Engel & Völkers Announces 150 Percent Increase In Revenue And The Launch Of Its Ambitious Expansion Plan
Its new Dubai headquarters will bolster the company's 2021 growth strategy and expansion
Through unrivalled consistency and an experienced team of the finest local real estate experts, Engel & Völkers, has seen a 150 percent increase in revenue in Q1 2021, compared to Q1 2020. Last year the Market Center reached a turnover record, contributing more than 22.24 million AED (5 million euros) in commission to Engel & Völkers' total Group revenues, representing a total transaction volume of 687.4 million AED (157.5 million euros) and a 9.13 percent year-on-year increase for the Market Center, in spite of the pandemic. This achievement coincides with the announcement of the company's expansion plans, where it looks to grow its team of experts at its new headquarters in the heart of Palm Jumeirah, a prime location to attract the luxury clientele.
About the Engel & Völkers Market Center in Dubai
Over the past few years, the Engel & Völkers Market Center in Dubai has been working very closely with major developers such as EMAAR, Meraas, and Dubai Properties, assuring the best quality service to its clients. Following the successful transactions of the properties brokered with the developers, Engel & Völkers has been recognised as one of the 10 top brokerages. Just recently, in March 2021, it exclusively sold the most expensive plot of land on Palm Jumeirah for 55 million AED (12.7 million euros) with a size of 30,000 square feet (approx. 2,790 square meters).
Expansion plans and recruitment drive
As part of the Market Center's expansion in Dubai, it recently acquired independence from its local partner, coinciding with a move on April 18 into exclusive new premises in the Golden Mile Galleria Mall in the heart of Palm Jumeirah, one of Dubai's most desirable areas.
"In the near future we will be expanding our team to service further areas and communities that are in demand in Dubai. We aim to establish more business lines such as development services, valuations, and a Property Management Division to foster a transactional service and close relationship with clients. Looking at the bigger picture, through our expansion plan we want to increase the market share and double it by the end of 2021" explains Mohab Samak.
To achieve the desired goals, the Engel & Völkers Market Center has implemented a recruitment drive to increase its employee numbers by 30 percent. In addition, it will be launching an extensive training programme to recruit high level sales professionals from other industries. The company will be hiring new consultants to join the existing commercial team which has 15+ years of experience in Dubai's commercial real estate sector, to join its strong team of commercial specialists. With professional excellence, Engel & Völkers will further deal with properties including hotels, hospitals, universities, commercial and residential buildings, oil refineries, offices and warehouse facilities; helping clients benefit from its comprehensive market knowledge and internationally established brand.
Why invest in Dubai?
In 2020 the Dubai real estate market delivered nearly 36,000 new units and the secondary market transaction activity saw an increase of 7 percent over 2019 volumes. After the initial slump in April and May last year due to movement restrictions, December witnessed the highest monthly transaction volume in two years.
