Dynamic Dubai? Less so, as property market levels out
Lower growth in real-estate prices sees emirate drop 10 places in JLL ranking of world’s ‘most dynamic cities’
Dubai has been overtaken by Bangalore and Beijing in a ranking of the world’s ‘most dynamic cities’ due to lower growth in property prices, according to JLL.
The emirate has dropped 10 spots to thirteenth place in the real estate consultancy’s City Momentum Index, which ranks global cities according to activity in the real-estate sector and the wider economy.
Craig Plumb, head of research at JLL in the MENA region, said this was partly due to the local property market levelling out.
“Dubai remains in the top 20 global cities in terms of dynamism and pace of change, although its rank has dropped as growth in residential real estate prices moderates to more sustainable levels,” he said.
The report noted that momentum is expected to continue in the Dubai market, bolstered by spending related to the World Expo 2020.
The City Momentum Index, which tracks about 120 cities worldwide, placed London top this year, with Nanjing ranking bottom.
Several new cities made the top 20 for the first time, said Plumb.
“We have witnessed some new cities within the broader region, such as Nairobi and Bangalore making their debut to the top 20,” he said. “Both are experiencing high levels of property construction, its rental markets are buoyant and real estate transparency is improving.”
