The average base salary of real estate professionals in Asia is US$95,554 per year, a 22.3% increase versus the previous year, according to the annual Asian Real Estate Market Salary, Benefits & Attitudes Survey.
Real estate professionals from Singapore remain earning the highest average salaries of US$103,100 in the region followed by those working in Hong Kong (US$98,700), finds the study conducted by the RICS (the Royal Institution of Chartered Surveyors) and Macdonald & Company.
The study notes that real estate professionals in mainland China reported the highest growth in their annual salary, outperforming its Asian counterparts.
This year's survey results emphasise 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 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 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 study notes that 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.
"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," says William Glover, International Director, Macdonald & Company Property Limited.