SINGAPORE – Despite a challenging year that saw the property market dampened by several rounds of cooling measures and high interest rates, the overall number of agents across real estate agencies here continued to rise, albeit at a more tempered rate.
The latest figures from the Council for Estate Agencies (CEA) showed there were a total of 35,251 property agents in the industry as at Jan 1, 2024. This is up from 34,427 agents at the start of 2023, and 32,414 at the beginning of 2022.
PropNex maintained its position as the largest agency, with its sales force headcount rising about 3 per cent from January 2023 to 12,017 agents as at Jan 10, 2024.
ERA is the second-biggest with 8,918 agents, up from 8,344, followed by Huttons Asia with 5,310 agents. OrangeTee & Tie is in fourth place with 2,817 agents, while SRI is fifth with 1,291 agents, according to data from the CEA portal.
OrangeTee & Tie, which tumbled out of the top three rankings in 2022, is the only one among the top five agencies to register a drop of about 11 per cent year on year in its sales force headcount. Meanwhile, Huttons recorded the highest growth of close to 9 per cent.
A CEA spokeswoman told The Straits Times that 2,170 new property agents joined the sector in 2023. This was lower than the 2,179 agents who joined in 2022 and 2,308 agents in 2021.
As at Dec 31, 2023, 96 per cent of property agents with a valid registration in 2023 renewed it for 2024.
Market observers noted that challenges loom for agencies as they grapple with the task of increasing productivity amid a 15 per cent drop in the number of private homes sold in 2023 from the year before, to the lowest levels since