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Istanbul named as one of Europe’s most dynamic cities, says JLL

  • Turkish city joins London and Dublin in JLL's City Momentum Index European Top12
  • Investors increasingly looking at long term trends displayed by New World Cities in their search for sustainable income

Istanbul has been named one of the most dynamic cities in Europe in a new ranking released today by JLL.

The City Momentum Index European Top12 welcomes Istanbul (8th) as a new entry and the third of Europe's 'Big Four' to enter the ranking which identifies the region's most dynamic urban economies. It joins the likes of London (1st) and Paris (3rd) – cities sitting at the top of the list thanks to their long-term strengths in technology, their deep talent pools and ambitious urban development plans.

"The European Top12 identifies those cities where change is occurring most rapidly. Istanbul joins this group for the first time, where, despite geopolitical headwinds, it displays remarkable dynamism," says Jeremy Kelly, director of global research, JLL. "This ranking combines real estate dynamics such as investment, property prices and construction with socio-economic factors to better understand the drivers of city success. Istanbul is a city which is taking bold steps to improve its infrastructure and is building a modern real estate portfolio as it grows into its new skin as a global business centre."

Elsewhere, the ranking is dominated by Europe's ''New World Cities'Dublin (2nd), the Randstad (4th), Munich (5th), Stockholm (6th), Copenhagen (7th), Berlin (11th) and Barcelona (12th) - smaller innovation-oriented cities with strong infrastructure platforms, a high quality of life and, crucially, the ability to adapt to constantly changing economic conditions.

"Investors are increasingly looking towards long term trends such as demography and technology when making asset allocation decisions, driven by their search for sustainable income," added Kelly. "Cities such as Dublin, Stockholm, Berlin and Copenhagen have among Europe's highest concentrations of high-tech start-ups, strong research systems and are home to many millennials, a testament to the dynamism and long-term potential of the continent's New World Cities".

The UK cities continue to outperform, with Manchester (9th) and Edinburgh (10th) joining London in the European Top 12.  Sound economic fundamentals are underpinning momentum while devolution measures are set to boost further the competitiveness of these two cities. 

About the City Momentum Index European Top12:

The JLL City Momentum Index (CMI) tracks a city's short-term socio-economic and real estate momentum, in combination with measures of whether a city has the longer-term foundations for success. The 2016 CMI, launched in January, covers 120 major and emerging business hubs around the world and highlighted the Global Top20 – those 20 cities where change is occurring most rapidly.

While only two European cities – London and Dublin – are represented in the Global Top20, a look beyond this list, to the Europe Top12 – the best performing cities in Europe – reveals pockets of strong momentum.

Full JLL City Momentum Index European Top12:

  1. London
  2. Dublin
  3. Paris
  4. Randstad
  5. Munich
  6. Stockholm
  7. Copenhagen
  8. Istanbul
  9. Manchester
  10. Edinburgh
  11. Berlin
  12. Barcelona