In spite of the current economic downturn, members of the Royal Institution of Chartered Surveyors working across all sectors of the property market in Europe continue to earn more on average than their non-chartered counterparts, reports the 2008 RICS and Macdonald & Company salary survey.

With more than 800 respondents, this annual survey highlights some interesting trends which act as useful remuneration benchmarks for both employers and employees in Continental Europe.

These year’s findings show that external factors such as the credit crunch, the current fall of property prices or recent exchange rate movements have inevitably had an impact on the salary trends, affecting notably those persons working in the residential property sector.

As a result, even though most of respondents reported a salary increase, the general average salary and bonuses in Europe has fallen (-9%) significantly compared to last year survey. The average salary in 2008, excluding bonuses and other benefits, is €70,187, against €76,970 in 2007.

At the same time, in 2008 only less than one third (30%) of the respondents to the survey anticipated that the economic activity in their chosen professional activity will increase over the next 12 months (compared to 63% in 2007).

Nevertheless, the survey reveals that those professionals in Continental Europe with an RICS status earned 46% more on average than non-members (€87,882 against €59,990), especially in the early stages of their career, making the qualification increasingly interesting for young graduates.

The best rewarded were those working in the investment, financial services and commercial sector.

Geographically, the highest salaries were registered in Belgium, the Netherlands and Luxembourg, followed closely by the Scandinavian countries. The lowest salaries and bonuses were reported in UK and Ireland.  

Results of the survey are available now for download on the right-hand side of the screen. 

For more information, you may contact: llindberg@rics.org