According to the record, there were close to 1,286 registered property agencies and 28,397 authorized licensed property agents. A total of 95 credible property license agencies and about 3,200 property agents license that expired last December 31, 2016. The Council for Estate Agencies or CEA is eager to announce for the 40 newly release licenses for property agency and 1,189 newly registered property agents for the whole year of 2016.
The comparison over the last three years on the number of legal property agencies and number license property agents :
1 Jan 2015 1 Jan 2016 1 Jan 2017
property agents 30,830 29,262 28,397
property agencies 1,369 1,369 1,286
Mr. Heng Whoo Kiat, the Director, Policy and Licensing of CEA, explained, the decreased of registered license agents was due to the merging of industry in relation to the present property market convictions. The Landscape occuring in the real estate agency industry caught the attention of the CEA, like using the state-of- the-art facilities, the buyers taste, lifestyle and choices in dealing transactions of property that are altering which opted buyers to call for a genuine services from real estate agencies.
The Council for Estate Agencies (CEA) is a legal board founded in 2010 vested by the power of the Estate Agents Act to control and support the development of professional and dependable agency for real estate industry. The major role of CEA are to official list the agents, authenticate and release license of real estate agents, educate buyers and public with the significant knowledge especially in terms of property transactions legalities and decisions.