London has taken the crown of top European city for investment once again by ranking second worldwide after Los Angeles despite ongoing economic and political uncertainty in the UK.
The next highest-positioned European city in the top 30 is Paris, coming in 17th in the Schroders Global Cities index.
London “remains at the centre of the global economy despite challenges surrounding Brexit”, said Hugo Machin, co-head of global real estate securities at Schroders.
The city has been steadily climbing the ranks. In 2016 it was eighth in the index before improving to third place in 2017 where it stayed behind Hong Kong until this year.
According to Schroders, London “remains resilient” because of “positive revisions to employment data which feeds into income growth”. This is a key component of the index.
New York and Boston were the other two cities to make it into the top five of the global index.
According to the British asset management firm, however, “these forecasts should not be relied upon”.
“Our forecasts are based on our own assumptions which may change. Forecasts and assumptions may be affected by external economic or other factors,” Schroders said.
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