23 June 2014 - With sentiment in the Hong Kong property market taking a dip last year, many real estate agents left the industry to seek out jobs with a more stable income. Oriental Daily News reported that between May 2013 and April 2014, the number of licensed real estate brokers decreased continuously, declining from 37,000 plus to just over 35,000.
In what some might see as a result of desperate times, Wen Wei Po reported that the Estate Agents Authority (EAA) is still investing 3 cases about real estate agents providing private loans to their buyers. The property agencies who employed these individuals are likely to be held responsible should charges be filed. The EAA continues to strive to address concerns of professionalism amongst real estate agents.
Taking a look at the current market situation, the outlook for those in the industry has improved in recent months, with the number of property transactions rebounding, as well as developers accelerating the sale of new properties and boosting market supply. Ming Pao Daily reported that the registered transactions for June are expected to reach 7,000, which will mark the best performing month since February last year. Data gathered by Centaline Property stated that as of June 18, 3,777 transactions including first and second hand residential properties, parking spaces and commercial real estate, were registered for the month.
