Property agencies, agents keep exiting sector amid tough market

Singapore

IN a "survival of the fittest" situation in the challenging domestic property market, property agencies and agents are continuing to bow out of the industry. The latest annual report of the Council for Estate Agencies (CEA) showed fewer licensed property agencies and registered property agents around at end-March this year compared to a year ago.

The number of licensed property agencies has slipped 3.5 per cent to 1,372 as at end-March 2016 from 1,422 a year ago. CEA granted 58 new licences in FY2015/16 compared to 109 in FY2014/15. Some 108 licences were not renewed compared to 136 a year ago. This comes as some firms have stopped offering services in estate agency work, although they continue to handle other types of work such as property management. There are also others that have merged with other agencies or left the industry, CEA said.