A luxury real estate broker headquarted in Germany is poised to capitalize on Vancouver’s increasing appetite for luxury homes after opening its first office in this city.
The Engel & Völkers office is a franchise location to be owned and operated by Greg Carros, president of the Carros Group, a real estate firm that operated for five years as Sotheby’s International Realty.
“Working with Sotheby’s has been a great experience, but when Engel & Völkers approached me a few months ago, I saw this as an opportunity to grow and elevate client services in Vancouver,” Carros Group president Greg Carros said.
“I was impressed with the Engel & Völkers brand, and…I didn’t want to compete with them.”
The Carros Group had revenue of $600 million over the past two years, which made the firm an attractive target for the European company.
“Well known in the industry for serving exclusive clientele, the Carros Group has managed some of Vancouver’s most iconic properties,” said Engel & Völkers North America CEO Anthony Hitt.
“The Vancouver team’s experience and innate knowledge of the city’s luxury marketplace will seamlessly combine with Engel & Völkers’ global network.”
A Sotheby’s report released in July showed there had been a 48% increase in the sale of luxury homes—defined as those that sold for $1 million or more—in the first six months of the year compared with the same period last year.
The Vancouver location is the eighth Engel & Völkers office to open in Canada. Urban Development Institute vice chair Jon Stovell said the German company’s entrance into Vancouver is a positive sign.
“It shows that we are on the global stage for luxury real estate,” he said.
Engel & Völkers was founded in 1977 and has 590 locations in 36 countries around the world. In addition to real estate, the company sells yachts and aircraft.
