GNcareers, from Gulf News

Real estate industry wages yet to see any softening

Real estate industry wages yet to see any softeningImage Credit: Supplied

Average base salaries cutting across disciplines are Dh44,559 a month as compared to the Dh40,641 posted in 2014, based on a survey brought out Macdonald & Company, the property recruitment consultancy. The survey — which had 1,127 professionals from the industry participating — is conducted from December to February of every year.

But the operating environment will remain tough, according to a senior official.

''Following the Expo 2020 win in late 2013, the expected surge in real estate prices and transactional activity never fully materialised,'' said director Ben Waddilove. ''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.

''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.''

''Our clients are adopting a cautiously optimistic approach to hiring, with a combination of replacement and newly created roles,'' said Waddilove. ''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.''

The report also shows there remains a strong appetite from individuals from the UK, Europe, Australia and South Africa to relocate and work in the region, with Dubai by far the first choice as a location.

Did you know that some firms grant 15% hike

Source: Staff Report,