This is the seventh Global Cities Survey from the London Property Alliance (LPA). The research, undertaken by Centre for London and featuring data from Oxford Economics and ING Media, tracks London’s performance against its key global city peer cities of New York, Paris, Berlin and Hong Kong.
Our analysis aims to promote a better understanding of the UK capital’s (largely economic) performance on the world stage and presents an empirical analysis of London based on data across a range of sectors.
The report shows that London risks falling behind its global rivals in attracting international visitors. Air BnB occupancy, a key indicator of tourist demand, shows London reached 65.4% in April, in line with New York (65.7%) but significantly behind Paris (77.6%) and Berlin (76.7%).
Paris is also leading slightly ahead with airport passenger numbers at 90% of 2019 levels, while New York hit 32 million in the first quarter, up 4% on pre-pandemic levels. London is just behind at 89% – although the major international hub at Heathrow is slightly ahead at 95%.
Despite an uneven return of tourists, data suggests London remains one of the highest profile and most talked about cities. An analysis of social media ‘visibility’ by ING Media shows London received 31.4m mentions in the first quarter, up 43% year-on-year and second only to Paris (36.1m) which has been buoyed by the upcoming Olympic Games.
Public transport in London has shown a buoyant return with the London Underground now at 89% of pre Covid levels, compared to just 69% for the New York subway. This is bolstered by a healthy trend of continued growth in the use of the Tube and bus systems throughout London in 2021 and 2022, and which is set to reach pre-pandemic levels during Q3 of this year.
Authors: Jon Tabbush, Zarin Mahmud (both Centre for London) and Alexander Jan (London Property Alliance)
Read: Press release
Download the report here.