Acute shortage of skilled professionals is a threat to the booming realty market of the Gulf, reports a study conducted by the University of Wollongong in Dubai (UOWD).
As per the study, it was found that developers are struggling to recruit sufficient qualified workforce, despite offering excellent salaries and high benefit packages.
According to a survey by Macdonald & Company, a recruitment consultancy, salaries in the realty sector saw an increase of 22% last year. More than 90% of employees received additional perks, and performance-related bonus, apart from health insurance, and annual travel allowances.
The Chairman of UOWD’s College of Undergraduate Studies, Lejla Vrazalic, said “Our study reveals that most developers find it difficult to find trained professionals to take up challenging positions. At this juncture, there is strong need for trained and focused professionals who direct and execute projects to meet global standards.”
According to a study by Colliers International, more than 16.35mn Square Meters of Gross Leasable Area (GLA) is likely to be added in the GCC by the year 2010.
The highest increase will be seen in the UAE contributing 44%, followed by Saudi Arabia with 30%, out of the total GLA, expected to come up by 2010. Kuwait will be the third largest provider, constituting 10% of the supply, followed by Qatar at 8%, Bahrain at 7% and Oman at 1%.
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