Poor market sentiment has contributed to a drop in the number of registered property agents in Singapore. (Photo: CEA)
There has been a continuous drop in the number of licensed real estate agencies and registered agents in Singapore, as more agencies and agents exit the industry amidst a housing market downturn.
The Council for Estate Agencies (CEA) on Tuesday (10 January) revealed that there were 1,286 licensed property agencies in Singapore as at 1 January 2017, down from 1,369 in both 2016 and 2015. Meanwhile, the number of agents fell to 28,397, from 29,262 in 2016 and 30,830 in 2015.
The CEA noted that 3,200 property agent registrations and 95 property agency licences lapsed after 31 December 2016, while only 1,189 new agent registrations and 40 new agency licences were issued throughout 2016.
“The reduction in the number of registered agents could point to a slight consolidation of the industry given the current property market sentiments,” said Heng Whoo Kiat, Director of Policy and Licensing at the CEA.
“CEA also recognises that the real estate agency industry landscape is evolving. For example, with technological innovations, consumers’ lifestyles and preferences in handling their property transactions are changing, and this could shift demand for real estate agency services.”
Source: CEA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
