Over 100 property agencies close down

Photo of the CEA's reception area. Source: CEA

The number of new property agents joining the industry fell sharply to 1,299 in 2015, compared to 3,006 in 2014 and 3,336 in 2013, revealed latest figures from the Council for Estate Agencies (CEA).

As at 1 January 2016, there were 29,262 registered property agents in Singapore, down from 30,830 and 31,783 in 2015 and 2014 respectively.

The CEA added that a total of 104 property agencies have closed down while 3,573 agents left the industry.

Commenting on the overall drop in the number of registered agents, Heng Whoo Kiat, Director, Planning & Licensing, CEA, said, This could be a reflection of the property market sentiments, adding that salespersons are also probably mindful of the cost of being in the industry.

Under the CEAs regulatory framework, salespersons are obliged to commit time and resources to meet the continuing professional development requirements for annual renewal of their registration. Meanwhile, new entrants to the industry have to complete a course and pass a qualification examination.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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