Istanbul has carved a place among the world’s top 10 emerging urban centers with rapid economic growth and real estate development, according to Jones Lang LaSalle’s (JLL) “Globalization and Competition: A New World of Cities” report.
The report examines leading emerging world cities against their established counterparts in the developed world while comparing the characteristics and potential of each emerging world city across a number of indices, including real estate, capacity to attract talent and international firms as well as their ability to serve as hubs to direct trade and investment to a wider region.
The report listed Istanbul’s strongpoints as trade, tourism and transportation and cited the city’s innovation center status and ability turn this capacity into advantage. Istanbul is on par with Shanghai and Beijing in the “Emerging World Cities” category, with its real-estate potential and long-term growth prospects. Istanbul is also a contender with Kuala Lumpur, Taipei and Mexico City in the “Globally Competitive Megacities” subcategory.
The report goes on to praise Istanbul’s rise to prominence as an international finance center.
Turkey’s cultural and financial capital also scored high in JLL’s “Business of Cities 2015”, published last May, claiming a spot at the top of the five fastest-improving cities.