Dubai real estate salaries set to grow amid new boom
Salaries in Dubai's property and construction industries are forecasted to climb gradually over the next several months amid a fresh property boom within the emirate, as shown by a recruitment expert.
A new report by Macdonald & Company said the Dubai real estate market shows no sign of slowing down, saying new projects are "launched by private and government developers alike on a weekly basis".
It added that the UAE's bid to win the World Expo 2020 event - with a decison looming next month - will be a "crucial factor in maintaining this positive sentiment", the company said.
The company added the remarks are derived from data taken from the annual Middle-east Salary Survey 2013 jointly with the other regional Macdonald and Organization studies in the UK, Europe, Asia and Africa.
"Many long term developer and consultancy clients are now beginning to hire mid to senior level individuals again for feasibility studies and due diligence, design and planning and development and delivery roles," said Ben Waddilove, director, Macdonald and Company.
"Salary levels are holding firm in general, and we predict a steady increase in the coming months in line with inflation," he added.
Macdonald and Company's statement also mentioned the present market sentiment is "really strong" and is significantly more money driven compared to the debt driven bull run of 2007/2008.
Nevertheless it added the "greed factor" is yet again very obvious.
Recent offplan launches from Nakheel and Emaar and other private builders have sold out very promptly.
"Let us hope that the off-plan development model is more sustainable this time around. Prices are again rising rapidly despite the government's best efforts to curb speculation in the sales market and to curb large rent increases," the report said.
"The whole industry is eagerly anticipating the November decision on who will host World Expo 2020 as industry analysts are saying that a UAE win could drive in more growth and confidence for the local real estate market," it added.
The statement also stated there continues to be a comparatively large pool of labour within the Middle East and North Africa (MENA) region and there remains great demand for Arabic speaking applicants with expertise of areas of the creation life-cycle.
"However, there is also a strong supply of qualified candidates from the UK, Europe and the US that are still seeking opportunities here, although we have recently noticed a slight decrease in numbers applying as these economies recover," the report said.
Waddilove added: "Professionals are still very attracted to this region for financial, career and family reasons. The current situation is definitely improving and we expect that the Gulf States will continue to achieve significant GDP growth next year."
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