Savills has named real estate advisory firm Spiegelfeld Immobilien its associate in Austria as part of its continued expansion in Continental Europe.
Founded in 1981 and based in Vienna, Spiegelfeld Immobilien employs about 20 real estate professionals. The firm advises clients across all main sectors including commercial, high value residential, forestry and land.
Its valuation company Spiegelfeld & Wohlgemuth provides professional valuation services in accordance with the guidelines of the RICS, TEGoVA and IVSC.
Savills is already active in the residential real estate market in the Austrian Alps through Savills Ski and Austria is an increasingly important source market for other locations in Europe.
James Sparrow, CEO of Savills UK & EMEA, commented: ‘In line with increasing international investor demand looking to purchase European real estate, we have been expanding our teams and areas of expertise in order to offer the very best service for our global client base. Spiegelfeld Immobilien has an excellent reputation in Austria and we are delighted that they will be our Savills associate which will allow local and global clients to benefit from their market knowledge.’
Georg Spiegelfeld, CEO at Spiegelfeld Immobilien, added: ‘We are excited to join the growing international network of Savills and look forward to working together with the teams around the world to secure business opportunities within the rapidly developing Austrian property market.’
The volume of real estate acquisitions involving foreign capital in Austria has increased significantly in recent years, rising from €2.1 bn in 2018 to €2.4 bn in 2019. At the same time, the number of investors looking at new sectors has also increased with, for example, a Korean consortium acquiring the Hilton Vienna for €375 mln, with Savills advising.
