The average base salary of regional real estate professionals across all disciplines is $10,340 (SR38,775) per month - a figure that exceeds 2007 numbers by 7.2 percent, but reflects a 3.7 percent drop from last year, the 3rd “Middle East Salary Survey” said on Monday Completed in collaboration with the Royal Institution of Chartered Surveyors (RICS) and Cityscapeintelligence.com (CI), the annual survey, was unveiled at “Cityscape Dubai 2009,” by Macdonald & Company, a leading property recruitment specialist. Further findings from the survey revealed that only 21 percent of respondents received an increase in base salary this year - significantly down from 71 percent the previous year. Moreover, 19 percent of the respondents have received a salary reduction (versus 1 per cent last year), while 37 percent experienced no change in salary (versus 35 percent last year). Assessing current market sentiment, the study listed salary and responsibility as the most important factors when it comes to job satisfaction, followed closely by job security (up by 13 percent on last year) and career progression. Interestingly, the offer of a better salary is still the most likely impetus for changing job being cited by respondents. “There are early signs of improvement in the world economy, but confidence and availability of capital continue to severely affect the real estate market. Despite the current economic climate, the job market has not and will not grind to a halt. Many organizations are taking the opportunity to ‘up skill' or expand teams that have suffered long term skill shortages,” said William Buck, Director, Macdonald & Company. “Also, there is an emergence of a new breed of professionals whose proficiency lies in maximising the value of real estate assets, as companies are restructuring, refinancing and re-determining their position in line with current market conditions. Employers who take time to study the results of the ‘Middle East Salary Survey' will be rewarded with a unique insight into the current position and new developments in the market.” A total of 2,083 Middle East real estate professionals - double the number of participants last year - took part in the online survey by Macdonald & Company, which was conducted in July and August 2009. Of the total number of respondents, 43 percent are working in Dubai (down by 27 percent compared to last year), while 19 percent are working in Abu Dhabi (up by 5 percent since 2008). This year's survey was also participated in by a respectable percentage of respondents from other Middle East countries. Insights from the survey also showed that respondents are far more likely to consider working in other Middle East locations than in previous years, which shows a general confidence in the region and a desire to continue their careers here. __
