Kuwait real estate and property professionals earn 10% more than their Middle Eastern counterparts, according to the latest statistics from Macdonald & Company.
The figure is based on the salary levels, bonuses, fringe benefits and other pertinent figures, which will be published in the company’s upcoming Middle East Salary Survey.
The difference in overall compensation packages drawn by industry professionals in Kuwait and their regional counterparts is primarily driven by the high demand and the competition for highly skilled talents in the country’s booming construction industry.
Local and foreign firms are implementing various high-profile development projects in both private and public sectors, which have driven the overall value of current construction projects to US$211bn, over 20 percent of the GCC region’s US$1 trillion.
“The massive construction boom in Kuwait has positively impacted real estate and property professionals working in the country and has led to 10% higher compensation packages compared to what their counterparts in the region draw. Companies are competing to find highly skilled talents to occupy key positions, as local and foreign investments continue including high-value development or expansion projects,” said William Buck, international director at Macdonald & Company.
“The GCC region currently has the world’s biggest projects market per capita basis, and Kuwait definitely accounts for a major share in this tremendous development including residential and commercial properties as well as civil, infrastructure and logistics projects.”
The Kuwait real estate industry is fuelled by a robust economy, high oil revenues, excess liquidity, and the liberalisation of property laws.
Credit facilities and real estate funds have spurred construction ventures, and demand for professionals.
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