Why now might be the best time to invest in property in Las Vegas
Las Vegas is an absolutely magical city, which feels alive every single night and is always full of exciting opportunities and adventures to be had. It is of course, famous for the strip, that glowing neon covered stretch of light and sound that his filled our screen in films and television for decades.
Famous for its amazing hotels and wonderful casinos Vegas is a city of a bright future and a glamorous past. Do you know which was the first casino to be built or which has most winners, the answers reveal something very special about Las Vegas and casinos in general. Whether you are a young college student searching for somewhere to enjoy your freedom or a hard working office job holder who wants to blow off steam or even a retiree who wants some time to relax, Vegas has it all.
This has a made it a city people often return to, the number of tourists looking to lose themselves in the Vegas buzz continues to astound. Last year an astonishing 42.6 million people visited the entertainment capital of the world which is 71 times the population of the city itself and larger than the population of all but seven European countries. Business is booming in Vegas and it doesn’t seem to be losing any of the popularity and allure that has had millions of people coming to town for years.
This does mean that visiting the city can get quite expensive; finding a hotel, getting flights and transfers, spending money on taxis and transports it’s like throwing money down the drain in many cases. Money you could use on a pampering treatment at one of the cities many spa’s or at the blackjack table in one of Las Vegas’s world class casinos.
This has led more and more frequent Vegas visitors to invest in the real estate market there and pick up a place they can use both for when they are there and when they aren’t by renting it out or keeping it for an investment opportunity. According to the Las Vegas review journal, despite turmoil in the American economy in general, the property price in Las Vegas has remained steady and are even beginning to increase.
The market is yet to skyrocket but is also on a steady upward curve making people who are on the fence about picking up a place in sin city more likely to take the plunge. The supply of houses is slowly dropping making those ready and willing to sell in a stronger position. This also comes at a time that more and more people are searching for cheaper places to stay in popular tourist destinations.
The old model of staying in hotels is being challenged, particularly by Airbnb, meaning that hotels like The Venetian aren’t just competing with The Bellagio but also individuals with a spare room or who are out of town. This has also helped to add value to the Las Vegas property bubble and ensure that this might just be the best time to invest and to consider checking out whether Vegas has a place for you.