With the pandemic contained locally and access to vaccination secured in year 2021 for Singapore, brighter prospects are expected for the local economy and real estate towards the latter half of 2021. The prolonged low interest rates is poised to create a favourable real estate investment environment though Senior Minister Tharman caution the risk of rising interest rates as a result of rising US long term interest rates in parliament on 5 Apr 2021.
Office and Retail in Year 2021-2022 may likely see a slower recovery due to the diversified occupier profile seen today, somehow mitigated by the limited upcoming supply in Year 2021. Residential sales is fairing well and buying sentiment is expected to remain strong and help support demand for upcoming new launches though underlying risks still remain as Singapore remains widely exposed towards its external environment. If the borders and travel start to ease due to proper vaccination management by end of Year 2021, foreigners may start flowing back and private residential property will likely to gain traction and grow further. However the government may also intervene with more cooling measures on residential investment to keep price steady and align closely with economic growth.
Following is the Singapore Property Price Index (SPPI), which tracks asking prices in the non-landed private residential market, recorded yet again a slight QoQ gain of 0.98% to 113.5 points by PropertyGuru.
Start Your Career as Real Estate Salesperson (RES)
With Digital transformation hastening, the real estate has created a mid-career transition opportunity for many of us. To qualify to work as an RES, first you need to register with a Council for Estate Agencies (CEA) Approved Course Providers below for the (1) RES Course which may take you around 50-56 hours to complete:
- Benchmark Realpro Pte Ltd
- Hastor Property Services Pte Ltd
- Institute of Estate Agents
- Life Mastery Academy Pte Ltd
- Pioneer Training & Consultancy Pte Ltd
- Real Centre Network Pte Ltd
- Realty International Associates Pte Ltd
- Singapore Estate Agents Association
The course is around $650 to $800 and candidate can use skillsfuture and UTAP to fund and subsidize part of the course and examination fee.
Once this is completed, do proceed to register for the (2) Real Estate Salesperson (RES) examination via SEAMEO Regional Language Centre (RELC) link https://www.relc.org.sg/professional-qualifications/skills/cea-res
The RES examinations will take place in February, June, and October 2021 (check the exact date and registration window on RELC site). These dates are subject to change should there be any escalation in the COVID-19 pandemic or any unforeseen event. The Real Estate Salesperson (RES) Examination consists of two papers, Paper 1 and Paper 2. The duration of each paper is 2½ hours and candidate needs to pass both papers before given a RES certificate to qualify as a RES in Singapore.
Once you completed the examination, it usually take RELC around 4 weeks to inform you the outcome of the results. If you failed any of the papers, you are allowed to retake the paper in the following examination up to 2 years from date of completion of the RES course. You may consider the following online revision (not endorsed by CEA) if you happened to fail a paper like me before:
If you passed the examination, you will be informed via email in another 2 weeks time to collect your RES certification for you to register with a real estate agency and start working as a real estate salesperson. Do note that it will take another 4 weeks upon application to a real estate agency for CEA to process and revert with a CEA license number for you to start practicing as a RES. The following are the Picks for the Best Estate Agencies in Singapore in Year 2020 which you can further do your research on their culture, support and benefits that suit you well :