Gulf property sector seeing salary growth
|Sunday, 12 October 2008|
Salaries in the real estate sector in the Gulf region are surging along with experienced workers both of which are improving the industry, according to a new report.
More workers in the industry are employed on a permanent basis than ever before and most work in Dubai, says a survey conducted by MacDonald & Co.
It found that there has been a 13% increase in salaries in the last year and that 94% are employed in full time jobs compared with 91% in 2007.
Most people work in consultancy, up 2% to 45%, while 27% are developers and 12% are contractors.
Compared to last year, those who took part in the study were less likely to originate from the region. Only 18% came from the Middle East, compared to 20% last year.
Most employees hailed from the UK, Europe, Asia or the Far East. The number of employees from the Americas and Australasia also increased compared to last year.
'Real estate in the Middle East is a well-paid sector and what is significant is that one in three workers have been in the region for two years or less and there are more and more applicants from the UK, the US and Europe. So it seems a new batch of workers is coming in,' said International director William Buck.
The surge of new workers would also bring with them skills which would help raise standards in the industry,' he said.
'There will be better quality, it will raise standards. Because of the huge boom in the industry the market is still finding it difficult, there is still a shortage of certain skills. The increase in salary levels in the sector will help,' he added.
It also found that 70% of those polled worked in Dubai, a 4% increase compared to last year, 3% worked in Qatar, 3% in Bahrain, 2% in Saudi Arabia, and 2% in Kuwait.
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