Engel & Voelkers Maintains Course Of Strong Global Expansion

PRLog (Press Release) – Jan 27, 2008 – The overall commission revenues generated by Engel & Voelkers Middle East rose by 300% and the franchise distribution in the region recorded a jump of 75% covering Abu Dhabi, Dubai, Jordan and Qatar.  

The Engel & Voelkers Group has concluded 2007 with the best result up to date in 30 year since the company’s founding. The overall commission revenues generated by the brand rose by 30% to Euro 160.7 million. Overall, 2007 saw the Engel & Voelkers Group perform real estate transactions worth in excess of 5 billion Euros. The number of employees increased over the previous year from around 1,700 to almost 2,600.

The strongest growth was recorded in the residential property division operating outside of Germany, where revenues rose by 41.1% to a total of Euro 51.5 million. 65 residential property shops opened in foreign markets over the past year, with more than 100 further shops planned to go into operation during the 2008 financial year.

Engel & Voelkers Middle East is one of top performing regions. The residential property division within Middle East recorded a jump in commission revenue in 2007 by 300%. The number of residential property shops operating in the Middle East rose over the past twelve months by 100%. “There are still many parts of the Middle East that will be assigned to new license partners in the near future,” said Sebastian Wels, Director of Engel & Voelkers Middle East. “This expansion represents yet another foundation stone for assured revenue growth in the future, when the new License Partners open their shops over the months to come,” Sebastian continued.

The number of Engel & Voelkers residential property shops in a global scale overall rose from 202 at the end of 2006, to 301 at the close of the past year. In total, Engel & Voelkers is represented by almost 400 license partners in 26 different countries on four continents.