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The Macdonald & Company Salary, Rewards and Attitudes Report 2024

The global real estate industry dances on a tightrope of cautious optimism and lingering concern. While pandemic extremes stabilise, normalisation brings its own uncertainties amidst the backdrop of inflation, tightening affordability and dampening demand. Despite this, resilience prevails with anticipation of stability in the latter half of the year, potentially sparking recovery.

2024 is a year of navigating unknowns, demanding agility, strategic foresight and an adaptable, forward-thinking workforce. The overriding theme this year is one of a settling working landscape since the disruption of the pandemic and resulting global economic difficulties. Business leaders globally are determined to move back to a more structured work environment with more positive face time with colleagues.

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For 24 years, our ‘Salary, Rewards and Attitudes’ survey report remains the most comprehensive benchmark for remuneration and sentiments in real estate, empowering hiring professionals and employers to make strategic decisions that enhance their workforce and talent management strategies. This year’s report references over 15,000 international salaries, remaining the reporting benchmark across the international real estate industry.

Peter Moore, MRICS, CEO

Real Estate Salary Key Findings

62% of respondents’ pay has increased  – down from 65% last year.

 

1 in 5 had their salary increased as a cost of living / inflation adjustment.

 

Flexibility in the days working from home appears to be diminishing, but changes in how many days are mandated in the office is stabilising.

 

Globally, respondent’s confidence in the main asset class they work with has fallen 4 percentage points to 44%.

 

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Report Summary

Overall, global salaries have increased slightly with the median salary amounting to $76,390 (USD) up 2.1% on last year’s figure. In the UK, the increase only amounted to 0.1% from 2023. Just over 6 in 10 professionals received a base salary raise, averaging an increase of 9.7%. As we have often seen in previous years, an annual pay review is the main reason for a salary raise and this is more commonly the case for senior employees.

Moving to a new employer remains the most gainful method of obtaining a salary increase with an average salary uplift of 24.9%. A promotion gained an average uplift of 17.6%, while an annual pay review led to a 7.3% increase.

This year also sees 1 in 5 (20.5%, up from 16% last year) indicating they received a pay increase from their employer as a cost of living / inflation adjustment. The global average was an uplift of 6.4%, just over of the global inflation rate of 5.8% (source: IMF). With inflation and cost of living a cause for concern amongst employees, this uplift shows pro-active leaders and organisations are taking up the mantle to ease inflationary pressures for staff.

We ask how many days a week are you expected to be in the office and the figures have changed very little from last year. In the U.K. 33% have complete autonomy (up from 30% last year), 28% are required in the office 1-2 days a week (down from 31% LY), 37% are in office 3-4 days (no change) and 2% are required in the office all 5 days a week (no change).

Whilst employers experimented with what works for them and their teams the last few years, it appears the landscape is settling. The full 5 days a week mandate is no longer the norm for office-based work and mandated days a week in the office is even across the board, concluding that there isn’t a one-size-fits-all approach.

For the first time, we asked whether respondents believe that working from home in some capacity has had a negative impact on their career development. Two-thirds (63%) say the ability to work from home has had no change or impact, with 1 in 5 saying it has positively impacted their career development. Of the 17% that did think WFH has had a negative impact, a significant proportion were of graduate/entry level (30%).

Explore the data and international salaries of the salary report using the menu above.

Where in the world does real estate pay the most?

Average salaries in 2024 per region, in USD*

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Median

Annual $ 73843
Monthly $ 6154

Median

Annual $ 145000
Monthly $ 12,083

Median

Annual $ 107430
Monthly $ 8953

Median

Annual $ 132800
Monthly $ 11067

Median

Annual $ 93,928
Monthly $ 7827

Median

Annual $ 26240
Monthly $ 2187

Median

Annual $ 160000
Monthly $ 13333

*Averages in USD have been exchanged from local currencies using the rate quoted on xe.com on 1st January 2024.

 

Global real estate salaries, by specialism in USD*

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Which real estate employer type pays the most salary internationally? Combined global median in USD*

Select and deselect the chart labels below to see % change from last year. Browse salaries in your location by using the navigation menu at the top.

Which real estate asset class awards the most salary internationally? Combined global median in USD*

Select and deselect the chart labels below to see % change from last year. Browse salaries in your location by using the navigation menu at the top.

Global median salary in real estate, by gender in USD*

Browse salaries in your location by using the navigation menu at the top.

*Averages in USD have been exchanged from local currencies using the rate quoted on xe.com on 1st January 2024.

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