Macdonald & Company publishes first Middle East Salary Survey for real estate sector at Cityscape Dubai 2007

The Salary Survey points to an overall salary increase experienced by the real estate sector, particularly in the real estate consultancies (14.5 per cent), financial services (15.9 per cent) and contracting sectors (22.1 per cent). This year, the company has broadened the scope of the survey to include its salary-based assessment of the property market across the GCC states, as well as current statistics regarding remuneration and packages, current job satisfaction levels and the top reasons why candidates leave companies.

In 2006, the unprecedented growth in the real estate market prompted Macdonald & Company to publish a four-page salary guide in an effort to set an industry benchmark on compensation packages and illustrate the prevailing industry statistics. This year's Salary Survey, reveals an average rise of 14.2 per cent in salaries across all disciplines in the Middle East real estate sector. Representatives from Macdonald & Company will be providing consultancy services at the company's stand (6CO1, Hall 6) for the duration of the show, which runs from October 16 to 18, 2007 at the Dubai International Exhibition Centre.

"We are in a unique position as the number one property recruitment specialist to provide previously unknown information to the real estate industry through this Salary Survey," said Matthew Taylor, International Director, Macdonald & Company.

"By providing relevant statistical data and credible benchmarks to the entire property industry in the region, we have established ourselves as the pre-eminent provider of property recruitment advice in the GCC. Employers who take time to study the results of the survey will be rewarded with a unique insight into the current position of the market not only in terms of remuneration but also the drivers for changing employer together with bonus, benefits and other trends.

Macdonald & Company, the Royal Institution of Chartered Surveyors (RICS), and Cityscape Market Intelligence Service (CMIS) have worked together to produce a Salary Survey in an effort to create an industry standard for the highly unregulated real estate market. Macdonald & Company commissioned David Burton and Associates, a leading research consultancy, to analyse and interpret the data gathered from the questionnaires.

Highlights of the Salary Survey also reveal that 94 per cent of employees have received at least one additional benefit, stating health insurance as the most popular incentive among respondents at 80 per cent, followed by annual travel expenses and flights, which was awarded to 63 per cent of the survey participants and performance related bonus which was received by 50 per cent of the subjects.

Job satisfaction in the GCC is high as compared to other regions of the world with 79 per cent of the employees expressing that they are 'fairly satisfied' compared to 21 per cent who answered 'not very' or 'not at all' satisfied. The Salary Survey reveals the three top reasons for employees leaving their company to be: better salary (74 per cent), better career prospects (68 per cent) and better benefit package (47 per cent).

William Buck, International Director, Macdonald & Company, added: "Our objective is to provide the best career options to industry professionals together with research and consultancy services that enable the top companies in the GCC to attract and retain the best talent in the market. The Salary Survey is undertaken in order to provide employers and employees alike with a valuable insight into the trends and remuneration in the market.

The Salary Survey mirrors the boom in the real estate market for property professionals in the Middle East, with 76 per cent of the respondents being optimistic that the next 12 months will see an increase in terms of economic activity in their chosen fields, and only 23 per cent expecting that it will remain constant.

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