The average salary of experienced professionals in the region’s real estate sector has now surged to almost AED 725,000 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 AED 60,400, up from AED 59,484 in 2015.
That works out to AED 724,800 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, a report on Emirates 24|7 says.
Average salaries for Real Estate in Middle East
The average monthly salary for the real estate professionals in the Middle East was AED 44,392 with annual bonuses averaging AED 84,498.
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.
75 percent satisfied with current employment
The majority of the real estate professionals (75 per cent) are satisfied with their current employment and salaries even as the employment market remains cautious due to the decline in oil prices, said a survey.
Although the survey shows that 75 per cent of respondents are satisfied with their current employment, there are mixed sentiments regarding overall market confidence, and the employment market remains cautious due to the decline in oil prices which are forecast to remain in the $30-50/barrel range for some time to come.
In such a scenario, about 15 per cent of respondents said they considered returning to their country of origin.
However, since much of the business activity is driven by government spending, and while longer term measures such as VAT are definitely in the pipeline for the next few years, accumulated government reserves will cover short-term funding requirements, stated the report.