“A great city is not to be confounded with a populous one.” In theory, this sentiment makes a lot of sense. And so it should. When it comes to philosophies that stand the test of time, Aristotle has a pretty decent track record.
But a lot has changed in 2,000-odd years. In fact, a lot has changed in the last century. In the early 1900s 200m people lived in urban areas. Today that figure has rocketed to 3.6bn – just over half the world’s population – and is rapidly rising.
This does not mean that Aristotle’s words no longer ring true. A great city should not be confounded with a populous one. It is just that now, the only way to avoid falling into this trap is to make sure our metropolises are both. Because urbanisation is not a choice. It is an inevitability.
But it also presents a host of investment opportunities. Growing populations need resources and infrastructure. They need bricks and mortar spaces to live, work and play. And the cities that respond to growing numbers with innovative solutions and fresh ideas will be all the more ripe for investment.
In this issue of the Global Investor Guide we rank the top 100 global owners of real estate (p8) before listing the global metropolises attracting the lion’s share of investment (p12).
Then we consider some of the major issues affecting the world’s cities from the impact of urbanisation on informal settlements (p26) to opportunities in the increasingly volatile markets of the Middle East (p34) before delving into each of the world’s real estate submarkets.
As the global population migrates towards the world’s urban areas, there is a long way to go to keep up. But action is being taken; masterplans are being designed, ideas are being trialled and investment is being allocated. All to make sure our cities stay great.
Hopefully Aristotle would approve.
