Salaries soar for real estate executives

Real estate professionals working at Cityscape today are flush with wages up to 22.1 percent higher than a year ago.

Salaries in the Middle East real estate sector are rising almost as fast as house prices in the region, according to a salary survey released on the first day of Cityscape Dubai.

Macdonald & Company, a recruitment consultant focused on the property industry, found that salaries over the past year have risen by between 14.5% and 22.1%, depending on different job specifications.

Real estate consultants' salaires rose 14.5%, financial services professionals are 15.9% better off, and contracting executives do best with a 22.1% gain.

The real estate industry is also offering more perks to employees than a year ago. Over 90% of employees have received at least one additional benefit on top of their salary, stating health insurance as the most popular incentive among respondents at 80 percent, followed by annual travel expenses and flights, which was awarded to 63% of the survey participants and performance related bonus which was received by 50% of the subjects.

Small wonder then that the survey found that job satisfaction in the GCC is high compared to other regions of the world with 79% of the employees expressing that they are ‘fairly satisfied' compared to 21% who answered ‘not very' or ‘not at all' satisfied.

The industry is also optimistic about the future, with 76% of respondents said they are optimistic that the next 12 months will see an increase in terms of economic activity in their chosen fields, with only 23% expecting that it will remain constant.

Macdonald & Company is using the publishing of its salary survey to draw attention to its recruitment services at Cityscape.

"By providing relevant statistical data and credible benchmarks to the entire property industry in the region, we have established ourselves as the pre-eminent provider of property recruitment advice in the GCC," said Matthew Taylor, International Director for Macdonald & Company.

Follow Cityscape live at www.arabianbusiness.com/cityscape_2007.

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