Full Sal Surv 09

8/6/2019 Full Sal Surv 09

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PROPERTY & THE BUILT ENVIRONMENT

The RICS & Mconl & Compny

MIddLE EaST SaLaRYSURVEY 2009

EXECUTIVESUMMARYK

EYFINDINGS


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Forewor

2008 and 2009 have proved to be unprecedented times or the real estate industry and the world economy as a whole.

The real estate industry has been in the eye o the storm, capital values have plummeted and confdence has been lower

than at any other time in recent history.

There are early signs o improvement in the world economy. Despite the climate, the job market has not and will not grind

to a halt. Many organisations are taking the opportunity to up skill or expand teams that have suered long term skill

shortages. Also, a new breed o proessional is entering the market, those who are profcient in maximising the value o realestate assets.

The results o the survey are clear: 19% o the respondents saw some orm o pay reduction last year; large numbers expect

reductions in 2009; bonuses have also been aected; benefts packages are being cut to save costs.

There is still confdence in the long-term prospects o the Real Estate market throughout the Middle East, with 46% o

respondents expecting an increase in economic activity in the next 12 months. Proessionals want to remain in the region;

however they are much more open to working outside o the UAE in comparison to previous years.

Willim Buck, He o Mile Est Opertions, Mconl & Compny (in ssocition with Unlimite Resources

Recruitment Supply), September 2009.

For urther inormtion or nlysis plese contct:E: [email protected] or cll one o our Mile Est oces.

A comprehensive online statistics package or the 2009 survey is available at a cost o USD $999.

In ition to the Mile Est, Mconl & Compny & RICS unertke remunertion n ttitues surveys or the

ollowing regions: UK, asi Pcic, aric n Europe, ll reports re vilble t www.mconlncompny.com

This year, or the frst time, the results have been collated and analysed by BluSky Research

(a research trading name o BluSky Marketing Limited www.bluskymarketing.com).

Introuction

Now in its third year, the Annual RICS and Macdonald & Company Middle East Salary Survey is the most comprehensive

Survey undertaken or the property sector in the Middle East.

The survey continues the success o earlier years. 2,083 Middle East real estate proessionals participated online in July

and August 2009, making this our highest ever response (versus 1,033 in 2008) and the largest and most comprehensive

survey o its type.

Thanks this year as always must go to the RICS and Cityscape Intelligence, who actively promoted their involvement in the

survey amongst their members. We would also like to thank all the participants who took time to complete the questionnaire.

Besides statistics on current salaries, recent salary increases, bonuses and employment package benefts, the results give

insight into wider issues that are important to real estate proessionals in their role and their attitudes toward employment.

This executive summary sets out the key fndings o the survey. Further analysis and inormation is available rom

Macdonald & Company.

2009 Executive Summary


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Largest response rate achieved ever with 2,083 survey responses (up 101% versus last year).

Average monthly base salary in USD is $10,340 (versus $10,667 last year).

Only 21% o respondents received a base salary increase (versus 71% in 2008).

The average bonus per year was USD$13,630 (down rom $15,446 last year).

59% o the survey respondents received no bonus whatsoever, 18% less than last year. Only 41% received any kind o bonus(down rom 59% last year).

24%ofrespondentshavebeenmaderedundantinthelast12months.

66% o those made redundant have already ound new jobs.

73% were paid a redundancy settlement equal to or more than the contractual amount.

Health insurance 75% (down rom 88% last year), ights 58% (last year 70%), perormance related bonuses 33%

(last year 51%) and mobile phones 40% (last year 45%) are still the most popular additional benefts provide in the industry.

The majority o survey participants (73%, down 6% versus last year) are airly or very satisfed with their current employment.

19% o respondents believe that the property market will get worse over the next 12 months, while 46% believe it will improve.

0

750

1,500

2,250

0

50

1,500

2,250

2007 2008 2009

0%

7%

13%

20%

27%

33%

40%

0%

7%

13%

20%

27%

3%

40%2007 2008 2009

Key Findings

Research Sample Profle

Response Rate TotalIn its thir yer, with 2,083

responents, the survey is the most

robust n respecte survey o its kin.

Response to the survey ws up 101%

on the previous yer.

Responents this yer re moreexperience rel estte proessionls

in comprison to previous yers, or

exmple 39% hve over 16 yers

experience versus 27% lst yer.

+ 101.6% yr/yr

THEMIdd

LEEaSTSaLaRYSURVEY2009

03

Years ExperienceHow mny yers experience o you hve in your iscipline?

www.macdonaldandcompany.ae

Up to 4 5-10 11-15 16-20 Over 20


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04

0% 7% 14% 21% 28% 35% 42% 49% 56% 63% 70%0% 7% 14% 1% 28% 35% 42% 49% 56% 63% 0%

Dubai

Abu Dhabi

Qatar

Bahrain

Saudi Arabia

Kuwait

Egypt

Other Emirates

Other

Normal place o work

Where is your norml plce o work?

0% 5% 10% 15% 20% 25% 30% 35% 40%0% 5% 10% 15% 20% 25% 30% 35% 40%

Africa/South Africa

Americas

Asia/Far East

Australasia

GCC

Middle East (Non GCC)

UK/Europe

2009 2008 2007

EthnicityFrom which o these regions

o you originte (Ethnicity)?

Middle East Regional ExperienceHow long hve you worke in the

Mile Est Region?

0%

8%

17%

25%

33%

42%

50%

0%

8%

17%

25%

33%

42%

50%

2009

0-1 years 1-2 years 2-3 years 3-4 years 5 years +

Those who presently work in dubi

(43%) n abu dhbi (19%) provie

the mjority o responses to the survey,

with n incresing infuence rom other

Mile Est countries.

NB. Responents re r more likely to

consier working in other Mile Est

loctions thn in previous yers.

62% o survey responents hve t lest

3 yers experience working in the region.

The brekown o survey responses rom

cross the vrious regions is consistent

with previous yers, excluing rop in

GCC ntionls.

2009 2008 2007

Bse: all giving n nswer (2007: 850. 2008: 1,033. 2009: 2,083)


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THEMIdd


05


2008 2009No. o % o No. o % o

Participants Participants Participants Participants

All Participants 1078 2083

Quntity Surveying 194 18.0% 249 12.0%

Project Mngement 93 8.6% 232 11.1%

architect 94 8.7% 140 6.7%

development Mnger 72 6.7% 123 5.9%

Commercil/Contrcts Mnger 87 8.1% 113 5.4%

anlyst/Reserch 34 3.2% 79 3.8%

CEO 19 1.8% 73 3.5%

Fcilities Mnger 23 2.1% 57 2.7%

Sles/Lesing 40 3.7% 57 2.7%asset/Property Mnger 16 1.5% 53 2.5%

Lnscpe architect 12 1.1% 50 2.4%

Vlution 31 2.9% 50 2.4%

CFO/Finncil director/Controller 26 2.4% 41 2.0%

Finnce Mnger/auitor 24 2.2% 41 2.0%

Helth n Sety 16 1.5% 39 1.9%

design Mnger 52 4.8% 37 1.8%

Investment Mnger 13 1.2% 37 1.8%

Urbn Plnner 19 1.8% 31 1.5%

FM director 26 2.4% 30 1.4%

Commercil agency 26 1.2%

Interior design 43 4.0% 26 1.2%

FM Opertions 30 2.8% 22 1.1%

Clims/arbitrtion 70 0.6% 19 0.9%

FM Consultnt 14 1.3% 19 0.9%

Progrmme/Plnning Mnger 16 0.8%

Urbn designer 19 1.8% 16 0.8%

Fun Mnger/CIO 11 1.0% 15 0.7%

Security Mnger 12 0.6%

FM Engineer 11 0.5%

FM Sot Services 3 0.1%

Humn Resources 23 2.1% 0.0%

Other 40 3.7% 208 10.0%

No Response 158 7.6%

Proessional ActivityWhich one o the ollowing best escribes your min proessionl ctivity?

as per lst yer, the min responses to the survey cme rom Quntity Surveyors (12.0%), Project Mngers (11.1%),

architects (6.7%), development Mngers (5.9%) n Commercil/Contrcts Mngers (5.4%). However, it is to be note

tht there is mrke increse in the number o proessionls whose min skill-sets re more ocusse on mximising

vlue rom existing ssets. This will increse s the mrket mtures rom being evelopment-le to sset-riven.


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06

Average Middle East Real Estate SalaryWht is your current monthly bse slry in $USd?

Middle East Real Estate Salaries

US$9.000

US$9.500

US$10.000

US$10.500

US$11.000

US$9.000

US$9.500

US$10.000

US$10.500

US$11.000

The verge bse slry o Rel Estte

proessionl in the Mile Est is USd $10,340

(38,040 aEd) per month. Tking this view n

in comprtive terms the verge slry hs

ecrese by 3.7% versus the previous yer,

though still 7.2% higher thn in 2007.

The verge slry ecrese hs been

consistently pplie cross the yers o

experience in the inustry.

0%

7%

14%

21%

29%

36%

43%

50%

0%

7%

14%

21%

29%

36%

43%

50%

2007 2008 2009

Consultancy Developer Contractor Investor OtherOwner/

operator

Financial

Services

Employer TypeWht is the min ctivity o the orgnistion?

2007 2008 2009


There is 6% increse in the number

o responents rom owner/opertors

versus the previous yer.


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07

THEMIdd


Only 21% o responents receive n increse in bse slry this yer, signicntly own rom 71% the previous yer.19%

receive slry reuction (versus 1% lst yer), while 37% experience no chnge in slry (versus 35% lst yer).


US$0

US$2.143

US$4.286

US$6.429

US$8.571

US$10.714

US$12.857

US$15.000

US$0

US$2.143

US$4.286

US$6.429

US$8.571

US$10.714

US$12.857

US$15.000

2007 2008 2009

Up to 4 5-10 11-15 16-20 Over 20

Change to Salary to last reviewWht chnge (i ny) ws me to your monthly bse slry t your lst py review.

19%

37%

2%

7%

4%

6%

2%

23% Reduced (+18%)

Unchanged (+2%)

Up by (5%) (-5%)

Up by 5-10% (-11%)

Up by (5%) (-5%)

Up by 15% (-22%)

Up not disclosed

No Response

Years Experience Average SalarySlry t lst review by yers experience within iscipline.


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08

Market SentimentSlry n responsibility re the most importnt ctors when it comes to job stisction, ollowe closely by job

security, creer progression n mngement style within the orgnistion.

Bonuses

Annual Bonuses Received

Wht ws the pproximte vlue o your annul Bonus(or Bonues) over the lst 12 months?

4%

59%

9%

8% 13%

7%

Nil (+18%)

Up to $4.9K 9% (-4%)

$5.0K - $9.9K 8%(-5%)

$10.0K - $24.9K 13% (-4%)

$25.0K - $54.9K + 7% (-10%)

$55K plus 4% (-3%)

59% o the survey responents receive no

bonus whtsoever, 18% more thn lst yer.

Only 41% receive ny kin o bonus (own rom

59% lst yer). The verge bonus per yer ws

USd$13,630 (own rom $15,446 lst yer).

Job SatisactionHow stise overll re you with your current job?

23%50%

18%

9%

Fairly 50% (-18%)

Not Very 18% (+2%)

Not at all 9% (+4%)

Very 23% (+12%)



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09

THEMIdd


The mjority o survey prticipnts (73%, own 6% versus lst yer) re irly or very stise with their current

employment. 18% sy tht they re not stise (up 2% rom lst yer). Interestingly, the oer o better slry is still the

most likely impetus or chnging job being cite by 71%, ollowe by creer progression 65% n job security 61%, o the

survey responents.


0% 10% 20% 30% 40% 50% 60% 70% 80%0% 10% 20% 0% 40% 50% 60% 70% 0%

Salary

Responsibility

Job Security

Career Progression

Management Style

Interesting Work

Working Environment

Training/Development

Location

Range of clients

Latest Technology

Travel Opportunities

Important Job AspectsHow importnt re ech o the ollowing to you in your job?

2009


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Macdonald & Company is the leing proessionl recruitment consultncy to the property inustry n built environment. We hve oces

in the Unite Kingom, dubi, Hong Kong, austrli n South aric enbling us to oer globl rech with locl knowlege. We ct or

iverse rnge o clients, these inclue evelopers, investors, institutions, property compnies, uns, bnks n consultncies inee ny

orgnistion tht occupies, owns, evelops, invests in, nnces or vises on property n construction. annul surveys o remunertion n

ttitues re unertken or the ollowing regions, UK, Mile Est, asi Pcic, Europe & aric. www.mconlncompny.com.

Macdonald & Company:

Ofce 206, Floor 2, Barsha Valley Building, Al Barsha 2, PO Box 282196 Dubai, UAE

T: +971 4 430 9233E: [email protected]

RICS is the worls leing quliction when it comes to proessionl stnrs in ln, property n construction. In worl where more n

more people, governments, bnks n commercil orgnistions emn greter certinty o proessionl stnrs n ethics, ttining RICS

sttus is the recognise mrk o property proessionlism. Over 100 000 property proessionls working in the mjor estblishe n emerging

economies o the worl hve lrey recognise the importnce o securing RICS sttus by becoming members.

RICS is n inepenent proessionl boy originlly estblishe in the UK by Royl Chrter. Since 1868, RICS hs been committe to setting

n upholing the highest stnrs o excellence n integrity proviing imprtil, uthorittive vice on key issues ecting businesses

n society. RICS is regultor o both its iniviul members n rms enbling it to mintin the highest stnrs n proviing the bsis

or unprllele client conence in the sector. www.rics.org.

RICS MENEA Ofce F07, Block 11, Knowledge Village, Dubai, UAE

Cityscpe Intelligence (CI) is the online inormtion service or investors, evelopers n senior proessionls ocuse on business to business

rel estte within emerging mrket Countries. CI oers n unrivlle resource o essentil n imprtil inormtion in one plce. The service

seeks to brige the inormtion n trnsprency gp tht exists in emerging mrkets n provie our subscribers the intelligence they nee to

help them mke key strtegic rel estte ecisions.

Cityscpe Intelligence hs over 1,000 reserch reports, the sttus o over 8,000 rel estte projects, news upte hourly rom over 2,500

globl sources plus key inustry interviews n mrket t on 18 emerging mrket countries, go to www.cityscpeintelligence.com to register

or ree tril n receive the weekly e-newsletter.

A comprehensive online statistics package or the 2009 survey is available at a cost o USD $999.

10

Further Inormation


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dUBaI

aBU dHaBI

LONdON

MaNCHESTER

HONG KONG

SOUTH aFRICa

York House, 20 York Street, Mnchester M2 3BB

T: +44 (0) 161 605 0500 F: +44 (0) 161 605 0505 E: [email protected]

40 dover Street, Myir Lonon W1S 4NW


Oce 206, Floor 2, Brsh Vlley Builing, al Brsh 2, PO Box 282196 dubi, UaE

T: +971 4 430 9233 F: +971 4430 9232 E: [email protected]

10th Floor, al Gith Tower, airport Ro P.O. Box 128161, abu dhbi, UaE


Glenegles House, Firwy Oce Prk, 52 Grosvenor Ro, Brynston, South aric

T: +27 11 361 5900 F: ++27 11 706 6713 E: [email protected]

www.mconlncompny.e

16th Floor, 1 duell Street, Centrl, Hong Kong

T: +852 2248 3000 F: +852 2526 9150 E: [email protected]

Full Sal Surv 09

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