High salaries for senior jobs in real estate

Salaries for top management positions in the real estate sector are extremely high and reach almost ridiculous sums, believes Ulrik Rasmussen, a partner with Pedersen & Partners, one of the largest executive research companies in Central and Eastern Europe, which has been operating on the local market for four years. “Investors have created this situation, it is not Romanians who impose the salaries. The large real estate companies, which sit on several hundred millions of euros, need the best teams in the shortest possible time, and don’t care if they have to give 1,000 or 2,000 euros more. I came across salaries of over 20,000 euros a month for a real estate country manager, to which bonuses and other benefits are added,” says Rasmussen, who also coordinates the company’s executive search. At the same time, given that commercial real estate has only emerged on the market in recent years, it is becoming increasingly hard to find the right people, and Rasmussen says they have become increasingly reluctant to be involved in recruitment for the real state sector in Romania.