According to Global Survey which gives ranking to cities depending on their real estate performance and associated socio-economic factors, Dubai remains to be the most dynamic city for the second year of global survey.
London is ranked first globally as the City momentum Index put together put together by JLL, followed by London is San Jose, Beijing, Shenzhen and Shanghai. The exiting part is Chinese cities remaining in the top tier regardless of the country’s real estate market undergoing a rough so no appealing phase.
Other factors considered while choosing Dubai to be the most dynamic is the speed of change of city’s economic base. This includes the air passenger growth rates, the foreign investments taking place in Dubai and what makes it so appealing, the amount of new business start ups and ease of doing business in Dubai.
According to the Craig Plumb, Head of Research at JLL Mena stated that Dubai is still in the Top 20 global cities based on dynamism and pace of change, even though the ranking has slightly fell as growth in residential real estate prices moderates to more sustainable levels.
He added that several new cities are also making it to the list for the first time such as Bengaluru and Nairobi. These two cities are witnessing intense levels of property development, the rental markets are promising and the real estate lucidity is improving. It’s already time that these two cities made t to the Top 20 in the index.
The Managing Director of Global Capital Partners- Sameer Lakhani stated that there will be more positive incidences for business setting up and related matters or those international firms desiring for office space in Dubai. “A softer rental cycle is only just starting to show up for office tenants,” said Lakhani. “As such it could take a further few months for the impact to be felt.”