London and New York have topped a poll of 12 cities conducted by international real estate company, Savills. The cities were ranked by a combination of factors, including their global competitiveness, connectedness, property markets, investing opportunities and number of international visitors. It’s interesting to note that 10 out of the 12 cities on the list have origins and a history in trading ports and harbours, whereas Moscow and Paris (the remaining two cities) started life as river cities on major trade routes.
According to the report, which is available on the Savills website (here), Paris, in spite of perceived tax threats, euro jitters and a less transparent market, continues to see a flow of buyers moving to France from the Middle East seeking a safe haven in light of continued unrest in their home region. Paris also boasts the kind of large residential apartments favoured by such buyers, at cheaper prices than London.
New York’s growing appeal for expats moving to the USA is partly due to a much improved crime rate, new and improved public spaces and an improved reputation as a desirable place to bring up children. In a similar way to Paris, New York boasts an impressive cosmopolitan and creative culture, with a large number of cinemas, theatres and art fairs happening all over the city (read our full New York city guide here).
While London and New York tied for first place on the league table, Singapore and Paris shared third place, with residential property prices, rental incomes and overall attractiveness contributing to their high standing. Elsewhere in the table, Dubai joined the list for the first time (placed 8th), which, according to Yolande Barnes, director at Savills World research, represents a growing interest by real estate investors in the Middle East.
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Information correct at time of publication