5pc more salary hikes in ME real estate
Dubai, April 11, 2013
Following a significant boost in business confidence, 35 per cent of real estate professionals in the Middle East received basic salary increases this year as against 30 per cent last year, a report said.
Eight per cent more bonuses given even as current average base salary remains in line with last year’s average, added the sixth edition of the annual Middle East Rewards and Attitudes Survey released by Macdonald & Company, a leading property recruitment specialist.
The Middle East Rewards and Attitudes Survey, which has been identified as the most comprehensive annual survey undertaken for the property sector, was completed in collaboration with The Royal Institution of Chartered Surveyors (RICS).
According to Macdonald & Company, this year’s survey captured a good response with over 1,058 individuals participating in the study—reflecting a continuing migration into the region and popularity of the survey.
Unsurprisingly, a greater number of the overall respondents have now been in the region for more than five years (73 per cent), the report said.
An equal amount of respondents are now from UK/Europe as from Asia and the Far East. Less people are now working in Abu Dhabi (-7 per cent) and a greater proportion are back in Dubai.
Macdonald & Company noted continuing increases in migration to Qatar and Saudi Arabia, while Dubai and Abu Dhabi maintained their main places of employment.
The split of MRICS qualified surveyors working in Abu Dhabi and Dubai is still roughly 50/50 although a large proportion of those working in Abu Dhabi still live in Dubai.
This may change when the new regulations are enforced later in the year, although it still remains to be seen how they will be implemented, the report said.
The survey also shows that while only 3 per cent have experienced pay cuts compared to 5 per cent last year, 46 per cent 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 Ben Waddilove, director, Macdonald & Company.
"The ‘Middle East Rewards and Attitudes Survey’ offers an exhaustive report on the salary trends within the real estate industry in addition to important insights on the outlook of employees.
"We remain committed to providing honest and consultative advice to all of our clients and candidates--offering a value added service, thereby making the recruitment process as smooth as possible,” he added.
“The survey fully utilizes our extensive network of contacts and existing goodwill within the market place. We are proud to launch this year’s ‘Middle East Rewards and Attitudes Survey,’ which reflects our knowledge and insights into the unique way that business is done in this part of the world," concluded Waddilove. – TradeArabia News Service
More Construction & Real Estate Stories
- Bin Faqeeh top sponsor of Gulf Property Show
- Summit to spotlight green building issues
- Cluttons to launch new brand in 2014
- Abu Dhabi’s project spend ‘to top $100bn’
- Israel, Jordan and Palestine ink landmark water deal
- Bahrain wastewater treatment plant upgraded
- Depa names new board directors
- Work to start on new Bahrain social centre
- Indian developer to open Dubai office
- 50 firms to showcase at Cityscape Riyadh