Property professionals in Middle East earn average monthly salary of Dh44,000

The average monthly salary of property professionals in the Middle East is Dh44,392 and they take home an average annual bonus of Dh84,498.

Property professionals in the Middle East get paid handsomely. Consider this: Their average monthly salary is Dh44,392 and they take home an average annual bonus of Dh84,498.

However, the oil price decline and strong dollar are having a pronounced effect on market confidence, with an increasing number of property professionals forecasting a decrease in economic activity this year. This information was released as part of a survey conducted among property professionals by Macdonald & Company, a real estate recruitment consultancy, in association with RICS.

"The main difference this year is the increase in negative sentiment, 33 per cent [up from 10 per cent last year] in the marketplace. Interestingly, CEOs were more pessimistic than analysts/researchers. This negative sentiment may be justified but can also be self-fulfilling as people communicate with each other and are exposed to media. After all, markets are made up of people who have different perceptions on whether they hire/invest/spend, how the economy will fare and how much the government has in reserve to spend through these years of low oil prices," says Ben Waddilove, director, Macdonald & Company.

The survey sample size was 1,012 and respondents who originated from the Middle East (non-GCC) accounted for 14 per cent while those from UK/Europe remain one of the largest groups with 38 per cent. Those who originate from Africa/South Africa, Americas or Australasia have increased by one per cent this year.

The majority of respondents work in Dubai. Those working in consultancy, contractor or developer/property company provided the majority of responses to this year's salary survey. Quantity surveyors were the biggest sub-sector among the respondents at 13 per cent.

The average annual total reward of a property professional in the Middle East has increased from Dh671,639 to Dh672,132 in 2016. The total reward includes the annual salary, average annual bonus and the average additional remuneration received (e.g. commission and performance-related bonus) last year. Keep in mind that 56 per cent of respondents have 16 years-plus experience.

Respondents with over 21 years experience continue to earn the highest average base monthly salary at Dh60,400. Respondents with under 15 years' experience have seen a decrease in base monthly salary. Those with between five to 10 years' experience have seen the largest decrease at -17.5 per cent, down from Dh27,256 to Dh22,482 in 2016.

Those who received a salary increase attributed it to achieving professional qualification, moving job and an annual pay review. Forty five per cent of survey respondents received a bonus, while 54 per cent received no bonus.

There is very good demand for well-qualified real estate professionals with stable employment records, either with emerging or developed market experience, and particularly Arabic speakers with strong business and financial skills.
"We find that developers, sovereign wealth funds and other private and government-owned investment institutions pay better all-round packages to real estate professionals. Property management and FM roles tend to command lower packages. There is less of a premium paid these days to candidates who work in 'hardship' locations such as Saudi Arabia," informs Waddilove.

The UAE still remains a choice destination for property professionals from around the globe. This explains why only 15 per cent respondents are seriously considering returning to their country of origin and 56 per cent consider the GCC to be a favoured location for financial reasons.

Seventy five per cent of respondents are fairly or very satisfied with their current employment. Better salary and responsibility are the most important factors when it comes to job satisfaction. Management style and job security have both increased in importance as important job aspects.

Less people are expecting their organisations to hire expansively this year: 53 per cent believe their company will hire qualified or experienced professionals, while 28 per cent anticipate their company hiring at graduate and entry-level roles this year.

"We have recently recruited qualified real estate professionals from Europe and the UK into first-time roles at consultancies and developers here. We still receive numerous applications on a daily basis from candidates interested in working here or returning to work here. Clients are open to considering candidates from outside the region. They ideally require younger professionals with a property qualification and two to five years of experience," Waddilove concludes.

- deepthi@khaleejtimes.com