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Realty firms may restart hiring in Q4 or early 2010 |
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Thursday August 6 2009
Real estate companies in Dubai may start hiring again when they
re-launch some of the projects in fourth quarter or early next year,
according to a recruiting consultancy.
"Companies in the region
have been hiring. Roughly 25 per cent of the respondents to our salary
survey for the year had been made redundant but have found jobs in
Saudi Arabia, Qatar and Abu Dhabi," said Matthew Taylor, International
Director, Macdonald & Company. The slowdown in Dubai's real estate
market saw a large number of companies such as Nakheel, Damac
Properties, Emaar Properties and a score of mid-size developers making
a number of their employees redundant.
Taylor said the average salaries of real estate professionals had declined, but a specific percentage could not be given.
"It
is very difficult to give a percentage decline now as we are still
conducting our survey. But salaries have decreased this year due to
global economic situation and correction in realty sector," he added.
In
2008, the average monthly salary of professionals working in the
property sector was Dh39,181, an increase of 10.7 per cent from 2007's
Dh35,394, including basic salary, housing and transport allowances, but
excluding bonuses and other benefits.
The past 12 to 18 months
have driven speculators away and financing (for developers and
investors) is much harder to come by. This will ensure that
developments, particularly residential, will be geared more towards the
end user in the future.
Lots of developers are now nearing
completion on their flagship projects and looking for specific
skills-sets to help them manage their completed buildings in an
efficient and cost-effective way.
Specialised departments such
as facilities, asset and property management are likely to be either
expanded or created as the focus of the market changes from delivery to
management. Office agency and leasing teams will be more in demand as
the market becomes more competitive with more products available.
The
focus within construction has also changed direction towards
cost-saving, meaning that skilled commercial managers, claims
professionals and accountants are more crucial than ever.
"There
is still recruitment activity in the market as top talent will always
be needed. As we predicted this time last year, we are seeing new
skill-sets coming into the market as well. In global terms, the Middle
East is a very progressive region economically, but the real estate
market is still emerging and is therefore bound to face some difficult
times along the way," said William Buck, International Director,
Macdonald & Company.
According to Taylor, companies are looking to fill in their top management with good talent with local experience.
"Besides
streamlining, companies are looking at hiring effective and efficient
people – a strong leader – to help steer their company through the
tough times," he said.
Source: Emirates 24/7
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