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RICS announces results of salary & benefits survey 2008

RICS announces results of salary & benefits survey 2008

Hong Kong - The Royal Institution of Chartered Surveyors (RICS) and Macdonald & Company today announced the results of the Asia Pacific Salary & Benefits Survey 2008. Highlights of the results are as follows:
Average salary of professionals working in the property sector is US$65,267 excluding bonuses and other benefits, which constitutes a significant drop against US$82,636 reported in the previous year.
Average annual salary for MRICS / FRICS professionals is US$87,888, compared to US$51,581 for non-members: members' salaries are 70% higher on average than non-members (compared to 43% higher in 2007). In part this reflects the older age profile (43 vs. 32) and corresponding levels of experience of RICS members.
A major factor which has contributed to this drop was the challenging operating environment in the Financial Services and Investment/ Development sectors since 2007. Average salaries and bonuses appear to have fallen most amongst Directors and Principals / Owners categories during the survey period, suggesting that senior professional are losing out in particular in difficult market conditions.
Overall, professionals from Singapore have the highest salaries in the region, where PRC professionals reported the highest salary increment amongst AP countries at 16.2% increase (versus 9.5% in 2007). Professionals from Hong Kong reported minimal (0.1%) increment in salaries and benefits in the survey.
Fewer participants saw their salary go up since the previous survey period at their most recent pay review - just under two thirds (63%) reported an increase, compared to 71% a year ago. Conversely, 7% reported a decrease in salary, compared with only 1% last year. However, the average increase, where granted, was very slightly higher at 10.1% (compared to 9% in 2007).
The Salary & Benefits Survey was jointly presented by RICS and Macdonald and Company and conducted, through online questionnaires, by an independent research firm. A total of 1,090 completed questionnaires were received from real estate professionals in Asia Pacific between 12th September and 13th October 2008 from which detailed analysis was conducted, rendering the undertaking one of the most informative surveys on the region.