Everyone in Dubai believes that e-commerce, logistics, digital banks, and fintech are some of the industries witnessing the most hiring. Of course, airlines have done their part, and applicants with local or regional expertise are also sought after for retail-facing positions.
But let’s not forget about the Dubai real estate sector though. More people than ever before are enrolling to become real estate brokers at the moment.
Firas Al Msaddi, CEO of fam Properties, said, “By the end of August, the number of – registered – brokers topped 10,000 and that’s a staggering 34% increase at the same time in 2021. They are split across 2,600 agencies.”
“As is happening with property buyers in Dubai, there are a growing number of estate agents from Europe who want to try their handset selling in Dubai,” Firas Al Msaddi added.
The large and mid-sized agencies have also been actively hiring. Naturally, a large portion of this results from the consistent demand that Dubai real estate, both off-plan and ready, continues to create and is most likely going to continue doing so over the year.
Given the state of the market in Dubai, a seller with three years’ expertise can easily earn between Dh50,000 and Dh75,000 per month. Furthermore, people with four years should aim for up to Dh200,000 on a good month.
For brokers, both seasoned and rookies, that is more than enough to explore prospects in Dubai.
“Typically, the brokers operate on a no-salary basis, but the commissions on offer are enough to keep them comfortable for a long time. You don’t see too many of them not driving fancy cars,” said a property consultant.
According to criteria like the agent’s track record, the regions or category (luxury or lower) that he or she specialises in, etc., the agent typically earns between 40% and 70% from a deal with the estate firm.
Market insiders claim that no broker, not even a beginner trying to understand the market, would work on a “salary-plus” basis.
Firas Al Msaddi said, “Even if someone did have such an agreement with their employer, it’s more than likely they would soon switch to an all-incentive package. In real estate brokerage, it’s arcane to be thinking of monthly salaries. The incentives on offer for sales targets met are way too enticing.”
Image credit: firasalmsaddi.com