Bahrain Real Estate News
Real estate professionals salaries better than 2007 levels
Real estate professionals in the region have seen their salaries shrinking by 4 percent last year. However, with an average salary across all disciplines standing at $10,340 per month, they are still doing well at 7.2 percent than their 2007 levels, as per the recent survey results by Macdonald & Company, the property recruitment specialists.
The survey results were done together with The Royal Institution of Chartered Surveyors (RICS) and Cityscapeintelligence.com (CI). The results were revealed during the launch of Cityscape Dubai 2009, the property exhibition at Dubai International Exhibition Center.
More findings from the survey indicate that only 21 percent of the respondents had actually received a rise in base salary this year, considerably down by 71 percent from the previous year.
Another 19 percent of the respondents have seen a salary reduction, while 37 percent experienced no change in salary levels.
As per the current market sentiment, salary and responsibility are the most important factors taken into account for job satisfaction, followed by job security (13 percent more than last year) and career progression.
Offering better salaries is still the major cause for switching over jobs, as told by respondents.
The Director of Macdonald & Company, William Buck, said that there are early signs of improvement in the world economy, although confidence and availability of capital is still a major concern as far as the real estate market is concerned.
Despite the current economic scenario, the job market has not come to a standstill. Several organizations are accepting new opportunities to expand teams that have suffered long-term skill shortages, he said.
A new breed of professionals have emerged, whose proficiency lies in maximizing value of real estate assets, with the companies restructuring, re-determining and re-financing their position inline with current market conditions.
A total of 2,083 Middle East real estate professionals had participated in the online survey by Macdonald & Company. The survey indicates that majority of the respondents are likely to consider working in Middle East locations than during the previous year, which adds confidence in the region.
“The real estate industry will continue to evolve during the coming years, and will bring about new opportunities for professionals. The long-term prospects of the region are largely driven by its strong fundamentals. About 46 percent of its respondents strongly believe that property market will get better over the next 12 months,” said the Company Director.
Posted on 11/10/2009
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