Dubai is third most dynamic city in the world
The new City Momentum Index released by Jones Lang LaSalle names San Francisco, London and Dubai as the three most vibrant cities.
Not just steady GDP growth but a soaring real estate industry and the halo of Expo 2020 have combined to catapult Dubai to third place in the list of the world’s most dynamic cities compiled by Jones Lang LaSalle.
The new City Momentum Index released by the realtor names San Francisco, London and Dubai as the three most vibrant cities, displaying strong short-term socio-economic and commercial real estate momentum as well as longer-term foundations for success.
Chinese cities Shanghai and Wuhan complete the group of the top five. Describing the yardsticks for the index, Jeremy Kelly, LaSalle’s director for global research, said highly dynamic cities are characterised by their speed of innovation and creation of cutting-edge businesses.
New building construction, property price movement and investment in real estate from cross-border investors and corporations are the other factors.
Dubai is also among the eight elite cities that together accounted for one-fourth of the world’s direct commercial real estate investment activity in 2012-2013 and wield “clear economic might on the global stage”.
The other seven are San Francisco, London, New York, Hong Kong, Singapore, Los Angeles and Tokyo. The index also clubs Dubai, which will host World Expo 2020, with Tokyo, that will stage the Olympics the same year, calling them resurgent cities gearing up for their respective events with renewed vigour.
However, there’s a note of caution as well. Investors and corporates should note that high momentum poses both opportunity and risk.
The index assesses 111 cities, basing the score on 34 short-term and longer-term variables.
The remaining cities in the Global Top 20 are New York, Austin, Hong Kong, San Jose, Singapore, Shenzhen, Jakarta, Beijing, Chengdu, Los Angeles, Tianjin, Boston, Seattle, Tokyo and Lima.