Dubai has been ranked third among the world’s top 20 most dynamic cities, as listed on a new City Momentum Index (CMI) launched by real estate consultancy Jones Lang LaSalle (JLL).
The ranking measured the cities based on strong short-term socio-economic and commercial real estate momentum and longer-term foundations for success.
“Dubai is bouncing back following a deep slump in its economy and real estate market since the global financial crisis,” JLL said.
“Property prices are rising, but growth appears to be on a sounder footing than in the pre-crash years of 2006- 2008, underpinned by the city’s strong global connectivity and its status as the service hub for the MENASCA region, as well as its position as a preferred staging point for an increasingly dynamic Sub-Saharan Africa.
“Furthermore, winning the bid to host Expo 2020 has given the city renewed confidence and momentum.”
San Francisco topped the list, followed by London, Dubai, Shanghai and Wuhan.
The remaining cities on the list included: New York, Austin, Hong Kong, San Hose, Singapore, Shenzhen, Jakarta, Beijing, Chengdu, Los Angeles, Tianjin, Boston, Seattle, Tokyo and Lima.
The ranking covered a total of 111 established and emerging business hubs across the globe.
The index aims to “build bridges for the real estate market between those top real estate investment destinations that have an ease of attraction due to their many traditional strengths, and those cities with vision, hard work and energy that have the potential to ascend to new heights,” JLL said.
Dubai also featured as one of the eight most “internationalised elite cities” among the top 20.
These cities wield great economic might, are magnets for top talent, have the largest concentrations of high net worth individuals, attract significant levels of foreign direct investment and are dominant in terms of high-value business and financial services, said JLL.
“Their weight and influence is even more apparent within the real estate sector – these eight cities alone account for one-quarter of the world’s direct commercial real estate investment activity (2012-2013), as well as significant foreign investment in residential property,” the report added.