02
2010 ExECutIvE SuMMARy
Introduction
Now in its third year, the 2009/2010 RICS and Macdonald & Company European Property Market Remuneration Survey
is the most comprehensive survey undertaken for the property sector.
The survey continues the success of earlier years. 1,195 European real estate professionals participated online in
December 2009 and January 2010, making this our highest ever response (versus 803 in 2008) and the largest and
most comprehensive survey of its type.
Thanks this year as always must go to RICS Europe and Property Week Global who actively promoted their involvement in
the survey amongst their members. We would also like to thank all the participants who took time to complete the survey.
Besides statistics on current salaries, recent salary increases, bonuses and employment package benefits, the results give
insight into wider issues that are important to real estate professionals in their role and their attitudes toward
employment. This executive summary sets out the key findings of the survey.
For the first year, we can now provide an easy-to-use online access to the full results, for more information contact
Macdonald & Company.
Foreword
2008 and 2009 have proved to be unprecedented times for the real estate industry and the world economy as a whole.
The real estate industry has been in the “eye of the storm”, capital values have plummeted and confidence has been lower
than at any other time in recent history. Europe has not been immune to this, but there has also been a marked recovery in
some markets and countries. In contrast, institutional investment and new development has slowed.
There are signs of improvement in the world economy, but confidence and availability of capital continue to severely affect
the real estate market in all areas and sectors.
Despite the climate, the job market has not and will not grind to a halt. Many organisations are taking the opportunity to
expand teams that have suffered long term skill shortages. There has been a surge in cost saving amongst occupiers leading
to an expansion of outsourcing, especially amongst FM service providers. There has also been a push on leasing, marketing
and managing of existing development schemes.
The results of the survey are clear: over 14% of the respondents saw some form of pay reduction up from 2% last year; large
numbers expect reductions this year; bonuses have also been affected; benefits packages are being cut to save costs.
There is still confidence in the long-term prospects of the Real Estate market throughout the European region, with 45% of
respondents expecting an increase in economic activity in the next 12 months. Professionals want to remain in the region and
are confident that the region will be at the forefront of any sustained global recovery.
Robert Cottrell, Senior Associate – Europe, Macdonald & Company, January 2010
For further information or analysis please contact:
E: salarysurvey@macdonaldandcompany.com or call our London office (+44-207-629-7220).
A comprehensive online statistics package for the survey is available at a cost of null599.
In addition to the European version, Macdonald & Company & RICS undertake remuneration and attitudes surveys for the
following regions: UK, Middle East, Africa and Asia, all reports are available at www.macdonaldandcompany.com
This year, for the first time, the results have been collated and analysed by BluSky Research, a research trading name of
BluSky Marketing Limited – www.bluskymarketing.com).
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