Dubai real estate salaries set to rise amid fresh boom
Wages in Dubai's real estate and building industries are expected to rise gradually over the next several weeks amid a brand new property boom within the emirate, as shown by a recruiting 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 firm added that the remarks are based on information taken in the annual Middle-east Salary Survey 2013 together with the other local Macdonald and Business surveys in britain, 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 stated the current market feeling is "very powerful" and is a lot more cash driven as opposed to debt driven bull run of 2007/2008.
However it added that the "greed factor" is once again really evident.
Recent off plan launches from other private developers and Nakheel and Emaar have sold out very fast.
"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 report also said there continues to be a relatively large pool of labour in the Middle-east and North Africa (MENA) area and there remains great demand for Arabic-speaking candidates with experience of facets 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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