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Property recruitment specialists Macdonald and Company, have unveiled the third 'Middle East Salary Survey' today at the opening of the Cityscape Dubai 2009 exhibition.
According to the survey, the average base salary of regional real estate professionals across all disciplines is $10,340 (Dhs38,040) per month - a figure that exceeds 2007 numbers by 7.2%, but reflects a 3.7% drop from last year. Completed in collaboration with The Royal Institution of Chartered Surveyors (RICS) and Cityscapeintelligence.com (CI), the annual survey is the most comprehensive survey undertaken for the property sector.
Further findings from the survey revealed that only 21% of respondents received an increase in base salary this year - significantly down from 71% the previous year. Moreover, 19% of the respondents have received a salary reduction (versus 1% last year), while 37% experienced no change in salary (versus 35% last year).
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% on last year) and career progression.
Macdonald & Company Director William Buck 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. 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."
"The real estate industry will continue to evolve over the next few years, bringing with it new opportunities for professionals. The long-term prospects of the region - driven mainly by its strong fundamentals - remain vibrant. 46% of the respondents still strongly believe that the property market will get better over the next 12 months.
To read the online version of the report please click here