Buzz around Expo 2020 preparations and depth of its office market are key factors
Dubai: Dubai has broken into the Top 30 in a Global Cities Ranking issued by the consultancy JLL.
The city is now placed 27th — quite a move up from the 36th held last year.
The ranking is based on the level of interest and activity recorded by a city’s commercial real estate, with the Expo 2020 buzz proving a factor.
Dubai improved its scores in the depth of its office market and in terms of corporate presence as well as in air passenger arrivals.
In particular, JLL notes the growth among Chinese corporates, developers and tourists in making their presence felt in Dubai.
Dubai has now firmly established its standing as the region’s premier commercial real estate attraction, with other cities such as Cairo ranked 51 and Muscat with 170 out of the 300 global cities analysed by JLL.
Elsewhere, London regained its position as the top investment destination, while Los Angeles moves ahead of New York into second place. Hong Kong and Singapore are attracting more capital, and Berlin has posted its strongest quarter on record.
“Dubai may have a relatively low population in comparison to other cities globally, around 2.5 million, but it has long punched above its weight,” said Craig Plumb, Head of Research MENA, JLL.
“In doing so, the city has achieved a true global presence and significant influence.”
The Top 300 cities covered by JLL account for 18 per cent of the global population, 40 per cent of the world’s economic output and more than 70 per cent of total global real estate investment.
The rankings are defined by both people and economic activities in the world’s largest cities over the past 10 years.
For information on the real estate sector within the UAE, please visit our sister site, getthat.com.
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