The average base salary of regional real estate professionals is Dh44,559 ($12,130) per month in 2015 as compared to the Dh40,641 ($11,062) per month figure posted in 2014, marking an increase of 9.6 per cent, a report said.

Macdonald & Company, a leading property recruitment specialist, announced today (April 21) the release of the eighth edition of its annual Middle East Rewards and Attitudes survey, completed in collaboration with the Royal Institution of Chartered Surveyors (RICS).

“The survey reveals that the UAE's real estate sector is currently experiencing an interesting employment market,” said Ben Waddilove, director, Macdonald & Company.

“Following the Expo 2020 win in late 2013, the expected surge in real estate prices and transactional activity never fully materialised. The major decline in oil prices over the past six to eight months is also beginning to have an effect on market sentiment here although there is little evidence for any let-up in government spending.

“There are some major new ‘Destination’ projects under construction such as Dubai Parks and Blue Waters which will help attract more visitors and investors in the future. The oil price level over the next year will be a significant factor in determining how the general market moves forward.

“We seem to be in a pre-expo ‘lull’, with a number of the major real estate consultancies calling a flat to lower residential market, adopting a more cautious and realistic tone but expecting a surge in demand and general activity from 2017 onwards,” Waddilove added.

The Abu Dhabi government has demonstrated key spending on major infrastructure and destination projects, recently forming the Abu Dhabi Global Market on Maryah Island to accommodate international and regional financial institutions and to rival the DIFC (Dubai International Financial Centre), the Macdonald report said.

Records show that there is also considerable government spending and a growing population in Saudi Arabia as it has recently experienced a smooth succession of power and there is likely to be increased growth and activity there. Several of the major real estate consultancies are now setting up there.

“Our clients are adopting a cautiously optimistic approach to hiring, with a combination of replacement and newly created roles. The consultancies are very busy with portfolio valuations, general advisory and feasibility study work and the major and second-tier developers are hiring development managers, project managers and other associated technical staff,” said Waddilove.

He also revealed that the company has also been active with hospitality and retail sector roles, noting on the demand for well qualified real estate professionals with long-term employment records in the Middle East region, particularly with strong finance skills.

The report also shows that there still remains a strong appetite from individuals from the UK, Europe, Australia and South Africa to relocate and work in the region.

Dubai, is still by far, the first choice as a location in the region. Emiratisation and regional nationalisation policies will continue as the government sector employers endeavour to cope with the rising number of nationals seeking employment. The private sector employers are beginning to attract more nationals as well.

Key findings of the survey include:

•    41 per cent of participants received a base salary increase;

•    55 per cent of participants are expecting an improvement in economic activity;

•    44 per cent of participants received an annual bonus;

•    70 per cent of participants believe that their organisation will increase headcount this year;

•    The majority of participants currently work in Dubai and 56 per cent of participants consider the GCC to be a preferred location to live and work because of financial reasons.

“Macdonald & Company remains committed to providing an honest and value-added service to both clients and candidates alike. We apply local knowledge with true global connection through our offices in Asia Pacific, Mena (Middle East and North Africa) and the UK and South Africa. Our specialist teams act for every class of organisation owning, occupying, financing or advising on property, construction and engineering. We are the preferred recruitment providers for RICS,” concluded Waddilove. – TradeArabia News Service