Kuwait Real Estate News
Kuwait realty professionals earn ten percent more than their counterparts
A report by MCDonald and Company (a recruitment consultancy) states that real estate professionals in Kuwait are earning an income that is ten percent more than their counterparts in the Middle East.
The report suggests that this could be due to high demand and increased competition, faced by Kuwait, for skilled talent in the growing construction industry. The State of Kuwait owns projects worth $211 billion, which is approximately twenty percent of the total value of projects in the GCC.
The International Director of Mcdonald & Company, William Buck, expressed his opinion that more number of Dubai based realty companies, coupled with higher bonuses, salaries and fringe benefits in Kuwait, could contribute to strong regional competition for the limited skilled professions. And, in particular the high inflation rate in Dubai, which adds up to high cost of living, is a contrast to the lower living costs and higher salaries in Kuwait. This factor is certainly influencing people.
There have been recent cases reported, wherein realty professionals have chosen jobs in Kuwait, over other emirates, purely for financial reasons. However, there are the others who choose Dubai, as it offers an opportunity to work in prestigious projects in the region and has an attractive lifestyle.
Buck said that the Kuwaiti companies are competing to find skilled talents for occupying major roles as there are investments being made continuously, whether foreign or local. The professionals are aware of the fact that living in Kuwait represents a lifestyle change and has a more competitive package to offer. Aspire, the Dubai-based company recently spread its wings to sales and property management too, through acceptance of a multi-billion dirham project 'The world' leading to more competition to fill new development and technical roles.
Harshit Kantaria, Managing Director, says that real estate is booming throughout the world, and Dubai is competing with other regions in the Middle East, Asia and India for talented workers. The competition now is much more than the way it was four years back. As of now, for instance, it is even more difficult for a company in Dubai to hire a real estate professional from a country such as India, as they have good opportunities in their own country.
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