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London named as most dynamic city in Europe despite Brexit

by Ray Clancy on June 27, 2017

Career expats looking to live and work in a dynamic city in Europe should look to places such as London, Paris, Cambridge, Amsterdam and Berlin, according to new research.

These five cities have been named by Savills Investment Management (Savills IM) as the top dynamic cities in Europe in a new index that accesses economic growth, technology, population and wealth trends.

(IR Stone/Bigstock.com)

The report puts London at the top of the index due to its range of knowledge-based industries, infrastructure investment, population growth forecasts and diversified workforce, and predicts that London will remain the pre-eminent European city despite short term turbulence from Brexit and recent political developments.

Northern European cities dominate the top 10 with Munich in sixth, followed by Dublin, Stockholm, Edinburgh and then Zurich. At eleventh Madrid was the highest ranked Southern European city, with Barcelona at 17th, Rome at 32nd, Milan 34th and Istanbul 39th also featuring in the top 40.

The report says that top performing cities have ambitious infrastructure investment projects, fast growing knowledge networks, high quality universities, innovative businesses drawing from a global talent pool and strong cultural amenities to help retain that talent.

‘Europe’s most dynamic cities are future proofing themselves by creating environments that encourage the growth of a knowledge economy, which will increasingly drive wealth creation,’ said Kiran Patel, chief investment officer at Savills IM.

He pointed out that size isn’t everything. ‘Some super cities such as London and Paris are consolidating their already dominant positions, but smaller cities such as Cambridge, Edinburgh, Dublin and Stockholm are well positioned to grow in influence over the coming years and are likely to become increasingly attractive locations for property investment,’ he added.

In addition to being the top ranked city overall, London holds the lead spot within the innovation, interconnection, infrastructure and investment categories. London’s strong human capital is forecast to continue to expand, the report says.

Paris is described as second only to London with a diverse international investor base while Cambridge, the smallest city in the top five, has the largest technology cluster in Europe and is supported by world renowned Cambridge University.

Amsterdam, the commercial and financial centre of the Netherlands, is also noted for its thriving tech and start-up community while its seaport and international Schiphol airport make it a major national and international distribution hub.

The report says that Berlin continues to attract younger generations, in particular due to its globally renowned universities, comparatively low cost of living, creative and cooperative working environment and cultural diversity. The more recent high-tech and service-sector boom has led to dynamic economic growth associated with a notable decrease in unemployment.

Berlin’s population is forecast to grow 8% by 2030, and average GDP growth is forecast at almost 2% per annum until 2030.

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