LONDON: UAE developers have revealed plans for a slew of new projects ahead of next week’s annual Cityscape real estate exhibition in Dubai.
Nakheel, the developer behind Dubai’s Palm Islands, said it would launch projects worth more than 3.2 billion dirhams ($870 million).
It said it would unveil six new residential, retail and hospitality developments at four of its Dubai communities during the event which is a key bellwether for the health of the regional property market.
A weak oil price and strong dollar have hurt the UAE property market which relies heavily on international buyers. However that has not deterred local developers from plowing ahead with new projects despite subdued demand.
Abu Dhabi-based Aldar Properties is also set to start sales on a 2.4 billion dirhams waterfront development situated on Yas Island in the UAE capital.
“Yas Island has established itself as Abu Dhabi’s most exciting destination with world-renowned leisure and entertainment attractions, and a range of luxury apartments, townhouses and villas set to welcome residents over the coming years,” said Aldar CEO Mohamed Khalifa Al Mubarak.
“Water’s Edge is the latest chapter in the Yas Island story – bringing high quality waterfront living to the emirate.”
The latest launches come despite further falls in property prices after a three-year market slump.
In 2016, house prices in Dubai fell by between eight and 11 percent, according to credit rating agency Standard & Poor’s, which forecasts a continued fall in property prices and rents across the emirate throughout 2017.
Still, the rate of price declines may be slowing according to some analysts.
JLL has said the Dubai property market is stabilising as the down cycle nears its end, with sale prices for villas and apartments in the emirate’s residential sector declining less than 1 percent in the year to June 2017.
Knight Frank also expects a gradual recovery in Dubai’s property market in 2017.
“Government commitment to spending on infrastructure and facilities, along with the realization among developers for the need to phase out projects in line with demand, lead us to believe the real estate market in Dubai has become more mature and resilient,” the broker said.
UAE developers reveal property plans ahead of Cityscape
UAE developers reveal property plans ahead of Cityscape
European gas prices soar almost 50% as Iran conflict halts Qatar LNG output
- Analysts warn prolonged disruption could push prices higher
- Some shipments of oil, LNG through Strait of Hormuz suspended
- Benchmark Asian LNG price up almost 39 percent
LONDON: Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.
Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.
Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other sources of the gas, driving up prices internationally.
“Disruptions to LNG flows would reignite competition between Asia and Europe for available cargoes,” said Massimo Di Odoardo, vice president, gas and LNG research at Wood Mackenzie.
The Dutch front-month contract at the TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.
Prices were already some 25 percent higher earlier in the day but extended gains after QatarEnergy’s production halt.
Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.
“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.
Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure Europe showed. In the European carbon market, the benchmark contract was down €1.10 at €69.17 a tonne
