Macdonald & Company and RICS publish 2nd 'Middle East Salary Survey' for real estate at Cityscape Dubai 2008

The highlight of this year's survey is the average rise of 13.2% in salaries across all disciplines in the Middle East real estate sector.

The survey has also reported that the average total monthly remuneration (basic, housing and transport allowances) of professionals in the property sector has risen by 10.7% since last year, to reach Dhs39,181. Regional clients, professionals and global visitors can discover more about the current salary trends in the real estate sector at the Macdonald & Company stand (6CO1, Hall 6), where it will also be providing consultancy services to interested parties for the duration of the show.

For the second consecutive year, Macdonald & Company has partnered with the Royal Institution of Chartered Surveyors (RICS) and Cityscape Market Intelligence Service (CMIS) to conduct this innovative study on important trends in the booming real estate market. In addition to the resources of its partners, Macdonald & Company has also commissioned a leading independent research consultancy to analyse and interpret the data gathered from the survey questionnaires.

"This salary survey is a representation of Macdonald & Company's unique position to provide new and transparent information to both employers and employees across the Middle East real estate industry," said Matthew Taylor, International Director, Macdonald & Company. "A total of 1,033 property professionals responded to this years' online questionnaire, which is a 21.5% increase from last year and an indication on how the market values the results of the survey. Macdonald & Company will be placing a considerable emphasis on developing business in Bahrain, Qatar, Kuwait and specifically Saudi Arabia over the next year and we hope to have a similar increase in participation, particularly from the non-UAE countries."

With the Middle East's significant job mobility rate, this year's Salary Survey highlights the number of new professionals entering the market. The results indicate that one in three survey participants began working in the region within the last two years, and fewer than 40% have worked here for five years or more. However, 60% of the survey respondents have actually had between two and five different jobs since arriving in the Middle East.

"The high number of new applicants participating in the survey proves that the Middle East remains a very attractive destination. However, the results reflect a very transient market and Macdonald & Company recognises the importance of providing honest, consultative advice. Our clients appreciate that a candidate interviewed by us will have been fully prepared on the challenges of moving to the region. We manage expectations, which generally means a smoother transition," concluded William Buck, International Director, Macdonald & Company.

Moreover, the Salary Survey provides a positive outlook for the future, with 71% of the survey's respondents anticipating an increase in economic activity over the next year. In comparison, when the same question was asked by Macdonald & Company for its European Salary Survey, only 39% responded with positive expectations, while a mere 31% of the UK Salary Survey subjects are optimistic of the following year's economic prospects. This illustrates that property professionals in this region have real confidence in their market, and the Middle East is the global real estate market to work in at present.