The real estate market in the Gulf is in good health and “correcting itself” following price fluctuations, Forbes Middle East has stated.

The recent gala event, Top Real Estate Companies in the Middle East, saw Forbes honour the best business leaders within the real estate industry and was attended by regional heavyweights. Eighty developers and 20 real estate consultants were recognised for their contributions to the regional economy.

Stalwarts such as Al Wasl Asset Management, Danube Properties, Arenco, and RAK Properties were among those recognised for their contribution in developing the region.

The Middle East’s ’s leading real estate companies have shaped the local landscapes, building and creating famous skylines that have redefined their identities as urban cities and business hubs globally. The sector has continued to attract foreign investment worth billions of dollars by diversifying and developing luxury and affordable properties to house the growing population and rapidly rising visitor numbers.

Despite a softening, real estate continues to be a preferred asset class among investors and is expected to be amongst the fastest growing in the world. Technology, too, is helping the industry transform and with government support the near future for the real estate market looks promising.

Khuloud Al Omian, Editor in Chief at Forbes Middle East said:

We believe the real estate market in the Middle East is cyclical. Recent fluctuations in prices, potentially due to temporary oversupply, is a sign of a healthy market correcting itself. With the country’s leadership committed to foster economic growth, the sector looks attractive for global investors.”

Meanwhile, entries are now open for the 2019 Gulf Real Estate Awards, which are set to take place in Dubai on March 19-20 of next year. The gala event is hosted by Awards International UAE and Managing Director Mark Hamill said:

“Now in its third edition, the Gulf Real Estate Awards celebrate and recognise the very best operators in the Real Estate industry. The Awards are the only accolades open to every professional and real estate group across the industry in the Gulf.

This year we are back with 22 categories aimed at any successful organisation to tell their story story to a regional audience, regardless of their size or industry, through the Gulf’s most prestigious awards programme.”