Salary of real estate professionals down 3.7pc
Dubai, October 5, 2009
The average base salary of regional real estate professionals across all disciplines is Dh38,040 ($10,340) per month – reflecting a drop of 3.7 per cent from that of 2008, a survey has revealed.
Macdonald and Co, a leading property recruitment specialist, unveiled its third Middle East Salary Survey today (October 5) at the opening of property and investment event Cityscape Dubai 2009 at the Dubai International Exhibition Centre.
Completed in collaboration with the Royal Institution of Chartered Surveyors and cityscapeintelligence.com, the annual survey is a comprehensive survey undertaken for the property sector.
Further findings from the survey revealed that the monthly salary figure exceeds 2007 numbers by 7.2 per cent.
The survey further said that only 21 per cent of respondents received an increase in base salary this year - significantly down from 71 per cent the previous year.
Moreover, 19 per cent of the respondents have received a salary reduction (versus 1 per cent last year), while 37 per cent experienced no change in salary (versus 35 per cent last year), according to the survey.
Assessing current market sentiment, the study listed salary and responsibility as the most important factors when it comes to job satisfaction, followed closely by job security (up by 13 per cent on last year) and career progression.
Interestingly, the offer of a better salary is still the most likely impetus for changing job being cited by respondents, the survey said.
“There are early signs of improvement in the world economy, but confidence and availability of capital continue to severely affect the real estate market,” said William Buck, director, Macdonald.
“Despite the current economic climate, the job market has not and will not grind to a halt. Many organisations are taking the opportunity to ‘up skill’ or expand teams that have suffered long term skill shortages,” he added.
“Also, there is an emergence of a new breed of professionals whose proficiency lies in maximising the value of real estate assets, as companies are restructuring, refinancing and re-determining their position in line with current market conditions,” Blake continued.
“Employers who take time to study the results of the Middle East Salary Survey will be rewarded with a unique insight into the current position and new developments in the market.”
A total of 2,083 Middle East real estate professionals - double the number of participants last year - took part in the online survey by Macdonald, which was conducted in July and August 2009.
Of the total number of respondents, 43 per cent are working in Dubai (down by 27 per cent compared to 2008), while 19 per cent are working in Abu Dhabi (up by 5 per cent since 2008).
This year’s survey was also participated in by a respectable percentage of respondents from other Middle East countries.
Insights from the survey also showed that respondents are far more likely to consider working in other Middle East locations than in previous years, which shows a general confidence in the region and a desire to continue their careers here.
“The real estate industry will continue to evolve over the next few years, bringing with it new opportunities for professionals,” predicted Matthew Taylor, director, Macdonald.
“The long-term prospects of the region - driven mainly by its strong fundamentals - remain vibrant. Forty-six per cent of the respondents still strongly believe that the property market will get better over the next 12 months,” he said.
“This illustrates that property professionals believe that the Middle East is the major global real estate market to work in at present. Macdonald & Company recognises the importance of providing honest, consultative advice and we are proud to launch this year’s Middle East Salary Survey to visitors here at Cityscape Dubai 2009,” Taylor conclud
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