Dubai: Dubai is rated the 11th most dynamic city in the world based on changes taking place its economy and how this influences its commercial real estate. This is based on the consultancy JLL’s annual City Momentum Index, which had the top ranking for the South Indian city of Bengaluru. Vietnam’s Ho Chi Minh City was second, and followed by Silicon Valley, Shanghai and another Indian city, Hyderabad.
For Dubai, this is a re-appearance in the Global Top 30, having fallen outside the grouping in the last two years.
Bengaluru’s emergence for the first time recognises it being one of the world’s premier technology hubs, thus supporting robust real estate demand.
“The world’s most robust, agile and open cities are generating considerable momentum and energy, and are taking the lead in shaping our future landscape,” said Craig Plumb, Head of Research at JLL Mena.
“However, the world has become a riskier place — these disruptions are happening just as our cities are undergoing major structural change as the effects of globalisation, technological breakthroughs and rapid urbanisation combine to challenge the very fabric of our urban spaces.”
As a consequence, Tokyo and Seoul have fallen out of the top positions, now ranking in the mid-30s. Both far East mega-polises have “disappointed on short-term economic and real estate momentum during 2016”.
Singapore failed to make the top-cut due to a continuing correction in office and retail rents, and sluggish net absorption, while Hong Kong “lacks positive real estate momentum with office rents set to enter negative territory.”
