What has Dubai Real Estate got in store for a Job-Seeker?
Dubai, often known as the ‘heart of Gulf’ is one of the most prominent emirates in the UAE. With booming economy and plentiful job opportunities Dubai has set a trend of public inclusive growth in its work spheres.
The strength of Dubai’s economy lies in some rudimentary yet significant reasons.
- The geo-economies of Dubai and the combination of Eastern and Western cultures makes it easier for firms to establish a profitable market in the emirate.
- The legal and judiciary system in Dubai has succeeded in providing adequate security for business and FDI.
- Availability of world class infrastructure and expertise in every field.
Out of all the sectors, real estate has been under the lime light for being one of the most heavily employing industries, not only in Dubai but all across the UAE.
Dubai- the home to real estate marvels like the Burj Khalifa, Dubai Marina, Palm Jumeirah and Dubai land has commercial and residential real estate projects blooming in each its corner.
The discussion to follow will talk about the prominence of the construction and real estate sector in Dubai along with the job opportunities it offers at present.
Real Estate in Dubai
Like in other countries across the globe, the real estate market in Dubai was deeply affected by the global financial crisis. But a ‘bubble comeback’ associated with renewed development activity in the emirate accounted for a re-growth of this sector.
The recovery boosted prices in Dubai with the emirate being amongst the world’s strongest real estate markets in terms of performance during 2013.
With restored confidence in the real estate market, substantiated by the successful bid for Dubai EXPO 2020, property prices in Dubai have been increasing at a fast pace.
Builders and developers in Dubai have commenced work on mega projects to complete their share of development much before 2020.
An astounding figure of Dh 25 billion is expected to be invested in infrastructure-related projects during the run-up to the world exposition.
Under construction projects like Al Habtoor city, Jewel of the Creek, Dubai Water Canal, Deira islands, Al Mamzar beach project etc. bring much to the joy of job-seekers with nearly 277,000 jobs being created in them.
With the residential segment of Dubai real estate witnessing continued demand from the global investors, the market has witnessed numerable new project launches and announcements. Contracts worth US $ 5.4 billion have been awarded during the first half of the year 2014. This has boosted the chances for those who are looking for jobs in real estate.
Growth in the retail market is clearly indicated by the announcement of the new project-‘Mall of the World’, a planned project around twice in size when compared to the Dubai Mall, on Sheikh Zayed Road. Moreover 100 new hotels are also being planned to be linked with this mega project.
However, during 2010 investors were quite apprehensive about investing in Dubai’s real estate, favoring Saudi Arabia, Egypt, Doha and Abu Dhabi. But, three years later with the economy recovering, the employment in this sector grew with a yearly average of 5% while the average price of residential projects grew by more than 20% during 2013.
Real Estate Jobs in Dubai:
- Civil Engineer: A civil engineer’s job description includes conducting engineering division review and approval of residential and commercial project designs and plans. He also supervises the staff engineer and specifies the parameters and scope of work for consultants and contractors. A civil engineer in Dubai on an average earns AED 117,935 per year (as on 2nd Sep 2014).
- Site Manager: A site manager is responsible for the daily operations of a single property. He is accountable for maintenance of the physical plant and efficient supervision of the property, routine inspection of grounds and equipment, dealing with technical operations and marketing & leasing the property.
- Property Manager: The property manager operates as a liaison between the property owner and the site personnel. He manages the physical property and oversees the day-to-day operations of the site managers and various site workers.
- Regional Manager: Also known by the term- ‘portfolio supervisor’, a regional manager has the responsibility over numerous properties covering a broad geographical area. A regional manager has the supervisory role over property managers as well as the property themselves.
- Asset Manager: The asset manager serves the key role of making financial decision relating to the property which is treated as a financial asset. He lays emphasis on activities that will add value to each property under management.
The discussion above clearly suggests the number of opportunities Dubai real estate has for professionals with prowess in this field. It is just a matter of time and the right opportunity, the desired job offer will surely be at your disposal.