Il Engel & Völkers Group recorded total fee and commission income of €181,7 million in the first half of 2015. These results mark a 36,5% increase in revenue compared to the same period of the previous year (first half of 2014: €133,2 million ). These results also reflect the continuation of the Group's development path. “Our consistent expansion strategy inside and outside Europe is having a positive impact,” said Sven Odia, Co-CEO of Engel & Völkers AG.
This substantial growth can be attributed to the good health of real estate and the strong presence of the brand – particularly in Germany, Spain, Italy, North America and Switzerland. Large-scale network expansion with addition of new residential brokerage shops generated 116% revenue growth in the US. In mainland Spain, residential brokerage shops recorded revenue growth of 55%.
The Market Center concept, established in 2013, contributed to this clear growth trend. This concept includes offices located in central locations in the world's major metropolises and in the most sought-after holiday destinations within which up to 300 sales consultants broker high-end residential or commercial properties throughout the metropolitan area or the region. Engel & Völkers expects this strong growth to continue in the second half of the year as well.
It will continue to open new shops, offices and market centers in key strategic markets for development. Further expansion will also see an increase in the need for skilled staff. “By the end of 2015, we aim to recruit 2.000 new sales consultants and grow our global employee base to over 7.000,” added Odia.
Developments in Italy during the first six months of 2015
Engel & Völkers has therefore also recorded positive developments in Italy, one of the markets in which the brand's presence is more consistent. In fact, the total turnover of Engel & Völkers partners grew by 71% in our country in the first half of 2015 compared to the same period of the previous year. To date, Engel & Völkers Italia has a total of 46 contracts with 30 operating shops and a presence in various provincial capitals and holiday resorts.
In 2015, affiliation contracts were signed in prestigious locations in Lombardy, Tuscany and Sicily and in addition to the successful inauguration of the new shops in Monza, Ragusa and Milano Commercial, the Group expects further growth with openings in important cities such as Alassio, Bologna, Bolzano, Cortina d'Ampezzo, Imperia, Milan Porta Venezia, Padua, Pescara, Peschiera, Olbia, Syracuse, Verona.
