When Billy Loh started in 2008 as a property agent, his profession was seen as a route to wealth in Singapore. Now, he has to know his way around the city to pay the bills.
Loh, 50, is driving for Uber Technologies Inc. in the city-state, where government curbs to cool the market have mired property prices in the longest losing streak in 17 years and transaction volumes have plunged by as much as two-thirds since 2012. After going half a year without doing any deals, Loh switched to driving and is earning on average $3,000 a month, one-tenth of the up to $30,000 commission he could get from a single home sale during the market’s heyday.
"The market is slow because of the cooling measures," said Loh, as he drove a Toyota Corolla he has been renting since October, when he started driving for Uber. "We have no choice, we have to come up with means to make ends meet."
While property agents across the globe often juggle alternate jobs in what is a notoriously cyclical business, things look especially dire in Singapore, where home prices fell by the most among the world’s major markets last year. After seven years of government intervention to cool prices in Asia’s second-most expensive housing market, a plunge in sales volumes is hurting real estate agents even more than price declines.
With further declines expected this year, Singapore’s industry group for property agents is offering courses and helping agents get trained in other jobs, such as property management, to help them supplement their income.
Adding skills would enable agents to “at least earn a fixed income rather than only rely on commissions in this market,” said Jeff Foo, president of the Institute of Estate Agents in Singapore. "This has been one of the toughest times for property agents."
Home prices in Singapore declined 4.3% in the 12 months ended Sept. 30, more than in Hong Kong, China, Japan, and Australia, according to the Knight Frank Global House Price Index, which tracks 55 global residential markets. During the past year, Singapore developers have managed to sell only about 7,000 new homes, according to SLP International Property Consultants. Sales matched 2014 levels, although they’ve plunged by half since 2013 and by about 68% since 2012.
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Loh, 50, is driving for Uber Technologies Inc. in the city-state, where government curbs to cool the market have mired property prices in the longest losing streak in 17 years and transaction volumes have plunged by as much as two-thirds since 2012. After going half a year without doing any deals, Loh switched to driving and is earning on average $3,000 a month, one-tenth of the up to $30,000 commission he could get from a single home sale during the market’s heyday.
"The market is slow because of the cooling measures," said Loh, as he drove a Toyota Corolla he has been renting since October, when he started driving for Uber. "We have no choice, we have to come up with means to make ends meet."
While property agents across the globe often juggle alternate jobs in what is a notoriously cyclical business, things look especially dire in Singapore, where home prices fell by the most among the world’s major markets last year. After seven years of government intervention to cool prices in Asia’s second-most expensive housing market, a plunge in sales volumes is hurting real estate agents even more than price declines.
With further declines expected this year, Singapore’s industry group for property agents is offering courses and helping agents get trained in other jobs, such as property management, to help them supplement their income.
Adding skills would enable agents to “at least earn a fixed income rather than only rely on commissions in this market,” said Jeff Foo, president of the Institute of Estate Agents in Singapore. "This has been one of the toughest times for property agents."
Home prices in Singapore declined 4.3% in the 12 months ended Sept. 30, more than in Hong Kong, China, Japan, and Australia, according to the Knight Frank Global House Price Index, which tracks 55 global residential markets. During the past year, Singapore developers have managed to sell only about 7,000 new homes, according to SLP International Property Consultants. Sales matched 2014 levels, although they’ve plunged by half since 2013 and by about 68% since 2012.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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