Engel & Völkers Expands to California

Posted on December 04, 2008 by Eugene Yi

First Real Estate Shop to Open in Spring 2009

Los Angeles, CA. Engel & Völkers, one of the world’s leading service companies for the brokerage of prestige residential property, commercial real estate and yachts has expanded its Licence Partner system in the United States into the California. Franchise licences are now available and managed through the new West Coat Head Office in Beverly Hills, Los Angeles.

"The first California-based shop in the Engel & Völkers brand design will open this coming spring," says Mathias Bode, the CEO & President of Engel & Völkers California. "Fifteen more shop openings are planned by the end of 2009 including Santa Monica, Beverly Hills, West Hollywood, Malibu, San Diego, Newport Beach and Santa Barbara," he said.

Engel & Völkers already has over 350 real estate shops in 25 countries across the world and is the pioneer in ‘real estate shop franchises. The company started testing their unique real estate shop concept in the U.S. as far back in 2006 and have since then refined their model to meet local conditions. Currently 14 Engel & Völkers shops have already opened for business in New York, the Hamptons and Florida.

According to Bode, the expansion into the Californian market is aimed at enabling clients to capitalize on its service expertise and comprehensive market knowledge when investing in this highly attractive residential property market. "Now is an excellent opportunity to acquire U.S. property in prime locations at relatively low prices," he said.

"We are forecasting a continued consolidation trend over 2009, with moderate price rises once again though from 2010 onwards and foreign investors are already taking advantage of this market climate in increasing numbers," according to Bode. Nine percent of all homebuyers purchasing real estate in California this year are non-U.S. residents and with Engel & Völkers being one of the few truly international real estate companies in the world, together with their very strong European base, the company is destined from strong growth in California.

About us

Engel & Völkers is one of the world’s leading service companies specialised in the sale and leasehold of premium residential property, commercial real estate and yachts. The company currently operates in 25 countries on four continents with over 350 high-class property shops specializing in high-class real estate offering private and institutional clients a professionally tailored range of services.