7 April 2014

Real estate professionals in Singapore see salaries jump 9%

The Royal Institution of Chartered Surveyors (RICS) and professional recruiters Macdonald & Company have announced that average salaries for real estate professionals have shrunk over 2013 as part of the findings of the annual Asia Rewards & Attitudes Survey 2014. 

The report found average salaries fell 3.4% for real estate professions in Asia, at around US$96,087, chiefly due to a significant 21.4% decrease at the Executive Director/ MD/ CFO/ COO levels. 

This occurred despite 55.8% of respondents receiving an average of 10% increment in base salary. Malaysia leads Asia region with a salary growth of 11%. Salary increases in Singapore have averaged 9%.
Professionals in mainland China enjoy the highest average salary per annum at around US$138,400 when compared to Singapore at around US$125,580, and Malaysia (US$71,804).
Respondents with the RICS qualification working in the Asian real estate markets continued to secure 42% more salary against those who were not professionally qualified (US$73,861) though their average salary dropped 13% year on year to US$105,159.

More than six in ten (62%) of respondents say they are fairly likely or very likely to change jobs in the next 12 months, which is slightly up from 60% last year. Salary remains the primary factor when it comes to job satisfaction as voted by 75% of respondents.

Overall, the Asian region is demonstrating an improvement in economic activity or business sentiment. More respondents (48%) across the region are predicting a growing economy in their respective markets compared to the previous 12 months (40%). Those in Singapore are generally the most optimistic with 55% anticipating an increase in economic activity.

The survey also showed that the construction industry in Hong Kong and Singapore is buoyant and developers in both locations have continued their plans in mainland China.
Dr Daniel Ho, RICS Governing Council member cum Chairman, RICS Hong Kong commented: "It is the 8th year that RICS commissioned this survey in Asia. The results give property professionals and clients valuable guidance on the industry trend on work attitude and level of rewards which helps career and business plans. I am glad to see that respondents expect an optimistic economic growth in the region and hiring intention is on the rise. 

"The property sector faces a shortage of surveying professionals in different areas. We urge for more investment of resources into education and training to meet this need. RICS is committed to setting and upholding the highest standards of the industry and its members. We are happy to know that our qualification enables members to secure significantly higher rewards."

William Glover, International Director, Macdonald & Company said: "Macdonald & Company is delighted to extend its work with RICS in Asia into its eighth year. This year's results are revealing in that over 60% of staff consider it likely that they will move jobs over the next year. It is, therefore, imperative that managers take care to plan ahead and provide the right environment for their staff to thrive in their businesses."

The full survey report is available at: http://www.macdonaldandcompany.com/Salary-Survey

*The RICS and Macdonald & Company Asia Rewards & Attitudes Survey is an annual survey done by RICS and Macdonald & Company. It is the most comprehensive survey undertaken for the property sector. 1,525 Asian real estate professionals participated online between November 2013 and January 2014, representing an increase of 16.6% respondents compared with last year.