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Singapore emerges joint 3rd in worldcities ranking (Paris)

SINGAPORE: Singapore has come in joint third with Paris in a global ranking of international cities, based on indicators such as economic prosperity as well as less tangible factors like connectivity, international visitors and web search data.

London and New York were ranked joint first in the report by UK-based property consultancy Savills, which sought to identify cities with that "X factor" for real estate investors.

Asian rivals Hong Kong, Tokyo and Shanghai came in fifth, sixth and seventh respectively.

"Our definition of a world city is not just based on size or economic prosperity, but other less tangible factors," Savills World Research director Yolande Barnes said in a statement.

"These include fame, prominence, international reach and investability - all factors that are not revealed by population and GDP figures alone," she added.

Savills said it is often the cosmopolitan nature and international outlook that make cities prosperous and attractive to global investors.

By buying real estate in these cities, investors are looking to own a piece of the world rather than just a piece of a particular country, it added.

- CNA/ir

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