Singapore has emerged in joint third place with Paris in a global ranking of international cities, which classifies them by their “X factor” for real estate investors.
Released today by property consultancy Savills, the report ranked 12 cities based on a combination of global competitiveness and measures such as connectivity, international visitors and web search data. It does not necessarily reflect traditional measures of real estate costs, but instead indicates the city’s longer term stability and attractiveness.
It jointly ranked New York and London first, while major Asian cities Hong Kong, Tokyo and Shanghai occupied the fifth, sixth and seventh positions respectively.
“Our definition of a world city is not just based on size or economic prosperity, but other less tangible factors,” said Yolande Barnes, Director of Savills World Research.
“These include fame, prominence, international reach and investability - all factors that are not revealed by population and GDP figures alone.”
She explained that these intangibles affect “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 study also showed that Singapore is fifth in the world city rankings for residential as well as commercial real estate investment yields, while Tokyo took top spot on both lists.
Photo: AFP
Story: Muneerah Bee via Property Guru
Singapore has emerged in joint third place with Paris in a global ranking of international cities, which classifies them by their “X factor” for real estate investors.
Released today by property consultancy Savills, the report ranked 12 cities based on a combination of global competitiveness and measures such as connectivity, international visitors and web search data. It does not necessarily reflect traditional measures of real estate costs, but instead indicates the city’s longer term stability and attractiveness.
It jointly ranked New York and London first, while major Asian cities Hong Kong, Tokyo and Shanghai occupied the fifth, sixth and seventh positions respectively.
“Our definition of a world city is not just based on size or economic prosperity, but other less tangible factors,” said Yolande Barnes, Director of Savills World Research.
“These include fame, prominence, international reach and investability - all factors that are not revealed by population and GDP figures alone.”
She explained that these intangibles affect “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 study also showed that Singapore is fifth in the world city rankings for residential as well as commercial real estate investment yields, while Tokyo took top spot on both lists.
Photo: AFP
Story: Muneerah Bee via Property Guru