It's a challenging time for sure in many of the world's largest economies but people have not started buying property in some of our favourite second home destinations.
Engel & Volkers Group have just announced that in 2012 they achieved its best financial result in their 35-year history.
The group - which has offices in 35 countries and employs over 4,000 staff - saw its commission revenues rise by 11.8 per cent over the previous 12 months to €230.8 million, with the company's German-based residential estate agents producing the highest proportion of the overall turnover. In their 500-plus residential property shops they brokered property worth €6 billion in 2012.
The company reports that growth has been especially strong in Switzerland, Austria, the Balearics and Florida - as well as Germany itself.
"The demand in our most important markets will be sustained, which means we can anticipate considerable further growth in 2013," says Christian Volkers, CEO, adding that the brand is set to expand in Barcelona, London, New York and Hong Kong.
Engel & Volkers have 49 offices in Spain, including Ibiza and Mallorca.