Amid high salaries Dubai real estate booming, Violet Tower launch

By Fakhr Ahmad: Salaries are projected to increase faster than the inflation rate in UAE this year (2024) on the back of increased demand for talent and growth in the overall economy.
According to global human capital consultancy Mercer, the average salary in the UAE is expected to increase 4 per cent this year as compared to a 2.3 per cent rise in inflation.
This growing income coupled with growing influx of high net worth individuals is propelling Dubai real estate amid no slow down in launches of new projects.
Just on Monday, Dubai Investments Real Estate (DIR), the real estate arm of Dubai Investments, has launched an AED 300 million residential project in Dubai’s Jumeirah Village Circle (JVC).
Named Violet Tower, the residential project features a ground floor, four podium floors, and 27 additional floors, according to a press release.
Violet Tower offers a group of studio, one-bedroom, and two-bedroom apartments, offering a total of 287 units.
Because of high salaries and high costs of new luxury projects the cost of living is also skyrocketing, especially rents.
Andrew El Zein, principal for Careers in Mena region, told Zawya although there is stability, growth and excitement in the UAE job market, one of the big issues is the cost of living, mainly due to the rise in rents in the past couple of years.
Despite the rising costs, El Zein said, the UAE has a lot of potential and opportunities, especially in terms of in-demand jobs and hot skills.
“The UAE is very attractive for people who want to work here as there are many local and multinational firms in the market. Companies in the UAE are facing increased competition within the country and from other countries in the region, trying to attract and poach the talent,” he said, reported Zawya.
To retain talent, he said there is a lot of work and queries regarding different types of long-term and short-term incentives and other forms of retention plans to retain critical talent.