Dubai real-estate sector sees ‘slight slowdown in hiring’
Smaller companies may be hit by the reduced activity in the market, says recruitment expert
Dubai’s real-estate sector has seen a slight decline in hiring, with smaller companies struggling due to the drop in the market, it has been reported.
The news follows the closure of the Dubai-based S&K Estate Agents, known as Smith and Ken, which in July said it is filing for bankruptcy.
Recruitment specialists says that, while overall employment and salaries still remain steady, there has been a slight dip in hiring in the sector.
“Our annual research doesn’t reflect any significant job cuts in the sector as a whole. On the contrary, we have seen the large real estate companies increasing overall number of employees as new developments and projects are announced,” Harish Bhatia, regional manager for the UAE at Hay Group, told Gulf News.
“We’re also not seeing any reactions in terms of compensation levels in this sector. Other than a slight slowdown in hiring due to a focus on cost management, it is business as usual for most developers… Some smaller players and real estate agencies may be impacted due to reduced activity in their areas of specialty, however, this comprises a minimal impact in terms of the sector overall.”
