There’s no better time to be a real estate agent as fees soar amid Hong Kong’s record prices

Hong Kong’s two largest property agents, Centaline and Midland, enjoyed sharp increases in commission revenue generated in the city last year, as sales of new homes and prices surged to record highs.

But market commentators are warning the sector’s outlook remains clouded by uncertainty over rising interest rates, and that the volatile equity market could also dent buying desire.

Privately run Centaline Group, which operates more than 3,000 branches in total, including in 37 cities in mainland China, reported profit of HK$1.05 billion (US$133.8 million) in 2017.

That was down 17 per cent from a year ago, as its mainland home sales were hampered by market cooling measures, according to a statement it issued on Wednesday.

Its commission revenue in Hong Kong, however, where it operates a chain of 640 branches under the Centaline Property Agency and Ricacrop Properties brands, hit a record HK$5 billion, an 18 per cent rise from HK$4.27 billion in 2016.