Annual vs. Five-Year Total Return

Global market comparison

Source: MSCI

In 2017, European cities generally showed signs of growing momentum. Most European cities recorded a 2017 total return above their five-year annualized performance, whereas North American cities generally showed the opposite trend. Most global gateway cities also saw total returns slip. Tokyo, New York and London all underperformed their five-year annualized return, though Paris did slightly better than over the medium term. Judged on their 2017 total return and five-year annualized performance, the world’s major cities do not stand out, for all their popularity with offshore investors.