RICS and Macdonald & Company Asian Real Estate Market Salary, Benefits and Attitudes Survey 2010
HONG KONG, Nov. 9, 2010 /PRNewswire-Asia/ -- RICS (the Royal Institution of Chartered Surveyors) and Macdonald & Company announced the results of the annual Asian Real Estate Market Salary, Benefits & Attitudes Survey today. The survey reveals professionals in mainland China reported the highest growth in their annual salary, outperformed its Asian counterparts but professionals from Singapore remain earning the highest average salaries of US$103.1K (HK$800K) in the region followed by those working in Hong Kong (US$98.7K or HK$765.4K).
66% more pay with RICS membership
This year's survey results emphasize the key patterns in real estate related activity in the last year. Echoed with results from previous years, it reveals that qualified members of RICS earn 66 % more than non-chartered property-professionals. The average base salary of a real estate professional in Asia is US$95,554 (HK$741,403) per year. Taking this view and in comparative terms the average salary has increased by 22.3 % versus the previous year, which could also be attributed to the higher percentage of respondents with more experience and responsibility within an organisation.
Despite of the underlying uncertainty in global and local sentiment, there are areas of the real estate market in Asia that have thrived and businesses that have grown far faster in recovery than others. The contrast between institutional investors and service providers is startling, and the surging growth in salaries recorded in mainland China contrasts with relatively low growth in Singapore and Hong Kong.
Traditional activities of real estate service providers, such as quantity surveying, valuation, consultancy and leasing have seen increases in average salaries of 36-63%, reflective of shooting fee incomes created in no small part by the continued explosion in mainland China development.
| Average Salary US$K pa | 2008 | 2009 | 2010 | +/- Yr/Yr |
| All participants | $65,267 | $78,089 | $95,554 | 22.4% |
| Fund Management | NA* | $148,755* | $135,797* | -8.7% |
| Asset Management | $91,702* | $129,332* | $123,566* | -4.5% |
| General Practice / Consultancy | $59,836* | $82,219* | $120,434* | 46.5% |
| Corporate Real Estate | $106,388* | $131,427* | $113,645* | -13.5% |
| Leasing / Commercial Agency | $84,962* | $74,187* | $100,943* | 36.1% |
| Comm'l / Resid'l Development | $64,618* | $85,009* | $97,821* | 15.1% |
| Architecture/Design | NA* | $82,750* | $95,374* | 15.3% |
| Project Management | $70,835 | $95,579 | $90,930* | -4.9% |
| Facilities Management | $55,911* | $66,664* | $85,150* | 27.7% |
| Quantity Surveying | $59,715 | $42,376 | $69,255 | 63.4% |
| Valuation | $53,791* | $37,882 | $53,281* | 40.6% |
| Building Surveying | $49,287* | $45,734* | $43,949* | -3.9% |
| Academic | $40,628** | $48,750** | NA** | NA |
| Base: All giving an answer: 2008 = 1,015; 2009 = 1,536, 2010 = 949 (* base <100; ** base < 20) | ||||
Mr Robert Peto, President of RICS, commented:
"This is a solid proof that taking the time to qualify as a chartered surveyor is of great value for an individual's future in the profession. There are a large number of vacancies where being a qualified chartered surveyor is a pre-requisite. Our report today proves that being a qualified RICS member brings rewards in the form of better career opportunities and earning potential."
Mr William Glover, International Director, Macdonald & Company Property Limited:
"The 2010 salary survey confirms that the recovery in the Asian real estate market is as a result of domestic Asian growth. This is particularly true in mainland China, but the majority of that growth has been driven by Asian developers and property companies rather than the global investors we saw pre 2008. Prospects for real estate professionals in Asia remain strong and the survey also confirms the advantages gained by undertaking professional RICS qualifications."
For complete version of property salary report, please click on:
http://www.ricsasia.org/newsDetail.php?id=267®ionID=0
For event photos, please download from: http://creativegp.com/RICS/ForMedia.zip
About RICS & RICS Asia
RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 150,000 members globally and represents, regulates and promotes the work of property professionals throughout 146 countries.
The RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
About MacDonald and Company
Macdonald & Company is the leading professional recruitment consultancy to the property industry. Macdonald & Company deals exclusively in the recruitment of property professionals across the UK and worldwide. They act for a diverse range of clients. These include banks, consultancies, property companies, funds, institutions, developers -- indeed, any organisation that occupies, owns, invests in or advises on property. For more details, please visit our website: www.macdonaldandcompany.hk
Media enquiry, please contact:
RICS Asia Public Relations Representative
Ms Belinda Chan / Ms Ava Lau
Tel: +852-2372-0090
Fax: +852-2372-0490
Mobile: +852-9379-3045 / +852-9829-2913
Email: belinda@creativegp.com / ava@creativegp.com