ENGEL & VÖLKERS REPORTS 69 PERCENT INCREASE IN TURNOVER IN FIRST SIX MONTHS OF 2021
The Engel & Völkers Group can report an extremely successful first six months of the 2021 financial year. In the first half-year of 2021, the Group generated total commission revenues of 565.5 million euros (69 percent higher than in first half-year of 2020: 334.1 million euros). This is approximately equivalent to a real estate transaction volume in excess of 16 billion euros. “The Covid-19 pandemic has only strengthened the existing trend towards investments in real estate and quality of life, and this has been a strong driving force behind our brokerage activities. In some of our key strategic markets we are seeing turnover growth on an unprecedented scale,” says Sven Odia, CEO of Engel & Völkers AG, adding: “The property sector is benefiting from a constant demand and an ever-growing need for homes among both national and international buyers who are looking for long-term investments with the prospect of stable returns.” International real estate business thrives despite the Covid-19 pandemic The demand for real estate exceeds the availability of listings by far in most regions. In sought-after first and second home markets, sales prices have continued to rise in all locations. Many clients and investors have been drawn to real estate to invest their capital, as it is independent of the general economic climate, even in times of crisis. In the Residential division, Engel & Völkers reported a particularly positive performance. Turnover in the DACH region rose by 28 percent to around 143 million euros (first half-year 2020: 112 million euros). There has also been an extremely strong growth in business in the USA and Canada, where Engel & Völkers has recorded a total turnover of 241 million euros in commission (first half-year 2020: 112 million euros), representing an increase over the previous year of more than 115 percent. Alongside North America and amongst other markets, the financial results generated in Dubai and Italy are also particularly noteworthy. There is a year-on-year increase in turnover of around 126 percent in Italy and a 262 percent growth in Dubai. Spain, Portugal and Andorra also recorded positive results, with an 84 percent rise in turnover to 61.5 million euros (first half-year 2020: 33.4 million euros). The Group’s Commercial division, with its segments specialised in multi-purpose residential and commercial properties, investment, office, industry and retail spaces, and hotel investments, generated approximately 47 million euros in turnover in the first half-year of 2021, which corresponds to a growth of around 50 percent (first half-year 2020: 31.8 million euros). This strong business development gives cause for confidence with respect to the further growth of Engel & Völkers in the second half of the year: “We will reach a milestone by achieving Group commission revenues of over 1 billion euros,” Sven Odia forecasts. In the first half of this year, Engel & Völkers opened 33 new shops worldwide and more than 800 additional professionals began working under the Engel & Völkers brand. The tried-and-tested business model, consisting of the established pillars of the Group’s franchise business, Market Center concept and company-owned operations, will be expanded further. “We will be looking to recruit more strong personalities and empowering them to continue the success story of our company, through a strengthening of our brand presence and reinforcement of our expertise in local markets worldwide,” Sven Odia reveals.
Written by Engel & Völkers