CNA | 26 November 2012 1243 hrs

SINGAPORE

National Development Minister Khaw Boon Wan said the transformation of the real estate industry has only just begun.

He said what used to be regarded as a “cowboy” industry is now characterised by a more systematic and professional process of proper registration and licensing of property agents by the Council of Estate Agencies (CEA).

He added that of the more than 100,000 property transactions each year, complaints made up one per cent of the cases.

Mr Khaw was commenting on the Public Perception Survey released by the CEA in a blog post.

He said the findings showed that the regulatory body, that just turned two recently, hasn’t fared too badly.

Mr Khaw said the real estate industry is a dynamic one.

Agents will need to embrace continuous learning to stay relevant and bring value to their clients.

– CNA/ck