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HONG KONG, April 3, 2014 /PRNewswire/ -- RICS (Royal Institution of Chartered Surveyors) and Macdonald & Company announced the findings of the annual Asia Rewards & Attitudes Survey 2014 today. The report indicates a decrease of 3.4% in the average salary of real estate professions in Asia though 55.8% of respondents received an average of 10% increment in base salary. Malaysia leads Asia region with a salary growth of 11%. Salary increases in Hong Kong and Singapore have averaged 9.2% and 9% respectively, while mainland China at only 7%.
Survey findings show that the average salary for Asian region has decreased by 3.4%, at around US$96,087, or approximately HK$749,479, chiefly due to a significant 21.4% decrease in Executive Director/ MD/ CFO/ COO levels. Despite the lagging salary growth in the region, professionals in mainland China enjoy the highest average salary per annum (around US$138,400, or approximately HK$1,079,520) when compared to Singapore (around US$125,580, or approximately HK$979,524), Hong Kong (around US$98,929, or approximately HK$771,646), and Malaysia (around US$71,804, or approximately HK$560,071).
Respondents with RICS qualification working in the Asian Real Estate markets continued to secure a 42% higher salary against those who are not professionally qualified (US$73,861, approximately HK$575,765) though their average salary dropped 13% year on year to US $105,159 (approximately HK$820,240).
Although salaries are rising healthily in majority, a surprising 62% of respondents say they are fairly likely or very likely to change jobs in the next 12 months, which is up from 60% last year. Findings show that salary remains the primary factor when it comes to job satisfaction at 75%, although it is down from 78% last year followed by management style at 69%, which increases 1% annually.
More respondents across the region predict growing economic conditions in their respective markets than previous 12 months. 48% of respondents anticipate increase in economic activity compared to 40% last year, while 11% believe it will decrease (down from 12%). Overall, the Asian region is demonstrating an improvement in economic activity or business sentiment. Those working in Singapore are generally the most optimistic with 55% anticipating an increase in economic activity. Only 40% of those working in China anticipate an increase.
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."
Mr 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."
