UK property firm: Dubai most successful city of the last decade

Published December 2nd, 2002 - 02:00 GMT

UK-based property consultants Jones Lang LaSalle named Dubai amongst the three most successful cities of the last decade, along with Dublin and Las Vegas. The firm has launched a research program, dubbed ‘World Winning Cities’, aimed at identifying tomorrow's most attractive property markets.  

 

The program’s first stage identified and analyzed the winning cities of the last decade by looking at 100 major metropolitan areas worldwide and applying measures of economic growth, dynamic real estate activity and strong real estate performance  

 

The United Arab Emirates (UAE)’s city of Dubai took top place worldwide for population and employment growth. It was followed by Ireland’s capital Dublin, which was the only city to score consistently well on all the selected performance measures. Las Vegas, USA, ranked head and shoulders above other North American cities on most counts.  

 

Whilst they clearly differ widely in many ways, all three cities share some common features that have promoted their growth, stated LaSalle’s report. In terms of size, all are smaller metropolitan areas of fewer than two million people (1.6 million in Las Vegas, 1.1 million in Dublin and 0.9 million in Dubai). 

 

All three have developed attractive business environments, light regulation and favorable tax regimes for business, which have led to high levels of inward investment. All featured strong inward migration and a successful record of attracting skilled and educated labor. Both Las Vegas and Dubai are strong in leisure activities and Dublin has emerged as an important European short-stay tourist destination. All three cities have developed a high profile on the international stage.  

 

Jones Lang LaSalle's researchers are now building a proprietary database of key performance indicators—the factors critical to a city's success—as a component of forward-looking analysis. They are testing the predictive abilities of different combinations of these indicators, so as to capture the essence of success for world cities.  

 

Today's top ten world cities on the basis of the number of resident top companies and high level services according to LaSalle are New York, London, Paris, Tokyo, Chicago, Los Angeles, Frankfurt, Milan, Hong Kong and Singapore. — (menareport.com) 

© 2002 Mena Report (www.menareport.com)


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