If the glummest face at your New Year's Eve party of two weeks ago belonged to a property professional, here's a likely explanation.
According to a recent survey by international property recruitment consultancy Macdonald & Company, done in August and September 2011, the average base salary for real estate professionals has decreased by 6 per cent from 2010 levels. The survey involved about 1,300 respondents from the property development and consultancy sectors across the Asia Pacific.
The average base salary for property professionals in the region is currently about US$89,850 (HK$700,830) a year.
According to the report, this slide could be partly attributed to a drop in the number of survey respondents holding senior positions. Nevertheless, it's a sizeable decrease - at a time when inflation is eating into Asian purchasing power.
Those working in Singapore's property sector are the highest paid in the region, with an average annual salary of US$123,800 - up from US$103,100 in 2010. Those working in Hong Kong enjoyed an average annual salary of US$117,969 - up from US$103,100 in 2010.
However, those working in China have seen a significant decrease in their annual base salary - currently US$68,300 from US$97,300 in 2010. This represents a decrease of 29.8 per cent for the period.
Once again, the annual survey underscored the strong earning power of those who have a Royal Institution of Chartered Surveyors (RICS) qualification. These professionals earn 42 per cent more than those without the qualification.
