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Cities in the Middle East and Africa (MEA) are gaining momentum in terms of development, and Dubai again (for the first time in three years) entered the Top 20 most dynamic global cities in terms of the real estate sector evolution, according to the JLL’s 2020 City Momentum Index.
For the seventh consecutive year, the City Momentum Index by JLL consultancy has been combining social, economic and indicators to give a new perspective of life in 130 major developed and developing business centers around the world.
Due to the fact that Dubai continues to be the main business center in the Middle East, where more than half of the population are active working young people aged 20-40 years (the second highest share in the world), the city managed to take 14th place in the first twenty for the first time in three years.
Since the City Momentum Index (CMI) rating was established seven years ago, eight new cities were added in it, and the top twenty included such new developing cities as Chinese Nanjing and Vietnamese Ho Chi Minh City, Australian Sydney and Melbourne, Indian Bangalore, as well as Irish Dublin and Kenyan Nairobi.
Recent government initiatives in Dubai, such as and setting up a to balance the construction boom in commercial and markets, are expected to give a serious impetus to the development of the emirate, not only in the run up of the World Expo 2020, but also long after.
Initiatives to improve the quality of life by improving infrastructure and entertainment sector, coupled with the introduction of new regulations in the tourism sector, will continue to have a positive impact on the economy and the real estate market, JLL said.
Dubai’s infrastructural impulse, caused primarily by Expo 2020, is also supported by the planned opening of new metro lines in 2020–2021, favorable demographics, real estate investments, technology, tourism and retail.
Thierry Delvaux, CEO of JLL MEA, emphasized: “Cities that occupy leading positions in our ranking are ranked so high due to their success in meeting the needs of residents. There is a need to further develop city’s infrastructure to increase residents’ mobility and create prosperous, inclusive, safe, and affordable residential communities. In the future, we will see that real estate plays an increasingly important role in the development of the “smart city” while promoting sustainable, self-sufficient, scalable and smart projects.”
City Momentum Index by JLL ranks 113 cities around the world in terms of the level and speed of economic changes, affecting, in particular, the state of the commercial real estate sector. Other criteria include the pace of housing construction, property and rental prices, the level of investment in real estate, the development and implementation of technology, the level of education and medical services, etc. In the couple of previous years, Dubai did not get into the Top 20 because of the constant . Thus, the CMI rating once again indirectly confirms the beginning of a new round in the development of the Dubai real estate market.
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