In the Year of the Rabbit, may I wish you all good health and good prosperity. At this moment of celebration and the start of a new year, let us review our work in the past year and look forward to the future. Here, I would like to share with you some of our 2022 figures.
In 2022, the impact of the COVID-19 epidemic and the slowing global economy continued to affect the estate agency trade and the work of the EAA. The EAA received a total of 273 complaints in the year, recording a decrease of 18% compared to that of 2021. Among these cases, the number of complaints related to first-hand residential properties dropped 44%. The number of complaints concerning the issuance of non-compliant advertisements decreased by 45% compared to 2021. This shows that the increase in spot checks on online property advertisements is working well as a deterrent.
Among the 273 complaints, 62 of them concerned non-local properties, representing a significant increase compared to 2021. I would therefore like to draw the consumers’ attention again to our promotional slogan – “To buy or not to buy non-local off-plan properties? Assess the risks before you buy!” Consumers should be extremely vigilant and study all relevant information before making a purchase decision.
In 2022, to celebrate the EAA’s silver jubilee we held a series of activities with estate agents to contribute to our local communities. You may visit the EAA’s 25th anniversary website (http://25anniversary.eaa.org.hk) for the event highlights.
In addition, in 2022 the EAA issued a leaflet to further educate the estate agency trade about their major duties when handling the letting of sub-divided units under Part IVA of the Landlord and Tenant (Consolidation) Ordinance.
Stepping into 2023, the EAA will update the guidelines for the estate agency trade relating to the sale of uncompleted properties situated outside Hong Kong and continue to educate the public on the subject. A public seminar on the subject will be held soon in March 2023. Please stay tuned for more information.
Last but not the least, the EAA will also continue to promote the qualities of a “5A agent” to the public and will encourage the trade to proactively participate in corporate social responsibility activities to contribute to the community.
Chief Executive Officer
Estate Agents Authority