66 property agency licences and 1,344 property agent registrations issued in 2017: CEA

THE Council for Estate Agencies (CEA) on Thursday announced that it issued 66 new property agency licences and 1,344 new property agent registrations in 2017.

The total number of registered property agents in Singapore as at Jan 1, 2018 stood at 28,571. These latest figures represent a 0.6 per cent increase from 28,397 property agents in 2016.

Commenting on the increase in the population of the estate agency industry in Singapore, Chia I-Ling, CEA's director, policy & licensing, said: "The increase in the number of registered agents could be due to a positive outlook on the real estate market. Like other economic sectors, the real estate agency industry is undergoing transformation in the face of technological innovation as well as the emergence of new businesses and service delivery models."

However, there was a fall in the number of licensed property agencies in Singapore with 1,269 agencies in 2017 compared with 1,286 in 2016.

The 0.6 per cent fall in the number of property agencies in Singapore was due in part to industry consolidation in the past year.

A total of 44 property agency licences and 2,028 property agent registrations lapsed after Dec 31, 2017, the statutory board added.

The CEA was established in 2010 under the Estate Agents Act to regulate and promote the development of a professional and trusted real estate agency industry in Singapore.