Compiled by global property expert JLL

Dubai enters top 5 improved cities list

GMT 10:40 2015 Friday ,08 May

Arab Today, arab today Dubai enters top 5 improved cities list

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Dubai - Arab Today

Dubai has made it to the list of top five most improved cities since 2010 which has been compiled by global property expert JLL in partnership with The Business of Cities Group.

Istanbul has been ranked the most improved city since 2010 in "The Business of Cities 2015," report followed by Moscow (Russia) Mumbai (India) and Seoul, South Korea.

In terms of the most improved cities, the UAE emirate showed marked progress climbing up the global ranking in respect of two diverse indicators, financial services and innovation, both of which form an important part of the Government's 2021 economic vision for the city, said JLL in the report.

The report, which analyses over 200 globally recognised city performance indices1 to understand the comparative performance of cites, also identifies New York, London, Singapore, Paris and Hong Kong as the top 5 performing cities across six leading all-round indices.

As several companies leverage on-the-ground market awareness of their customers, commercial networks, and stakeholders to create an accurate picture of demand in and for cities, perception-led assessments highlight the enduring brand advantages possessed by certain cities.

Among the emerging cities, Dubai, Bangalore (India), Sao Paulo (Brazil) and Santiago (Chile) all appear to have become associated globally with exciting recruitment opportunities, as clustering and agglomeration processes unfold, stated JLL in the report after assembling and analysing the widest range of comparative studies on city performance to date.

While there has broadly been stability at the top of the global rankings, further down has seen high levels of flux in the past three years, as cities readjust to the geography of global opportunity, stated the property expert in the report.

As the most consistently improved city over the recent time frame, Istanbul has cemented its status as a diversified onshore provider of financial services, and has regularly overtaken medium-sized established cities owing to its scale and gateway functions.

"In the 21st century, the pace at which new cities arrive on the global scene is faster than ever. In the new cycle of globalisation, emerging cities such as Ho Chi Minh (Vietnam), Nairobi (Nairobi) and Delhi (India) are increasingly seeking to enter the global economy and accelerate growth through innovation and technology start-ups," explained Rosemary Feenan, the international director, Global Research at JLL.

According to her, Singapore and Stockholm (Sweden) are among the major improvers at the top of the city rankings in the last two years.

Singapore's success story has taken on new dimensions as it overtakes Tokyo (Japan) and Paris (France) in a majority of leading indices for the first time. It leads the Asian charge in higher education, mobility, science, broadband and technology platform indices, and is the world ‘number one' city for business friendliness.

The city's brand rankings also indicate that it is beginning to shake off its reputation for a lack of vibrancy among expats and tourists, said the report.

"It has never been more important to understand city performance. The ability of cities to attract investment, manage their growth, and deliver quality of life will define the character and ultimately the success of the ‘metropolitan century'," said Greg Clark, the chairman, The Business of Cities and JLL's Cities Research Centre.

"In aggregate, benchmarks and indices can offer real insight into the pathways and strategic opportunities for cities, and for those living and working in them. The improved performances of Istanbul, Santiago and Seoul illustrate how cities can, and do, alter their positions in indices over time," noted Clark.

"Changes have been achieved by lifting standards, altering perceptions, supplying new information, engaging in partnerships, adding new rankings, and through many other mechanisms," he added.
Source: WAM

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