New York and London have this week been named as the two leading international cities in a new report from Savills. The report classes cities on their prominence and fame, as well as economy and size; factors that will determine and influence the cross-border investment potential of their property assets.
Behind New York and London, Singapore and Paris start to rival the two leaders, while Moscow, Mumbai and Rio de Janeiro are less-established leading global cities in the top tier of twelve in the study.
Yolande Barnes, director of Savills World Research, commented: “Our definition of a world city is not just based on size or economic prosperity, but other less tangible factors. These include fame, prominence, international reach and investability – all factors that are not revealed by population and GDP figures alone.”
“These intangibles impact on the appeal of a city to business and wealth generators, which in turn influences the pace of residential and commercial real estate market growth and contraction and levels of market stability."
“The redrawing of the global economic map is having a significant impact on real estate markets. 'New world' economies, notably China and India, have recently seen weakened growth, while older industrialised economies, including the USA, UK and Japan, are now recovering more strongly than many commentators anticipated.”
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