Paris has been named as one of the world’s most dynamic and future-proof cities in a new report.
JLL’s annual City Momentum Index – which tracks the speed of change of 134 major established and emerging business hubs across the globe – has identified the French capital as one of the best cities in the world for both short- and long-term momentum.
Appearing in the top 20 for the first time, in 17th position, Paris has benefited from a notable improvement in real estate momentum over the last 12 months. This will be supported by the ambitious Grand Paris project, one of the biggest infrastructure programmes in the world. Governed by the newly created ‘Metropole du Grand Paris’ the project is creating more aligned decision-making in the wider Paris region, as well as improving transport links, according to Jeremy Kelly, JLL Director in Global Research.
Long-term sustainable momentum
Paris also ranked as one of the best cities in the world for long-term success – an accolade it shares with some Northern European neighbours.
Kelly says: “In a world affected by ongoing political upheavals and economic uncertainty, cities such as Berlin, Stockholm, Amsterdam, Munich and Copenhagen demonstrate the ‘safe haven’ characteristics and stable economies that investors are seeking for long-term performance”.
Other European cities also fare better on longer-term momentum, which takes into account education, innovation and sustainability prospects, with 10 of the top 30 for ‘future-proofing’ found in the region.
Additional European cities that rank particularly well on long-term indicators include London and Amsterdam, the Nordic capitals of Stockholm, Helsinki and Copenhagen, and the German cities of Berlin, Munich and Stuttgart.
Meanwhile, despite falling from 1st to 6th place in the overall momentum rankings in the aftermath of the Brexit vote, London continues to display impressive resilience supported by its strengths in long-term indicators.
“London is also key for investors looking to future-proof,” adds Kelly.