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Mideast real estate execs earn average of $10,340 a month
The average base salary of a real estate professional working in the Middle East is $10,340 per month, according to the results of a new survey published on Monday.
Recruitment consultant Macdonald & Company and Rics have revealed the figure in their annual Middle East salary survey for the real estate market.
Compared to 2008, the new monthly salary is a reduction of 3.7 percent, but an increase of 7.2 percent when compared to 2007, Construction Week Online.
The survey also revealed that 24 percent have been made redundant in the last 12 months while 66 percent of those made redundant have already found new jobs.
The main respondents were consulting companies, developers and contractors out of which, the top five categories were quantity surveyors, project managers, architects, development managers and contract managers.
Some key findings in the report included 21 percent of respondents received a base salary increase (versus 71 percent in 2008), while the average bonus per year was $13,630 (down from $15,446 last year).
A high of 59 percent received no bonus whatsoever (18 percent less than last year), while 41 percent received any kind of bonus (down from 59 percent last year).
The survey also showed that 19 percent of respondents saw some form of pay reduction last year with large numbers expecting reductions in 2009. Bonuses have also been affected and benefits packages have being cut to save costs.
But there was still confidence in the long-term prospects of the real estate market throughout the Middle East, with 46 percet of respondents expecting an increase in economic activity in the next 12 months.
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Comments 1-4 of 4
Posted by rouzbeh, dubai, UAE on 6 October 2009 at 13:52 UAE time
why are we talking in Dollars ? Its not like we are paid in dollars.
Posted by Graham, Dubai, UAE on 5 October 2009 at 14:21 UAE time
Before making such comments, perhaps your readers should check the source of the survey results. The company that carried out this survey is a highly reputable independent recruitment company and the only such company to be accredited by RICS (if you need to look up RICS, you probably aren't qualified to comment on this article in any event). Before you ask, no I don't work for them but I did participate in the survey. In my opinion, the results are a true reflection of middle/senior management positions in reputable consultancy, construction and property companies throughout the region.
Posted by John, Dubai, UAE on 5 October 2009 at 10:36 UAE time
Some property mavens do make huge salaries, but bear in mind the market is made on spin so not a word anyone says is true. They probably make half that amount but talk up the trade, like they do the horrible villas they sell, so don't take it seriously. Serious people in property will always make money, it is the scum that will forever fail.
Posted by NB, Dubai, UAE on 5 October 2009 at 09:53 UAE time
An average monthly salary of 10,340 DOLLARS???!!! It's because of clueless studies such as these that the global economy is in such a mess!