Engel & Völkers’ Business Grows By 60.7% In Spain

30 January 2015 – La Vanguardia

E&V brokered property sales worth €699.25 million in 2014 compared with €435.1 million in 2013.

The luxury real estate agent Engel & Völker increased its business in Spain by 60.7% in 2014, when it brokered property sales worth €699.25 million, compared with €435.1 million in the previous year.

During 2014, it closed 1,071 sales, an increase of 77.6% on the 603 transactions completed in 2013. Nevertheless, the average sales price decreased by 9%, from €719,759 to €652,894, said the firm.

As for the rental market, the number of homes handled by the firm in Spain increased by 66.4% in 2014 with respect to the previous year, as it closed 724 transactions.

As with house sales, the average price of rental accommodation also decreased, by 7.6%, in line with the trend in the market to amount to €2,305 (per month).

During the course of last year, Engel & Völkers opened 14 new offices in Spain: its Market Centers in Madrid and Valencia; and 12 offices located in San Sebastián, Vigo, Tarragona, Benidorm, Calpe, Denia and in several parts of Madrid, including Conde de Orgaz, Majadahonda, Las Rozas, Alameda, Sanchinarro and Aravaca, amongst others. In addition, 16 new licences were sold.

According to Philipp Neimann, the CEO of Engel & Völker in Europe, the Middle East and Africa, the market in Spain is a key priority for the company at the international level.

Having opened its Market Centers in Madrid and Valencia last year, with a total investment of €4.5 million, the prestigious property firm considers that there are still many business opportunities in the country.

Globally, the Engel & Völkers group increased total income from commissions by 10.1%, to €300.3 million, the highest amount the company has ever recorded in its 35-year history.

In 2015, it plans to employ 2,000 new real estate agents around the world, with Spain and the USA earmarked as the priority markets for the firm.

Original story: La Vanguardia

Translation: Carmel Drake

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