More than 100 property agencies exit industry
As a sign of the current market conditions, a total of 104 property agencies and 3,573 real estate agents left the industry after the latest licence renewal exercise with the Council for Estate Agencies (CEA). The CEA had licensed 1,369 estate agents and registered 29,262 salespeople as at Jan 1, 2016. In the past year, there were 1,299 new salespeople who joined the industry, said CEA, which explained that the figure excluded those who left and rejoined. This is a drop from the 3,006 new salespeople in 2014.
