Salaries within regional property and real estate sector to rise significantly in 2008

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Salaries within the regional property and real estate sector are set to increase significantly in 2008, according to Macdonald & Company, a leading recruitment consultancy focusing solely on the property industry. The company is currently conducting its ‘Middle East Real Estate Salary Survey’ for 2008, which will be launched at Cityscape Dubai 2008. The main drivers for the increase in salaries are the continued demand for professional skill-sets coupled with local market experience, combined with rising inflation, increase in cost of living and other factors. The Salary Survey will delve into current trends in remuneration, compensation, bonuses, benefits and job satisfaction levels in the regional property and real estate sector. In addition, the survey will also underline the cost differential between employing international candidates and local talent, thereby making it a much-anticipated highlight of the forthcoming Cityscape Dubai, slated to run from October 6 - 9, 2008 at the Dubai International Exhibition Centre.

The Salary Survey is being conducted in cooperation with the Royal Institution of Chartered Surveyors (RICS) and CMIS, Cityscape’s new online market intelligence service, which ensures thorough and accurate results and industry-wide participation in the survey. Intended for distribution to real estate professionals and companies, the latest research will provide substantial information and analysis on the continuously increasing demand for highly skilled personnel across the region. Specifically, the study will explore the supply-demand ratio of professionals in the region, the salary growth in the Middle East compared to the rest of the world, and the variation in salaries and benefits compared to last year.

“Our aim of providing employers and employees within this highly dynamic sector with precise and relevant statistics that impact remuneration will once again be the focus for this year’s ‘Middle East Real Estate Salary Survey’,” said Matthew Taylor, International Director, Macdonald & Company. “The Salary Survey is highly confidential and is carried out by an independent market research company. We have identified our decision to launch the previous Salary Survey during Cityscape Dubai as among the primary reason for its tremendous success, and our participation in this year’s event is aimed at surpassing the records we set in 2007.”

In addition to the launch of the Salary Survey 2008, Macdonald & Company’s participation at the premier real estate event will also serve to highlight the consultancy services, which will be offered by experts at the venue. Backed with extensive knowledge of the local property market and a wide-ranging database of over 180,000 candidates from across the globe, the leading recruitment consultancy is fully equipped with competent professionals who can recommend reliable staffing solutions to employers and career development paths to employees.

“By offering facts on which employers can base their market perspective on salaries, the study is an intelligent and practical tool to ensure retention of key staff and allow effective budgeting for future hires. We have expanded the reach of this study, and in line with this we encourage property and real estate professionals across the region to go online and complete a short five-minute survey, which can be found in both the Macdonald & Company and Cityscape websites (www.macdonaldandcompany.ae and www.cityscape.ae),” concluded William Buck, International Director, Macdonald & Company.