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A Golden Age For Real Estate Salary Hikes Is On The Wane

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Those who didn’t get a raise in 2021 are in the minority and may be out of luck now.

According to data from Macdonald & Company’s annual salary survey of more than 7,000 real estate professionals around the world, last year was the year with the highest salary increases on record, especially for whites.

But wage increases in recent weeks have lost momentum due to uncertainty caused by inflation, rising interest rates and the war in Ukraine.

“In London, we’re seeing employees aware of the potential cooling in market activity,” said Nathan Wakelum, regional recruiting chief at McDonald’s & Company. may not ring much, but the baseline of activity remains high, ensuring that the most talented individuals and skill-based salaries remain high. People could continue to experience double-digit salary increases.”

Last year’s data on UK wage growth is impressive. In 2021, the median UK property salary rose by £7,500, or 15%. This is one of the largest increases in the survey’s 20-year history.

Annual salary reviews and promotions over the past two years had been put on hold by cautious employers at the height of the pandemic, so it was no surprise that the market bounced back and was rewarded with much-needed salary increases. the company said.

What’s the best tactic to get a raise in 2021? Quit or threaten to quit. According to Macdonald & Company, candidates who did it got an average raise of 20%, making him a third higher than the average. If the market softens, we expect such gains to be reserved for the most popular skills.

There is an important caveat here. Statistics only apply if you are white.of Gender pay gap decreased in 2021 — in this case measured by the difference in average salaries between men and women.

However, non-white professionals received an average salary increase of £4,000. That’s only about half of white professionals.As a result, the UK real estate industry Ethnic wage gap Increase: The average salary for white professionals was £77,500 compared to £52,750 for non-white professionals.

Today’s salary picture isn’t as optimistic as last year, but it hasn’t completely fallen off a cliff. McDonald’s & Co.’s new vacancy orders in the first half of 2022 are down from the same period last year, but he’s down just 6.5% when compared to unprecedented activity in 2021.

“Real estate is a big church and an industry that takes pride in weathering the storm.” McDonald’s & Company Director Nicholas Carman said. “The biggest employers are the advisory market, and these global companies in particular will be the first to cut to suit local market conditions.”

The company has seen a decline in activity in the investment advisory market. However, countercyclical markets such as wealth management, wealth management and trustees remain active, he said.

“Similarly in development, as seen in 2020 and the early economic wave of 2008-2010, the prospects for sales or lease values ​​were depressed, prompting these organizations to underestimate the potential value of their plans. We will invest the most in maximizing the -add development skills will be most appreciated,” Carman said. increase.

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