By Andy Sambidge
Arabian Business Salary Survey 2009 confirms redundancy fears within property sector.
More than 75 percent of people working in the real estate industry in GCC states are pessimistic about the job prospects, according to the results of the Arabian Business Salary Survey 2009.
With hundreds of redundancies already announced across the region, and particularly in the UAE, only 21 percent of property professionals said they looked to the future with confidence, compared to an average of 41 percent across all industries polled.
Forty-five percent of industry staff, who took part in our survey during January, said they were less sure of their job prospects now compared to six months ago.
While five percent told us they had already been made redundant, a further 14 percent feared they could lose their jobs in the next six months as the property sector is predicted to continue its correction.
Another 15 percent of real estate staff, who were among more than 3,000 people who completed the Salary Survey 2009, told us they were anxious about keeping their jobs.
The other main industry hit by the global economic crisis - construction - also reported lower than average confidence in job security. Only 33 percent of workers said they looked forward to the future in the same job while 12 percent said they had either been laid off or expected the axe to fall in the next six months.
The construction industry has been heavily impacted by the global economic slowdown which has seen numerous projects either cancelled or postponed across the region.