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Dubai: A 13 per cent surge in salaries in the real estate sector in the Middle East could improve the quality and the speed of delivery on projects, a survey conducted by MacDonald & Co said.
International director William Buck said the hike would increase standards in all sectors of the real estate market and possibly address a shortage of skills in certain areas.
According to the survey, 94 per cent of the respondents were employed on a permanent basis compared to 91 per cent in 2007. Those currently employed work most frequently in consultancy. Forty-five per cent are employed as consultants, a two per cent increase compared to 2007, 27 per cent as developers registering a four per cent increase since last year and 12 per cent were employed as contractors.
Seventy per cent of those polled worked in Dubai, a four per cent increase compared to last year, three per cent worked in Qatar, three per cent in Bahrain, two per cent in Saudi Arabia, and two per cent in Kuwait.
Compared to last year, those who took part in the study were less likely to originate from the region. Only 18 per cent hailed from the Middle East, compared to 20 per cent last year.
Nationalities
Most employees hailed from the UK, Europe, Asia or the Far East.
The number of employees from the Americas and Australasia also increased compared to last year.
"Real estate in the Middle East is a well-paid sector and what is significant is that one in three workers have been in the region for two years or less and there are more and more applicants from the UK, the US and Europe. So it seems a new batch of workers is coming in," he said.
The surge of new workers would also bring with them skills which would help raise standards in the industry.
"There will be better quality, it will raise standards. Because of the huge boom in the industry the market is still finding it difficult, there is still a shortage of certain skills. The increase in salary levels in the sector will help," Buck said.
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