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European cities attract the most real estate investment relative to their size, says JLL

Investment Intensity Index identifies 12 European cities in the top 30 globally for investment relative to a market’s economic size. Oslo tops the global ranking, followed by London and Munich

​​​​​Cannes, 20 March, 2017 – Europe’s presence can be strongly felt in a ranking of markets which attract the most real estate investment compared to their relative economic size, with 12 of the top 30 located in the region, according to JLL’s Investment Intensity Index.​

Oslo (1) tops the Index as a small but highly sought-after market thanks to active domestic investors. London, in second position globally, remains a favoured investment destination. Munich (3) and Edinburgh (4) round off the global top four. 

European cities are seen as a safe-haven for investment dollars and continue to attract investor demand as they demonstrate high levels of transparency and sustainability together with robust technology, infrastructure and liveability credentials. 

“Significant capital continues to target real estate, and Europe’s New World Cities – mid-sized markets which specialise in high-tech and high-value activities, such as Berlin and Stockholm – sit high on the wish lists of global investors,” says Jeremy Kelly, director in global research, JLL. “The attractiveness of these smaller markets in transparent economies is evident, with the contribution of New World Cities to global investment volumes rising from 12% in 2006 to 23% in 2016, overtaking the share of global investment into the ‘Big 6’ markets of New York, London, Paris, Tokyo, Hong Kong and Singapore.”

Elsewhere in the top 30, the Nordic cities feature strongly. After Oslo (1), neighbouring Scandinavian capitals Copenhagen (10) and Stockholm (13) also appear.

Other favoured New World Cities in Europe include Frankfurt (6), Dublin (7), Geneva (17), Amsterdam (19) and Berlin (24). 

Of the global top 30, Europe and North America dominate.  There are four cities from the Asia Pacific region, although the balance is starting to shift, as investors target its dynamic cities.

Moscow currently ranks 91st overall in the Investment Intensity Index. “While it is among the top 50 markets globally for total direct real estate investment volumes over the last three years, it is also the 6th largest urban economy in the world, which means there is substantial room for growth in order for investment volumes to match its economic importance.” – Vladimir Pantyushin, Head of Research, JLL, Russia & CIS, says. – “Moscow’s ranking fell to 120th during 2015 following two quiet years in 2014-2015. Its rank has subsequently risen as investment volumes increased over the last year. If this performance is maintained Moscow’s position should continue to rise.”

JLL Investment Intensity Index Top 30
JLL Investment Intensity Index Top 30_20032017.png

Source: JLL

Cross-border investment

European cities also dominate a ranking of the markets which attract the most cross-border investment compared to their economic size, comprising 10 of the top 12 in the Index. London (1) retains its position as the world’s most active cross-border market, followed by Edinburgh (2), Frankfurt (3), Munich (4), Dublin (5), Amsterdam (6), Paris (8), Prague (9), Warsaw (11) and Berlin (12).

“New World Cities now account for over one-fifth of global cross-border activity, up from 14% 10 years ago and equal to that registered in the ‘Big 6’.” added Kelly. “European New World Cities are attractive to a broad range of global investors due to their appealing combination of transparency, stability and sustainability.”

Notes to editors

About the Investment Intensity Index

JLL’s Investment Intensity Index compares the volume of direct commercial real estate investment in a city over a three-year period relative to the city’s economic size. The Index provides a measure of real estate liquidity, as well as a useful barometer of a city’s overall economic health, highlighting the cities which are punching above their weight in terms of attracting real estate investment.

Covering 150 cities around the world, this latest edition identifies the 30 cities which top the ranking for real estate investment relative to their economic size. We also reveal the top cities for cross-border investment intensity, identify the leading ‘Emerging World Cities’ and provide a breakdown of which cities are attracting the most intensive investment activity in the office, retail, hotel and logistics sectors.

To view the full Index, please click here​

​About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006-2016 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg; Consultant of the Year at the RCSC Awards in 2015.