The average salary of experienced professionals in the region’s real estate sector has now surged to almost Dh725,000 a year, according to a latest survey.
The data reveals that respondents in the property sector with more than 21 years’ experience continue to earn the highest average base monthly salary at Dh60,400, up from Dh59,484 in 2015.
That works out to Dh724,800 a year – and this excludes benefits such as bonuses, car, etc.
According to Macdonald and Company’s 9th salary and attitudes survey, professionals working in several sectors across the UAE reported a marginal pay hike last year, and similar single-digit increments are expected in 2016 as well.
Those employed in the country’s real estate market are making decent salaries and year-end bonuses are still the norm although it is now increasingly being linked to performance.
The average monthly salaries in the Middle East’s real estate sector is Dh44,392 per month, down slightly (by Dh167 or 0.4 per cent) from 2015.
The average salary in the real estate sector, therefore, works out to more than half-a-million dirhams a year (Dh532,704), excluding perks such as bonuses, car, etc.
Respondents with under 15 years’ experience have seen a decrease in their respective categories. Those with between 5-10 years’ experience have seen the largest decrease at -17.5 per cent, down from Dh27,256 to Dh22,482 in 2016.
Half of the country’s property sector employees have received a hike in the past one year, with 51 per cent receiving an increase (compared with 57 per cent last year).
A small section of the sector’s employees (2 per cent) received a salary reduction (compared with 1 per cent last year), while the remaining 47 per cent experienced no change in salary (versus 42 per cent last year).
The survey highlights that the average salary increase has fallen since 2015, down from 11.2 per cent to 10.2 per cent in 2016.
On the bonus front, 46 per cent of the survey respondents received one, while 54 per cent did not receive any, the study says.
The average annual bonus of a real estate professional in the Middle East was Dh84,498 in 2015 (up from Dh84,103 the previous year).
The medium-term outlook for the UAE market is still strong, making it a choice destination for many property professionals from around the globe.
There is sound reason for optimism for the Dubai economy in particular, which has a strong fundamental base and an excellent track record for delivering high quality hospitality and retail projects.
In the real estate sector, major government funded projects such as the Creek Extension, Bluewaters and Dubai Parks & Resorts remain on track.
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