Dubai: With more ambitious projects being announced and optimism in the property market prevails, things are looking good on the income front for many real estate professionals in the region.
The percentage of real estate employees who received an annual bonus last year increased to 49 per cent from 41 per cent in 2011, although the average windfall stood at Dh68,831, which is Dh7,600 lower than in 2011.
The number of professionals who received a salary increase has grown from 30 per cent in 2011 to 35 per cent in 2012, the highest level in the last 3 years, according to the Middle East Rewards and Attitudes Survey 2013 by Macdonald & Company Middle East, a property recruitment specialist.
However, the amount of salary increase has declined since 2011, down from 12.8 per cent to 11.6 per cent.
The survey, which highlighted a high job satisfaction rate among real estate professionals, covered 1,058 respondents, majority of them have five or more years of experience working in the Middle East.
According to report, a real estate professional in the region now earns a little over Dh36,000 a month on average. Many of the respondents covered in the survey were working as architect; quantity surveyor; CEO; managing director; financial or real estate analyst; project manager; and engineering services, development and business development managers.
Some professionals in the real estate sector, however, said the quoted average salary is way higher than what average wage earners make, which is around Dh17,000 to Dh24,000 a month for real estate agents.
As confidence in the real estate sector is growing, more professionals prefer to work in Dubai. Real estate professionals are still migrating to Qatar and Saudi Arabia, but a greater proportion are back in Dubai. “Overall, Dubai and Abu Dhabi are still the main places of employment,” said the report.
Signs of recovery
Analysts have said that for the first time since 2008, the real estate market is showing signs of recovery. Dubai, in particular, has exhibited strong positive performance, along with an uptick in real estate prices.
“For some months now, we have seen sustained confidence in the Dubai real estate market, although it remains selective with the best performance focused on high quality assets in prime locations,” said Alan Robertson, CEO of Jones Lang LaSalle Middle East and North Africa.
Macdonald & Company said there is indeed a “prevailing sense of optimism around the city” as new infrastructure projects are completed, new hotels are opened and visitor numbers increase.
“The memories of late 2008 or early 2009 are receding. Confidence is the key going forward and there is genuine expectation from long-term Dubai residents and those that have relocated here more recently that 2013 is going to be a good year,” Macdonald & Company said in its report.
