Birmingham could be in line for a multi million pound bonanza after beating five other cities to be named European City of the Future.
The city overcame Valencia, Budapest, Copenhagen, Cork and Warsaw to pick up up the prize at the first ever European Property Awards in Munich.
The awards were held to co-incide with the Expo Real Property exhibition and convention taking place in the city.
To win the prize the City Council's Development Directorate had to convince the judges that Birmingham is investing in its future and has a long-term plan to position itself as a city of choice.
The judges also wanted evidence of what is being done to attract outside investment and what the benefits will be to local communities.
Councillor Mike Whitby, leader of Birmingham City Council, said: "This is recognition that Birmingham means business and our blueprint for action puts us in the premier division of European cities.
"It shows the momentum we have been building up has now been recognised, and can only improve our international position.
"It will lead to companies looking at relocating here, and firms who have dismissed us in the past giving us a second look.
"These awards were attended by all the investors and property developers and pre eminent agents throughout Europe, people like ING Estates, Morgan Stanley and Citigroup.
"If you are the city of the future, people want to be there. This could lead to thousands of more jobs being created and millions of pounds being invested in the city."
Coun Whitby (Con Harborne) said the award refuted the "nonsense" the city was not punching its weight.
He said: "This award has been given to us by our peers in Europe, not the people in Birmingham. It shows we are not stagnating.
"It cuts through the stereotypical remarks and prejudice we sometimes face."
The award recognised the cultural diversity of the city and the progress it had made in becoming a knowledge based economy.
Coun Whitby said: "We are a European city looking outwards globally, looking to build on our links with US, China and India.
"We are also repositioning ourselves as a science city, with our participation in the high-tech corridor and moving towards a knowledge-based economy.
" The council has an ambitious vision for accelerating the pace of regeneration so that all our businesses and our communities benefit from the #11.4Ebillion worth of investment planned for the next ten years.
"We are a city with a broad mix of cultures, ideally placed to build on our achievements and become a city of the future, so it is a complement to the city's foresight that we have now been awarded this prestigious European City of the Future Award."
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