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Engel & Völkers opens franchise business in the USA

The Hamburg-based Engel & Völkers Group, which, it says, is one of the leading real estate businesses in the world, is now also continuing to expand its system by entering the US market. According to the company, the national and federal US authorities have issued their approval allowing licences to be granted. The company group is now intending to first open up offices in Florida and in the states north of New York. Besides this, Engel & Völkers will be opening up a new head office in New York which will manage all of the group’s activities in North America.

“The approval issued by the US authorities underlines the quality of our partner system which currently consists of over 200 partners across the globe,” Christian Völkers, board chairman of Engel & Völkers AG, said. “We are one of only a very few European businesses that is permitted to grant licences in the USA.” Engel & Völkers is looking to launch the system according to region and concentrate on selling high quality residential properties.

The company group had been expanding during the first half of this year even without this move into the United States. Over the first six months of 2006, the turnover of Engel & Völkers increased by 56 percent from 30 million to 46.8 million euros. According to company figures, the division covering commercial properties enjoyed the greatest growth in sales. For the first time, more turnover was made by foreign branches through selling residential property than the branches in Germany. “This trend – a rapidly expanding internationalisation of the system – will continue at an even greater pace in the future, although we will continue to push growth on our domestic market, too,” Mr Völkers continued.

Engel & Völkers (USA)

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Engel & Völkers opens franchise business in the USA

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