Despite the global downturn, survey reveals that pay for property professionals has risen in region
Property professionals working in the Asia Pacific region have seen a rise in average salaries throughout 2008, despite the global financial turmoil, a report published today has shown.
The RICS and Macdonald and Co Asia Pacific Salary and Benefits Survey showed average salaries growing at 10.1% in 2008, compared with 9% in 2007.
The report attributed this to large increases in the Chinese market, with Malaysia, Singapore, Hong Kong, Australia and New Zealand all experiencing reduced salary growth.
Property professionals in Australia and New Zealand noted the smallest rise in salary, with a growth of 6.9% and 5.3% respectively, compared with their Chinese counterparts, who witness the largest salary increase this year, with salaries rising by 16.2%.
Respondents working in the building surveying profession saw the highest average increase in salary, jumping from 7.7% in 2007 to 16% in 2008. The salaries of quantity surveyors also continued to rise, growing at a consistent 10.8%, compared with 9.7% in 2007.
Sixty-eight percent of respondents received an average bonus of US$14,137 in 2008, down from US$17,633 in 2007. Property Developers saw the biggest drop with bonuses falling on average from US$57,188 in 2007 to US$9,585 in 2008.
In a notable contrast from 2007, only a quarter (26% compared with 57% in 2007), of Property Professionals anticipate an increase in economic activity over the next 12 months, with 40% expecting activity to remain the same, and a third (34%, up from only 6% in 2007) anticipating a decline.