Dubai – MENA Herald: The world’s leading brokerage service company of high-end real estate and yachts, Engel & Völkers Group has reported a record year in 2015, thanks in part to its recently launched Metropolitan Market Center in Dubai.
Engel & Völkers began operation in Dubai as a Metropolitan Market Center (MMC), last June in line with Dubai’s vision for strong population growth with several million inhabitants by 2020.
The premium real estate company 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.
“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. Through our Metropolitan Market Center in Dubai, we can access international and local inventory and are able to cater to the demand for high-quality properties,” said Cesar Latrilla, CEO of Engel & Völkers, Dubai
With an increase in its global commission revenues by more than 100 million euros, Engel & Völkers’ global turnover rose by 36.4 percent and reported to reach 409.8 million euros for the financial year 2015 (2014: 300.3 million euros).
“Never before has the Engel & Völkers Group achieved such a high rate of revenue growth,” said Christian Völkers, CEO/ Founder of Engel & Völkers AG.
Market Center concept is proving a success
In addition to its strong franchise operations, Engel & Völkers has managed to expand rapidly in selected international cities with its Market Center concept. 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,” said Christian Völkers.
Expansion strategy is paying off
The Group’s Residential division played a key role in the high revenue growth. In the DACH region, residential property shops generated 15.2 percent 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 percent.
In Spain there was a 27 percent growth in revenues, with Belgium recording a growth of 22 percent. Moreover, Engel & Völkers gained new market share in key real estate markets outside of Europe. Its strong expansion in North America has resulted in a 133 percent rise in revenues there.
The Commercial division also achieved significant growth. The commercial offices increased commission revenues by 30.3 percent over the previous year to approx. 74 million euros.
Outlook: Engel & Völkers to drive global expansion forward
Engel & Völkers now has a global workforce of more than 7,000 employees, and opened its 700th location last year. The company is planning to significantly expand its number of locations in internationally known first and second home markets. The focus here will be on Europe and North America. This expansion brings with it an increased need for qualified employees.
“Once again this year we want to recruit an additional 2,000 real estate agents,” Christian Völkers added.