Salaries in the property sector across the Middle East increased at an average rate of 15 per cent over the last year, according to figures released by Macdonald & Company, the leading recruitment consultancy focusing solely on the property industry. The figures were taken from Macdonald & Company’s first-ever Middle East Salary Guide, which was launched at Cityscape 2006. The company is currently participating at Cityscape in a bid to add to the 60,000 international candidates it has on its database and will be providing on-site consultancy at the exhibition to employers and employees from across the region.
The Salary Guide attributes the rise to the unprecedented number of development projects in the region, which in turn has led to a greater demand for development managers, project managers and property professionals in the realty sector. The Guide has been divided into two sections, Development/Real Estate roles and Technical roles, and has analysed 13 positions from entry-level to senior positions. Data for the guide has been derived from three primary sources - 'New Pay', the pay being achieved by relevant candidates placed by Macdonald & Company, 'Current Pay', the pay being achieved by relevant candidates registering with the company and data gained by research within a limited number of organisations.
“The Salary Guide aims to give those involved in the property industry in the Middle East an overview of current packages. Based on our research, average salaries in the sector across the Middle East rose 10 - 15 per cent over the last 12 months. Further, Saudi Arabia and Kuwait have reported 10 per cent higher average salary than other GCC countries,” said William Buck, International Director, Macdonald & Company. “In addition to shortages of key skills, the recent easing of restrictions on changing jobs within the UAE has increased movement among mid-level and senior professionals in the development sector and contributed to increasing pay levels. The competition for talent in the development sector has also raised pay levels in overlapping industries.”
For the past three years, the Gulf’s construction sector has been growing at a tremendous pace. According to industry reports, projects planned or already under development in the region are estimated to be in excess of $1 trillion in value, making the Gulf the biggest projects market globally on a per capita basis. The developments span the full spectrum of sectors, including residential and commercial buildings as well as civil, infrastructure and logistics projects. More and more international firms have started operations in the region, while many regional firms have expanded their activities beyond their home countries.
The main drivers of this growth have been favourable economic conditions, high oil revenues and excess liquidity, and the introduction of new property laws. Other factors that have contributed to the trend include high government capital spending, easy availability of credit and the establishment of real estate funds investing in the region. Macdonald & Company’s Salary Guide includes statistics on current salaries, recent salary increases, employment package benefits, providing a unique insight into wider issues important to employers and employees within the real estate & property industry across the region.
Commenting on the company’s participation at Cityscape, Matthew Taylor, International Director, Macdonald & Company said: “Our decision to publish the Salary Guide at Cityscape is in line with our progressive expansion policy for the Middle East. Over the past year, we have established our footprint across the region, developing into new markets as part of our strategic expansion plans. Cityscape is undoubtedly one of the biggest real estate exhibitions in the region, and it was imperative that we had our presence here especially since we are establishing ourselves in this market. The networking opportunities that the event has presented have proved invaluable to us.”
Macdonald and Company is highlighting the prospects of the property sector in the region to investors and visitors at Cityscape. With offices in the UK, Dubai, Hong Kong, South Africa and Australia, Macdonald & Company - the only recruitment company approved by the Royal Institution of Chartered Surveyors - is keen on leveraging the thriving property market in the Middle East. Senior officials and representatives including Peter Moore, Managing Director; William Glover, International Director, Hong Kong; Danielle Le Faucheur, Senior Consultant; and Stephen Glands, International Consultant are available at the Macdonald stand to provide on-site consultancy to employers and employees visiting Cityscape.
Macdonald & Company acts for a wide variety of clients including property developers, consultancies, funds, institutions, banks and property companies, and is constantly enhancing its reputation for providing a high quality, responsive, personal and confidential recruitment service worldwide. The company has built a high profile client base in the region, including IFA Hotels & Resorts, Gulf Finance House, Istithmar, DG Jones, EC Harris and Asteco.
