Discover Las Vegas's Real Estate
Founded in the 20th century, Las Vegas has grown quickly from a small, desert-bound railroad service hub to a city that draws masses of visitors from across the globe. The city’s shrewd entrepreneurship minds, coupled with an extensive transportation system, easy access to water, and favorable state laws have made it a center of numerous casinos, intricate hotels, and amazing entertainment venues. The wealth of the city is readily visible from the myriads of traffic signs and remarkable architecture. However, it’s not just the Strip area that attracts multitudes to Las Vegas. The western side of the city is ordinary, with neighborhoods, shopping centers, and churches. Nevertheless, Vegas is one of the ripest cities to do real estate investment in because thousands of new residents come in yearly.
Culture, History, and Business
Las Vegas was officially founded as a city in 1905 by railroad workers and ranchers. With the completion of the San Pedro, Los Angeles, and Salt Lake railroad came the establishment of the city as a railroad town. Best known for gambling, the city continued engaging in the practice through speakeasies and illegal casinos even after Nevada outlawed gaming in 1910 and legalized it in 1931. However, it was not until the ‘60s that mega-casinos began rising. Since then, the casino and entertainment industry has been the biggest employer in Vegas, attracting tens of millions of visitors every year.
Sin City is not just known for entertainment and the casinos. It also has a thriving cultural scene. Moving downtown, you will see the site for Vegas’ first casino. Here is the neon sign, the most iconic feature of the city. The Fremont Street Experience is also a major tourist attraction in Vegas. Moreover, downtown is a great place to experience music and art galleries. In September, the city celebrates its music, art, and food from the best restaurants through the Life is Beautiful festival. The culinary scene is largely dominated by celebrity chefs.
With several hotels, casinos, and entertainment venues, Las Vegas has a solid business appeal. Although the gaming industry is the biggest employer, the financial and tourism sectors also contribute well to the economy. In 2019, the city had a GDP per capita of $59,927 and a GDP growth rate of 2.30%, meaning Sin City has huge growth potential.
Real Estate Appeal
Las Vegas is one of the world’s cities with the strongest real estate appeal. With visitors coming to the city in millions every year, Sin City promises great returns to investors. 2019 saw a significant increase in housing demand, making Vegas one of the hottest markets in the nation. Lately, the real estate business has been booming and drawing many investors. Besides, owners of investment properties in Vegas enjoy low taxes, and this is especially favorable to those who are paying mortgages. Moreover, property prices are expected to continue rising in the next several years because of the geographical limitations that currently face the city, keeping it from expanding. Also, Las Vegas has a high employment rate.
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