Savills is to further reduce its “presence and cost base” in Europe as activity in the region remains subdued owing to macro-economic issues.
The property services firm, which is still on track to perform in line with expectations for the full year, has offices across eight countries on the Continent, including Italy, The Netherlands, Poland and Spain, and has associates in a further six.
It said it continued to invest in its businesses in the core markets of Paris, principal German cities, Sweden and Poland over the 20-week trading period, and noted improved transaction activity year-on-year in Germany and the Nordic region.
In the wake of the credit crunch the firm restructured its European business.
During this time it made a number of redundancies across the region and scaled back its operations, including the closure of its Hungary office.
Savills said that since June the business overall has performed in line with expectations, with prime London residential and Asia Pacific performing well and “compensating for under-performance in continental Europe”.
bridget.o’connell@estatesgazette.com
