Dublin has been ranked third on a list of most successful cities for innovation, liveability and capacity to reinvent, behind London and Silicon Valley.

The City Momentum Index of innovation-oriented cities, compiled by global real estate services firm Jones Lang LaSalle (JLL), ranked London first, followed by Silicon Valley, Dublin, Bangalore and Boston. Dublin and London are the only European cities in the index's top 20.

The index tracks the speed of change of a city’s economy and commercial real estate market, identifying those cities which have the most dynamic urban economies and are adapting most rapidly to technological and infrastructural transformation.

Covering 120 major business hubs across the globe, it measures a city’s short-term socioeconomic and commercial real estate momentum and whether a city has the ability to ensure longer-term momentum in education, innovation and environment.

Dublin, ranked third, registered the strongest real estate momentum in the index.

The city was praised for its innovation ecosystem of global IT headquarters and high concentration of tech start-ups generating demand for commercial property.

The index described Dublin as “a magnet for FDI” noting it is taking steps to provide urban infrastructure to maintain its competitiveness and cement it as one of Europe’s most dynamic cities with projects such as the regeneration of the Docklands.