Thanks to technology and prolonged cooling measures, 83 property agencies have closed shop while 865 property agents have exited the market this year, according to the Council for Estate Agencies (CEA).
Call it the Singapore real estate disruption.
The Lion City’s property market is now undergoing a major reboot as the tech crunch takes its bite. This, together with the slew of cooling measures implemented since 2009, have greatly disrupted the livelihood of property agents which was once considered a lucrative career.
Indeed, online property portals are now changing the way real estate transactions take place by connecting buyers and sellers directly.
As the tech crunch and the property cooling measures take their toll, many traditional brick-and-mortar agencies have been forced to roll down their shutters or consolidate because agents are exiting by the numbers.
According to data from the Council for Estate Agencies (CEA), as at 1 January 2017, there were 1,286 licensed property agencies and 28,397 registered property agents compared to 1,369 and 29,262 respectively as at 1 January 2016.