JLL Survey Highlights Dubai amongst Global Metropolises with Stronger Economic Trends
In order to determine and map out the futuristic developmental trends of leading metropolises, leading global property consultants, Jones Lang LaSalle (JLL) carried out the first City Momentum Index (CMI) analysis across 111-major cities across the world.
The CMI analysis’ evaluation of the 111-metropolises was based on three major parameters namely:
- Momentum of socio-economics
- Momentum of commercial property trends
- Incubation opportunities for the future
Each parameter respectively accounted for 40%, 30% and 30% weightage of the totality of the evaluation procedures with further valuation classification sub-divided into each broader head of the evaluation criteria including GDP, infrastructural facilities and opportunities for education, construction of office spaces and malls and the presence and expected rise in the concentration of technological avenues.
The Dubai Paradigm
Not all of the cities featured in the CMI analysis’ top 20 cities’ list are amongst the most developed since the analysis focused primarily on the expected future developmental trends. Amongst the 20 countries featured, Dubai is the sole city from the Middle East that is featured in the compilation.
And not only is Dubai merely featured in this listing, but it also ranks quite high at the third place, just below San Francisco and London, which rank first and second, respectively. The most significant contributors for Dubai featuring so high in the CMI analysis are the infrastructural facilities and services have mushroomed in the region and the economic stability that has once again started to permeate into the region, following a brief period of turbulence, on account of the stable and more well-grounded rejuvenation of the city’s property market.
In addition, the fact that the region is also the host of the World Expo 2020 has given an even bigger stimulus to the region’s credibility as far as future metropolitan developments are concerned.
The core areas of the CMI analysis centring Dubai present the following salient points:
- Dubai ranks in the top-most percentage in terms of its socio-economic and commercial property trends’ momentum
- The city ranks in the third-most percentage bracket in terms of expected incubation opportunities in the future
- Dubai has become a major entryway in the wider scheme of global commercial exchanges which has also accounted for the region featuring so high in the CMI analysis
- The region also ranks substantially higher when its presently prevailing economic trends are juxtaposed with the incubation opportunities it stands to offer in the coming future
- The efforts taken by the region’s authorities to bring about a more balanced state of development is also keenly reflected in the CMI analysis
- Based on the distribution of the three evaluation parameters in the CMI analysis of Dubai, the city has been classified as a ‘transitional city’ along with one of China’s leading metropolises, Shanghai
The JLL analysis thus clearly indicates that the myriad factors that have contributed to Dubai’s economic resurgence in the world have brought about an unmistakable validation of its endeavours to step out of the slump that had plagued it threatening to disrupt all its economic progresses.