SINGAPORE: After growing steadily since 2017, the number of real estate brokers in Singapore has hit an all-time high. According to the most recent data from the Council for Estate Agencies (CEA), there were 36,058 registered agents as of January 1, up from 35,251 a year earlier.
Since the CEA was established in October 2010 to oversee the sector, this represents the most significant number of agents. To increase professionalism in the industry, the statutory board implemented policies like requiring agents to register and licensing real estate firms.
The number of property agencies has decreased despite an increase in agents. There were 1,046 licensed agencies at the beginning of this year, compared to 1,090 the previous year and 1,118 in 2023.
With 12,636 agents, PropNex is still the biggest agency in Singapore. Next in line are ERA (8,648 agents), Huttons Asia (5,699), OrangeTee & Tie (2,756), and SRI (1,493).
Concerns regarding the “potential risks caused by inactive agents were brought up during industry engagement meetings, which is why this evaluation was conducted. According to a CEA spokeswoman who talked to CNA last month, such agents could not be as knowledgeable about changing laws, transaction procedures, and market trends, which could affect the accuracy of advice given to clients. Regarding the viability and execution of this requirement, the regulator is conferring with industry participants.
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