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Real estate professionals in Singapore and Malaysia are expecting to earn significantly less this year compared with previous years, according to the latest annual RICS and Macdonald & Company Rewards and Attitudes survey, which is now in its ninth year.
It is the most comprehensive survey undertaken within the Asian property sector.
The report surveyed 1,652 Asian real estate professionals during December 2014 and January 2015 from across the Asian region and discovered that the average base salary of real estate professionals in Asia declined 1.6 percent last year to US$94.510. This, the report noted, can be partially attributed to a change in the profile of respondents, with a decrease in those with more than 16+ years of experience in the industry – down to 44 percent of respondents this year from 47 percent previously.
All regions surveyed showed a decline in annual base salary, with those real estate professionals working in Hong Kong showing the least decline. Singapore salaries dropped from US$135,580 in 2014 to just US$113,384 this year, while salaries of real estate professionals in Malaysia also declined from US$71,804 in 2014 to US$63,073 now.
Although the average base salary across the region showed an overall decline, those at the top of the industry actually increased their take home pay by 3.8 percent on average, while the managerial level employees saw the largest average increase in pay at 6.9 percent.
Those aged below 24-years-old saw the largest average annual salary increase at 12.6 percent, while those aged 60-years-old and above also saw an increase – from 7.9 percent to 8.1 percent. This compares with an overall decline in other age groups.
Salary continued to be the most important factor for real estate professionals – up to 79 percent from 75 percent last year, followed by management style (up to 71 percent from 69 percent).
Health insurance (76 percent), a five-day working week (69 percent) and mobile phone (45 percent) are the most popular employee benefits.
Job satisfaction is still high, with 80 percent of respondents either fairly or very satisfied with their current job – up 2 percent from the last survey.
Worryingly for employers, 60 percent stated they are either very or fairly likely to move job within the next 12 months, with 21 percent being at managerial level.
Singapore-based real estate professionals are the most optimistic about an increase in economic activity during 2015 at 35 percent, although this is down starkly from the 55 percent last year. Just 22 percent working in Malaysia have the same outlook compared with a 36 percent average across the entire region.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg.
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