Average salary of real estate professionals dips

DUBAI — The average monthly salary of regional real estate professionals across all disciplines has recorded a slight drop this year compared to 2010, a research report said.

By Issac John

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Published: Wed 28 Sep 2011, 11:13 PM

Last updated: Tue 7 Apr 2015, 5:59 AM

The survey shows that the average base salary of regional real estate professionals across all disciplines is Dh37,965 per month, down one per cent compared to last year’s figure of Dh38,351 per month.

The study, the fifth ‘Middle East Salary Survey’ by Macdonald & Company, a leading property recruitment specialist, was unveiled at on Tuesday at the opening of ‘Cityscape Global 2011’ at the Dubai International Convention and Exhibition Centre.

The survey results appeared grimmer in contrast to an upbeat forecast made by GulfTalent.com, a leading online recruitment firm in the Middle East, which hinted that private sector salaries in the GCC would rise in 2011. GulfTalent.com forecast a salary rise of 6.3 per cent this year in the UAE. The employment market in the Gulf is also expected to continue growing at a moderate pace.

Macdonald & Company’s survey, completed in collaboration with The Royal Institution of Chartered Surveyors and Cityscape Connect, has been identified as a comprehensive annual survey undertaken for the real estate sector. The survey suggests that 30 per cent of subjects received an increase in their base salaries this year, compared to only 25 per cent last year; while five per cent have experienced pay cuts compared to 11 per cent last year while 42 per cent saw no variance in their wages.

The average bonus was increased to Dh76,431 from Dh73,246 signifying a 4.4 per cent increase. Out of the total number of individuals that took part in the study, 40 per cent received a bonus in the last 12 months. 21 per cent of the respondents were made redundant, demonstrating a three percent decrease as compared to 2010.

From the total number of individuals that were made redundant, 78 per cent have already found employment (an upward movement from last year’s 69 per cent). The study also identified that salary and responsibilities, followed by job security and career progression are the most important factors in determining job satisfaction. 76 per cent of the respondents from the survey have stated that they were fairly or very satisfied with their current employment. 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.

“The current situation is challenging but we expect that the Gulf States will be resilient to global economic uncertainty and we will be looking for rebuild stories as the Arab Spring plays out,” said Ben Waddilove, Director, Macdonald and Company. “The ‘Middle East Salary Survey’ offers a comprehensive report on salary trends within the real estate industry in addition to important insights on the outlook of employees. We are confident that there will be a continuing demand for high caliber property professionals in the wider Middle East region particularly with strong asset management skills.”

A total of 1,439 real estate professionals from across the Middle East region took part in this year’s survey, with a higher percentage of respondents based in the UAE, Qatar and the KSA. The latest survey reflects an increased response rate, perhaps showing continuing migration into the region, and a greater number of the overall respondents have now been here for more than five years.

An almost equal amount of respondents are now from the UK and Europe as are from Asia and the Far East. Less people are now working in Dubai and more in Abu Dhabi (37 per cent are still working in Dubai, 28 per cent are now working in Abu Dhabi).

Furthermore, Dubai has been deemed by the survey as the top location in terms of lifestyle, infrastructure and amenities. Some 40 per cent of the respondents believe that economic activity will increase over the next 12 months and only 12 per cent believe that activity will decrease.

· issacjohn@khaleejtimes.com

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