Real estate salaries stable, says survey
Dubai, October 4, 2010
The average base salary of real estate professionals in the Middle East region remains in line with last year’s average, according to a new survey by Macdonald and Company, the leading property recruitment specialists.
Macdonald unveiled the results of the fourth ‘Middle East Salary Survey’ at the opening of ‘Cityscape Global 2010’ on Monday in Dubai.
The study revealed that the average base salary of regional real estate professionals across all disciplines is Dh38,351 per month ($10,440) compared to Dh37,980 per month in the previous year.
Identified as the most comprehensive annual survey undertaken for the real estate sector, the survey was completed in collaboration with The Royal Institution of Chartered Surveyors (RICS) and Cityscapeintelligence.com (CI).
According to the survey, 25 per cent of subjects received an increase in their base salaries this year, compared to only 21 per cent last year; while 11 per cent have experienced pay cuts compared to 19 per cent last year.
However, the survey revealed that 51 per cent of the property professionals saw no variance in their wages.
In addition to these statistics, the study also identified that salary and responsibility, followed by job security and career progression are the most important factors in determining job satisfaction.
Professionals are still very attracted to this region for financial, career and family reasons, particularly when compared to current available opportunities in the UK, Europe and the US, said a top official.
“The gradual recovery of the UAE economy is being mirrored by the rise in employment opportunities within the real estate industry, not only in the Emirates but across the MENA region as well,” said Ben Waddilove, director, Macdonald & Company.
'With the increase in the number of organisations resuming recruitment of new staff, candidates with sufficient experience and specialised skills are witnessing an increased demand,' he noted.
The 'Salary Survey’ offers an exhaustive report on the salary trends within the real estate industry in addition to important insights on the outlooks and attitudes of employees.
A total of 1,041 real estate professionals took part in the survey from across the Middle East region.
The survey revealed a higher percentage of respondents from other Middle East countries, which reflects the general dispersal of labour throughout the region.
Of the total number of respondents, 43 per cent are still working in Dubai (in line with last year), while 25 per cent are working in Abu Dhabi (up from 19 per cent since 2009).
Furthermore, Dubai has been deemed by the survey as the top location in terms of lifestyle and amenities, Waddilove said.
'As per the survey findings, 44 per cent of the respondents still strongly believe that economic activity will increase over the next 12 months and only 12 per cent (down from 19 per cent) believe that activity will decrease,' he added.
According to Waddilove, the re-emergence of new opportunities and long-term prospects in the region bodes well for real estate professionals.
Given the upbeat outlook, we remain committed to providing honest, consultative advice and we are proud to launch this year’s ‘Middle East Salary Survey’ to visitors here at Cityscape Global,” he added.-TradeArabia News Service