The majority of the real estate professionals (75 per cent) are satisfied with their current employment and salaries even as the employment market remains cautious due to the decline in oil prices, said a survey.

The average monthly salary for the real estate professionals in the Middle East was Dh44,392 ($12,083) with annual bonuses averaging Dh84,498 ($22,999), stated Macdonald & Company, a leading property recruitment specialist, in its ninth Middle East Salary Survey for the real estate industry.

The survey, conducted in co-operation with the RICS (The Royal Institution of Chartered Surveyors), focuses on the economic climate, employment trends in the property sector, as well as salaries, rewards and attitudes in the Middle East and North Africa (Mena) region.

The survey revealed that 56 per cent of respondents consider the GCC region the ideal location for financial reasons. Last year, a majority of them (51 per cent) had received a base salary hike.

Although the survey shows that 75 per cent of respondents are satisfied with their current employment, there are mixed sentiments regarding overall market confidence, and the employment market remains cautious due to the decline in oil prices which are forecast to remain in the $30-50/barrel range for some time to come.

In such a scenario, about 15 per cent of respondents said they considered returning to their country of origin.

However, since much of the business activity is driven by government spending, and while longer term measures such as VAT are definitely in the pipeline for the next few years, accumulated government reserves will cover short-term funding requirements, stated the report.

"Despite a cautious employment market, entrepreneurial economies such as the UAE will prove resilient and quick to turn around, and of course, the’ Expo factor’ will kick in. GCC countries will gradually shift away from traditional hydrocarbon based economies to knowledge-based economies," remarked Ben Waddilove, the MRICS director at Macdonald and Company.

The survey, he stated, revealed that 27 per cent of respondents anticipated an upturn in economic activity.

According to Waddilove, there is sound reason for optimism on the Dubai economy in particular, which has a strong fundamental base and an excellent track record for delivering high quality hospitality and retail projects.

In the real estate sector, major government-funded projects such as the Creek Extension, Bluewaters and Dubai Parks & Resorts remain on track.

The survey pointed out that about 75 per cent of the respondents were satisfied with their current employment and about 24 per cent believed that achieving professional qualifications had led to further increase in their pay.

There is still a vast amount of real estate in the UAE and wider Gulf, which requires careful day-to-day management and facilities management, prudent long-term asset management, and valuation (for accounting, loan and disposal purposes) - and there is still strong demand for qualified real estate professionals with stable employment records and strong business and financial skills, stated Waddilove.

"The UAE remains a choice destination for many property professionals from around the globe and we feel that although overall this will be a cautious year - the medium-term outlook is still strong," he added.-TradeArabia News Service