LONDON: Buyers from the Middle East and Asia were the biggest group of international buyers snapping up properties in prime central London in the third quarter of this year, according to new research.
Middle Eastern investors bought 13 percent of the prime real estate on offer, as did buyers from Asia, according to Hamptons International.
EU investors came in third place, accounting for 10 percent of purchases during the quarter.
The research suggests international buyer appetite for high-end property in the capital is returning after fears about the impact of Brexit coupled with economic problems within their home countries had put off some overseas investors.
The proportion of prime central London property bought by international buyers increased to 51 percent in the third quarter, rising from 44 percent in the previous quarter, according to Hamptons. This is the highest proportion recorded since the third quarter of 2016, when 60 percent of prime central London property was bought by overseas buyers eagerly taking advantage of the weaker exchange rate in the wake of the UK’s vote to leave the EU.
Hamptons said that likely factors for this quarter’s increase are strong global growth coupled with relatively cheap London property due to the exchange rate.
The research also backs up the forecasts that suggests Asian buyers are becoming an increasingly important source of investment in the London property market, potentially rivalling the more traditional Middle East investor. In November, Niccolo Barattieri di San Pietro, CEO of property developer Northacre, told Arab News he expected a “dramatic” increase in Asian buyers over the next 10 years. His company is behind the redevelopment of New Scotland Yard, the former headquarters of London’s Metropolitan Police, into luxury apartments. The developer had hosted investor roadshows in Asia in an effort to whip up excitement about the project in that region. The project — known as The Broadway — is due to be completed by the fourth quarter of 2021.
Data from residential property adviser London Central Portfolio (LCP) published in August also revealed that investors from South East Asia were the largest buyer of high-end property with a 36 percent share in the year 2016-2017, followed by Indian buyers with 22 percent of sales and the Middle East accounting for 21 percent.
Middle East investors had previously been the biggest property buyer in the UK capital, with a 43 percent share of all sales, according to LCP’s 2014-2015 audit.
Hamptons defines prime central London as Belgravia, Chelsea, Earls Court, Fulham, Kensington, Knightsbridge, Notting Hill, Paddington, Sloane Square and South Kensington.
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Mideast, Asian buyers dominate prime Central London property market
Mideast, Asian buyers dominate prime Central London property market
Oil prices rise sharply after attacks in Middle East disrupt global energy supply
NEW YORK: Oil prices rose sharply Monday as US and Israeli attacks on Iran and retaliatory strikes against Israel and US military installations around the Gulf sent disruptions through the global energy supply chain.
Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt. Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz, the narrow mouth of the Arabian Gulf, have restricted countries’ ability to export oil to the rest of the world. Prolonged attacks would likely result in higher prices for crude oil and gasoline, according to energy experts.
West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $72 a barrel early Monday, up around 7.3 percent from its trading price of about $67 on Friday, according to data from CME group.
A barrel of Brent crude, the international standard, was trading at $78.55 per barrel early Monday, according to FactSet, up 7.8 percent from its trading price of $72.87 on Friday, which had been a seven-month high at the time.
Higher global energy prices could lead to consumers paying more for gasoline at the pump and shelling out more for groceries and other goods, at a time when many are already feeling the impacts of elevated inflation.
Roughly 15 million barrels of crude oil per day — about 20 percent of the world’s oil — are shipped through the Strait of Hormuz, making it the world’s most critical oil chokepoint, according to Rystad Energy. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran.
Iran had temporarily shut down parts of the strait in mid-February for what it said was a military drill, which led oil prices to jump about 6 percent higher in the days that followed.
Against that backdrop, eight countries that are part of the OPEC+ oil cartel announced they would boost production of crude Sunday. The Organization of Petroleum Exporting Countries, in a meeting planned before the war began, said it would increase production by 206,000 barrels per day in April, which was more than analysts had been expecting. The countries boosting output include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
“Roughly one-fifth of global oil supply passes through the Strait of Hormuz, a vital artery for world trade, meaning markets are more concerned with whether barrels can move than with spare capacity on paper,” said Jorge León, Rystad’s senior vice president and head of geopolitical analysis, in an email. “If flows through the Gulf are constrained, additional production will provide limited immediate relief, making access to export routes far more important than headline output targets.”
Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran’s exports are disrupted, another factor that could increase energy prices.
Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt. Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz, the narrow mouth of the Arabian Gulf, have restricted countries’ ability to export oil to the rest of the world. Prolonged attacks would likely result in higher prices for crude oil and gasoline, according to energy experts.
West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $72 a barrel early Monday, up around 7.3 percent from its trading price of about $67 on Friday, according to data from CME group.
A barrel of Brent crude, the international standard, was trading at $78.55 per barrel early Monday, according to FactSet, up 7.8 percent from its trading price of $72.87 on Friday, which had been a seven-month high at the time.
Higher global energy prices could lead to consumers paying more for gasoline at the pump and shelling out more for groceries and other goods, at a time when many are already feeling the impacts of elevated inflation.
Roughly 15 million barrels of crude oil per day — about 20 percent of the world’s oil — are shipped through the Strait of Hormuz, making it the world’s most critical oil chokepoint, according to Rystad Energy. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran.
Iran had temporarily shut down parts of the strait in mid-February for what it said was a military drill, which led oil prices to jump about 6 percent higher in the days that followed.
Against that backdrop, eight countries that are part of the OPEC+ oil cartel announced they would boost production of crude Sunday. The Organization of Petroleum Exporting Countries, in a meeting planned before the war began, said it would increase production by 206,000 barrels per day in April, which was more than analysts had been expecting. The countries boosting output include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.
“Roughly one-fifth of global oil supply passes through the Strait of Hormuz, a vital artery for world trade, meaning markets are more concerned with whether barrels can move than with spare capacity on paper,” said Jorge León, Rystad’s senior vice president and head of geopolitical analysis, in an email. “If flows through the Gulf are constrained, additional production will provide limited immediate relief, making access to export routes far more important than headline output targets.”
Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran’s exports are disrupted, another factor that could increase energy prices.
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