Real estate and property professionals in Kuwait are earning 10 per cent higher than their counterparts in the rest of the Middle East, said a report.

The survey by Macdonald & Company, a leading recruitment consultancy, focuses solely on the property industry and is  based on the salary levels, bonuses, fringe benefits and other pertinent figures. The survey will be published in the company’s upcoming Middle East Salary Survey.

Macdonald & Company will launch the results at Cityscape Dubai 2007, a major business-to-business property investment and development event.

The difference in overall compensation packages drawn by industry professionals in Kuwait and their regional counterparts is primarily driven by the high demand and the competition for highly skilled talents in the country’s booming construction industry.

Local and foreign firms are implementing various high profile development projects in both private and public sectors, which have driven the overall value of current construction projects to $211 billion or over 20 per cent of the GCC region’s $1 trillion.

“The massive construction boom in Kuwait has positively impacted real estate and property professionals working in the country and has led to 10 per cent higher compensation packages compared to what their counterparts in the region draw. Companies are competing to find highly skilled talents to occupy key positions, as local and foreign investments continue including high-value development or expansion projects,” said Macdonald & Company’s international director William Buck.

“The GCC region currently has the world’s biggest projects market per capita basis, and Kuwait definitely accounts for a major share in this tremendous development including residential and commercial properties as well as civil, infrastructure and logistics projects,” said Buck.

The burgeoning Kuwaiti real estate industry is fuelled by a robust economy, high oil revenues, excess liquidity, and the liberalisation of property laws.

The government’s high capital spending in line with the diversification of its oil-based economy combined with the availability of credit facilities and real estate funds investing have further spurred high-stakes construction ventures, and consequently, the demand for highly skilled industry professionals.

“We have empowered both employee and employer by providing the best career options to industry professionals as well as valuable recruitment insights to companies in order to enable them to attract and retain talents in a highly competitive market. Our ongoing survey is a manifestation of our commitment to the industry, and we are glad that it is garnering a very positive response among real estate and property professionals. The Salary Guide will present industry figures as well as facts, which will help employees and employers compare compensation packages in the region as well as broaden their industry insights,” said Matthew Taylor, International Director, Macdonald & Company.

Aimed at providing valuable information to real estate and property professionals and companies, the Salary Guide will contain statistics on current salaries, recent salary increases, benefits, bonuses, and job satisfaction levels among other trends.

The launch of the Salary Guide during Cityscape Dubai 2007 will follow the conclusion of a survey being conducted by Macdonald & Company in collaboration with the Royal Institution of Chartered Surveyors and Cityscape Dubai, the company said in a statement.

Macdonald & Company expanded into Dubai in 2006 and has leveraged the thriving property market in the Middle East by providing exceptional property and construction professionals to a variety of clients including property developers, consultancies, banks and financial institutions among others. With its demonstrated professionalism, standards and co