DTZ Echinox makes EUR 2.8 mln turnover, wants 15% growth this year

Real estate advisory company DTZ Echinox posted a EUR 2.8 million turnover in 2010, slightly up from EUR 2.65 million in 2009. Its profit rate stood at 6 percent. The company estimates a EUR 3.2 million turnover and a 10 percent profit rate for 2011. The most important contribution to the turnover of the company was represented by property management, valuations, and, within the agency, the office sector. The profit registered by the professional departments - property management and valuations - represent half of DTZ Echinox' profit last year. The strongest year on year growth has been registered by the property management and office departments, which doubled their revenue in 2010. The office department of DTZ Echinox has mediated the lease of 25,000 sq m of office space in 2010. Throughout 2010, the company provided 350 valuation reports for properties whose value exceeds EUR 2 billion and portfolio assessment for companies such as Petrom, Tiriac Imobiliare, NEPI, Avrig 35 and Dinu Patriciu Global Properties. The company also delivered consultancy services, feasibility and best use studies for important developers: BelRom Real Estate, Ţiriac Imobiliare, Cefin Real Estate and Băneasa Developments. "We trust the real estate market to recover in 2011, but differently/ unequally, according to each segment. We expect continuity from our professional services - valuations and property management - and a more intense activity on the agency side, predominantly within office and retail departments. We expect transactions on the residential market, especially in the luxury segment, where the offer is close to reaching the expectations of the customers. Sales of mid-range apartments will not recover without a coherent set of political measures. Decrease of VAT on new apartments, regardless their value, is one of them,” said Mihnea Serbanescu, General Manager of DTZ Echinox. editor@romania-insider.com