Wroclaw, Poland – A new report looking at the development of some 200 European metropolises has ranked Prague, Wroclaw and Kosice among the EU’s top 5 fastest-growing cities.
Central and Eastern European cities among most dynamic in the EU
According to the CEE Investment Report 2019 ‘Thriving Metropolitan Cities’, prepared by consultancy groups Colliers International, Dentons and Skanska, 16 of the 20 fastest-growing cities in the EU are located in Central and Eastern Europe – including half of them in Visegrad countries.
Although Dublin comes first, with the Irish capital hailed as one of the most important destinations for investments, Prague comes at the second place and Wroclaw, in Poland’s south, rounding up the podium at the third position, “mainly thanks to its spectacular growth in productivity”. The rest of the top 5 is made up of Sofia, in Bulgaria, and Slovakia’s second-biggest city, Kosice.
According to the “Thriving Metropolitan Cities” report 2019, nine out of the 10 fastest-growing cities are located in the CEE region:
- Dublin, Ireland
- Prague, Czech Republic
- Wroclaw, Poland
- Sofia, Bulgaria
- Kosice, Slovakia
- Bucharest, Romania
- Cluj Napoca, Romania
- Krakow, Poland
- Timisoara, Romania
- Vilnius, Lithuania.
“One of the most attractive places to invest in globally”
Poland, which was recently named among the world’s best 10 countries to invest in and to start a career, also boasts another three cities in the 20 best performing cities: Gdansk (14th), Szczecin (15th) and Warsaw (17th). Bratislava is ranked 12th, in between the Romanian city of Iasi and Lithuania’s Kaunas.
Central and Eastern Europe “is the fastest growing region within the European Union”, Adrian Karczewicz from Skanska said commenting on the results, “with GDP growth surpassing 4% a year, and its main cities are becoming global and connected metropolises. Warsaw, Prague, Budapest or Bucharest have never been closer to Milan or Berlin when it comes to business opportunities”.
“The Central and Eastern European region has become one of the most attractive places to invest in globally”, added Jurica Novak, managing partner for McKinsey & Company in Central Europe. “This fact has enabled CE countries to partially close the economic gap to Western Europe, and their populations to enjoy a significant rise in living standards”.
Apart from Dublin the three other non-CEE cities that made it to the top 20 are Porto (16th), Barcelona (19th) and Birmingham (20th).
In order to determine the level of attractiveness and dynamism of selected cities, the report looks at a number of variables (including GDP per capita, flight connectivity, educational attainment, etc.) distributed into three main criteria: productivity growth, connectivity growth and human capital growth.
You can check out the complete report and detailed results right here.