16 Jun 2009
Stakeholders of real estate companies are likely to re-work executive pay arrangements, according to new research by PricewaterhouseCoopers.
Median salaries for chief executives and finance directors of real estate firms are currently £405,000 and £300,000, but these executives should not expect much in the way of a pay rise in the next year.
Average salary increases are below five per cent for the first time since 2004, and pay freezes or rises below the rate of inflation are likely, PwC found.
Real estate firms have been squeezed by an inability to refinance debt, falling property occupancy and values, as well as contraction in the hotel and leisure, financial services and retail industries.
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