London continues to remain world’s best city for business & culture
For the sixth year in a row, London is at the top spot of the Global Power City Index (GPCI), which is brought out by the Institute for Urban Strategies, The Mori Memorial Foundation.
The latest 2017 Index places London first followed by New York and Tokyo at second and third spots respectively. This establishes the importance of London to the rest of the world despite several challenges, including Brexit, in 2016.
London further extends its lead over the competition by improving its scores for such indicators as GDP Growth Rate and Level of Political, Economic and Business Risk in Economy, and for Attractiveness of Dining Options and Number of Visitors from Abroad in Cultural Interaction. The report ranked 44 cities across six categories, such as the economy, research and development, culture, accessibility, the environment and livability. London performed well across all areas, ahead of other cities, such as, Paris, Singapore, Seoul, Amsterdam, Berlin, Hong Kong and Sydney, which are among the top 10.
In the Cultural Interaction category, London maintained high scores for a number of world-class cultural events held, and opportunities for cultural, historical, and traditional interactions. It also showed a large increase in attractiveness for dining options. Over the last 10 years, liveability showed stronger scores owing to improvements in a variety of retail shops, making London an exceptional power city.
It is not a surprise that London is the leading global real estate hotspot with people from all over the world preferring to live in the capital city. The city is home to 1.97 million foreign residents, many of whom have invested in the London property market. A record number of international investors acquired residential assets and commercial property in London this year because of the strong fundamentals of the real estate market, which offers better gains in capital values compared to other international cities.
London is regarded highly by Visitor for its “Richness of Tourist Attractions” and “Mobility (Travel Time and Fares to Destinations)” and is also among the top global tourist destinations. It is also the standout city in terms of “Leisure Activities.” There were 19.06 million visitors from abroad to the city in the last one year.
London also earned an extremely high score for “Richness of Human Resources,” because of which many companies have set up their base in the city. With its unrivalled talent pool, the presence of a huge number of global businesses across all sectors, and access to regulators, business support services and vital European markets, London is the best city to do business. The capital’s cultural attractions, food scene and sporting calendar, are world-leading – just a few of the reasons London is such an attractive place to live and work.
More international investment in the London property market are expected because of higher gains and ROI in the long-term. If you are keen on investing in London property, consult Strawberry Star for expert advice.
Source: Global Power City Index 2017