Culture, History, and Business
The city of New Orleans, known previously as La Nouvelle-Orleans, was founded by French colonist Jean Baptiste Le Moyne de Bienville in 1718. As part of the treaty of Paris in 1763, it became part of the Spanish empire. During the 37-year stint under Spanish rule, New Orleans acted as an integral trading partner to Mexico, Cuba, and Haiti. The Spanish gave up the state of Louisiana back to the French for only three years, after which it was sold to the United States in the famous Louisiana Purchase on 30th April 1803.
Due to the rich French and Spanish cultural heritage, New Orleans has been bestowed with a diverse set of historical landmarks, such as the famous St. Louis Cathedral, The French Quarter and Frenchman Street. The city is home to people of many backgrounds, and its unique architecture is a nod to the many years of social development and diversity. Annual festivals, such as the Mardi Gras, are a major attraction to tourists from all over the world.
The ports of New Orleans are what amplifies its importance as the economic hub of the state. The city is located along the Mississippi River, in the extreme south of the state of Louisiana relatively close to the much broader gulf coast, making it an ideal place for industrial activity. Most of these industries are headquartered at the Central Business District, the city’s hub of business activity.
Major businesses in the region include the maritime industry, and petroleum and gas production. The educational sector is also a significant contributor to the economy of the city, but the major chunk of it is generated by the tourism sector. With such a variety of thriving industries to boost its economy, it is no surprise that New Orleans is a famous market for real estate investors.
The real estate market of New Orleans has a lot of positive potential. With an influx of new jobs at a rate of 6,000 to 12,000 per year, more and more people are moving to this city, thus increasing the housing demand every year. It is, however, no secret that hurricane Katrina did abundant damage to buildings and houses in the area. This adversely affected the real estate market, and prices have since then seen on a downward trend. Despite this, experts agree that the real estate market in New Orleans is one of the most promising ones in the country, mainly due to the high demand for rental accommodation. 53% of the entire population of the city resides in rented properties, which is a considerable signal towards the ample opportunities for high rental income. And with property prices still reasonable, now may just be the best time to invest!