Thursday 8 December 2022

Dubai ops help drive Engel & Völkers' growth

DUBAI, February 1, 2016

Engel & Völkers, a leading service company specialised in the sale and rental of premium residential property, has reported record growth in 2015, thanks in part to its recent Dubai operations.

A key brokerage service company of high-end real estate and yachts, Engel & Völkers said it began operation in Dubai as a Metropolitan Market Center (MMC), last June in line with its regional vision for strong population growth with several million inhabitants by 2020.

The German group has dedicated departments dealing with sales and leasing for residential and commercial properties and an international cross-selling platform that markets local properties to over 700 locations worldwide and exposure to international clientele.

With an increase in its global commission revenues by more than €100 million ($109 million), Engel & Völkers’ global turnover rose by 36.4 per cent to hit €409.8 million ($446 million) in 2015 compared to €300.3 million ($327 million) the year before.

"Dubai is a thriving cultural hub and a popular destination among expatriates and tourists alike, and we want to provide discerning individuals the ease of finding a luxurious property that meets their requirements and lifestyle aspirations," remarked Cesar Latrilla, the chief executive of Engel & Völkers, Dubai.

"Through our MMC in Dubai, we can access international and local inventory and are able to cater to the demand for high-quality properties,” he stated.

“Never before has the Engel & Völkers Group achieved such a high rate of revenue growth,” said Christian Völkers, the chief executive and founder of Engel & Völkers AG.

In addition to its strong franchise operations, Engel & Völkers has managed to expand rapidly in selected international cities with its Market Center concept, he stated.

The group-owned offices, which accommodate up to 300 real estate agents, are located in key strategic locations worldwide.

Last year alone, Engel & Völkers doubled its number of Market Centers (MC). The MC in Barcelona, which opened in 2013, generated commission revenues in excess of 10 million euros for the first time.

“We’re delighted that our efforts to establish the Market Center concept have been such a success,” he added.

The group’s residential division played a key role in the high revenue growth. In the DACH region comprising Germany, Austria and Switzerland, the residential property shops generated 15.2 per cent higher overall turnover than in 2014.

This substantial rise was seen in many other European countries too: the Engel & Völkers Shops in Italy increased their commission revenues by 74 per cent, he added.-TradeArabia News Service

Tags: Dubai | growth | Engel & Völkers |

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