‘Dubai real estate market shows no sign of slowing down,’ says Macdonald and Company
09 October 2013 - The Dubai real estate market shows no sign of slowing down as new projects are launched by private and government developers alike on a weekly basis and the UAE’s bid to win the hosting of World Expo 2020 is a crucial factor in maintaining this positive sentiment, according to the following commentary from Macdonald & Company, a leading property recruitment specialist. The commentary is released today (October 9, 2013) during this year's edition of Cityscape Global, the Middle East’s largest and most influential property event, which will run until October 10, 2013 at the Dubai World Trade Centre (DWTC). It is based on data taken from the annual Middle East Salary Survey 2013 together with the other regional Macdonald and Company surveys in the UK, Europe, Asia and Africa, which were also completed in collaboration with 'The Royal Institution of Chartered Surveyors' (RICS).
“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.”
The current market sentiment is very strong and it is certainly much more cash driven than the debt driven bull run of 2007/2008. The ‘greed factor’ is once again very evident and industry participants are wondering how sustainable and long term this market is. Recent off plan launches from Emaar and Nakheel and other private developers have sold out very quickly. 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 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.
There is still a relatively large pool of labour in the Middle East and North African (MENA) region and there remains good demand for Arabic speaking candidates with experience of all facets of the development life cycle. Long term employment history with blue chip consultancies or developers is favoured along with a spell in a developed market too. 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 Arab spring has of course hugely benefited Dubai with large amounts of cash seeking investment opportunities here as well as families seeking employment and political stability here. We have benefited as the choice tourist destination for GCC travelers (taking market share from Egypt, Syria and Lebanon).
“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. Macdonald and Company remains committed to providing an honest and value added service to both clients and candidates alike. We apply local knowledge with true global connection through our offices in Asia Pacific, MENA and the UK and South Africa. Our specialist teams act for every class of organisation owning, occupying, financing or advising on property, construction and engineering. We are the preferred recruitment providers for the RICS," concluded Waddilove.
For further discussion about career advice or advice on the current employment market and opportunities please contact us at Macdonald and Company Offices Office 403, Code Business Tower, Al Barsha 1 Dubai, www.macdonaldandcompany.com +971 4 378 5600