Real estate salaries remained flat in 2023

Real estate professionals in the UK received a 0.1% increase in salary in 2023, according to a survey from recruitment specialist Macdonald & Company. The firm’s Salary, Rewards & Attitude Report showed a global average salary for real estate professionals of $76,390 (£59,345), a 2.1% increase on the previous year. In the UK, salaries increased by just 0.1% to an average of £60,000 a year. Those working in the investor/fund/REIT sector had the highest average salaries at £90,000 a year, followed by investment banking and corporate, at £80,000 a year. Agents and consultants were the lowest paid, with a median salary of £45,000. Investors took home the biggest bonus packages at £50,000, followed by developers (£20,000) and technologists (£14,000). Moving to a new employer remained the most gainful method of getting a salary boost, said Macdonald & Co, with an average salary uplift of 24.9% (23.1% in the UK). A promotion gained an average uplift of 17.6% (15.8% in the UK), while an annual pay review led to a 7.3% (6.6% in the UK) increase. The report also revealed that one in five employees had received a pay increase as a cost of living/inflation adjustment. The global average was an uplift of 6.4%, just over the global inflation rate of 5.8%. UK professionals were largely negative on their careers last year, with 17% saying they felt flexible working had had a negative impact on their career development, particularly for those in junior or assistant level positions. Some 13% said they felt undervalued and cited remuneration and workplace culture as the reasons for that. Fewer respondents are expecting to see headcount growth among their businesses this year. Some 46% said they expected an increase in headcount, compared with 52% last year. Global chief of Macdonald & Company Peter Moore said: “2024 is a year of navigating unknowns, demanding agility, strategic foresight and an adaptable, forward thinking workforce. The overriding theme this year is one of a settling working landscape since the disruption of the pandemic and resulting global economic difficulties.” He added: “Business leaders globally, are determined to move back to a more structured work environment with more positive face-time with colleagues.” Read the report in full >> Image © Universal Images Group/Shutterstock