spanning more than 35 years. The residential property shops operating in international markets underwent particularly strong growth, increasing their revenues from commission by 14.9 percent to 17.9 million euros (Q1 2012: 15.6 million euros). The residential property shops in Germany grew turnover by 6.5 percent to almost 23.0 million euros (Q1 2012: 21.6 million euros). However, Engel &Völkers underwent the strongest upturn in its Commercial division. With a turnover increase of 22.0percent to 13.1 million euros (Q1 2012: 10.7 million euros), the business division achieved a new record result.
“We are extremely satisfied with the results for the first quarter of the 2013 financial year, and we find ourselves on the right course. In our international markets, the high level of demand for exclusive residential properties had a positive effect on revenue figures. This demand continues to exceed supply by far in prime locations in world-class cities as well as sought-after second home markets,” said Christian Völkers, CEO of Engel &Völkers AG. In Germany too, the market strength of Engel &Völkers is increasing as a result of the positive overall economic climate on the residential property market. The high level of demand from investors for multi-purpose apartment and office buildings in medium-sized cities is also a particularly positive trend.
Engel &Völkersis expecting to see a strong level of continued growth over the remainder of 2013. “We will continue to rigorously enforce our expansion plans during this current financial year and will be opening new shops and offices in strategically important growth markets. The strength of the brand and an increase in brand presence will continue to form the focus of our efforts,” Mr.Völkers concluded.
“This growth has spread over the entire Engel &Völkers group as Engel &Völkers Southern Africa has also seen some of its best quarters so far. The real estate market remains slow but the growth within the brand has been phenomenal. We have seen a clear rise in sales and activity since December last year. Internationally the second home market has increased as investors look to acquire property as a safe haven for their investments, this is also evident in the luxury second home market in South Africa, as it has also experienced an increase over the last few months”, Craig Hutchison CEO of Engel &Völkers Southern Africa added.