Go East Young Man – Its Official – Property Professionals in the Middle East Earn More – Salaries Increase 10.7%
For those property professionals in the hardest hit markets such as the US, Spain, and, dare I say it, the UK next year, should take note of a recent survey in the Middle East. The average monthly salary (basic, housing and transport allowances) of professionals in the property sector has risen by 10.7 per cent since 2007, to reach Dh39,181, ($10,000) according to the second "Middle East Salary Survey" for the property segment.
Macdonald & Company partnered with the Royal Institution of Chartered Surveyors and Cityscape Market Intelligence Service to conduct the study on trends in the real estate market. More that one thousand property professionals responded to this year's online questionnaire, which is a 21.5% increase from last year.
Its the tie
With the Middle East's significant job mobility rate, this year's salary survey highlights the number of new professionals entering the market. The results indicate that one in three survey participants began working in the region within the last two years, and fewer than 40% have worked here for five years or more. However, 60% of the survey respondents have actually had between two and five different jobs since arriving in the Middle East. 71% of the survey's respondents hoping an increase in economic activity over the next year - of course, everyone is "hoping" for that.
"The high number of new applicants participating in the survey proves that the Middle East remains a very attractive destination," said William Buck, International Director, Macdonald & Company. "However, the results reflect a very transient market and Macdonald & Company recognises the importance of providing honest, consultative advice.
"Our clients appreciate that a candidate interviewed by us will be fully prepared about the challenges of moving to the region. We manage expectations, which generally means a smoother transition."
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