The United States is a country that the British know well. No qualms or surprises over language, religion, food, entertainment, culture or customs. Las Vegas, Nevada, is a great place in which to invest in American property and is fast becoming as popular as Florida for the British investor. With so many airlines now offering non-stop daily flights direct from the UK and the cost of living amongst the lowest in the US, it is little wonder thousands of Brits are now purchasing homes here.
Currency
As the pound has surged to a 26-year high against the US dollar, (currently at around $2 to the pound) British investors in American real estate can now purchase property at bargain prices. Expectations are that in a couple of years time the rate of $1.60 or $1.70 to the pound will again become the normality.
Current Market
Las Vegas is currently in a strong buyers market with great deals to be had. While the Americans are hesitantly keeping their wallets in their pockets, the Brits and other Europeans are taking advantage of great investments and driving a hard bargain. After five years of tremendous property gains the past year has seen a downturn in prices. For first time buyers conditions could not be better, especially with the present historic low US interest rates.
Growth
As the fastest growing US city of the past ten years (adding 98,000 new residents last year alone) Las Vegas is experiencing tremendous economic growth. The population is currently just short of 2 million and the city has spread to the foothills of the mountain ranges, restricting the volume of available land and clearly defining the outer limits of the city - Las Vegas is essentially a privately owned valley surrounded by federally owned wilderness and national parkland. Consequently, land prices have soared with areas suitable and available sold at a premium.
Investment
Currently there is more than $26 billion of investment being undertaken just on The Strip alone. They include the Trump Tower, The Cosmopolitan, the new Venetian and Wynn towers, Echelon and MGM’s $7 billion ‘City Center’ casino and condo/hotel development (the nation’s largest ever privately funded construction project). It is obvious that these companies would not be investing so highly if they had not done sufficient research showing exactly where the Las Vegas market is heading.
Employment
Although The Strip generates much of the employment, the inward migration is also fuelled by people who wish to retire to the sun. Businesses operating in Nevada are among the least taxed in the country, encouraging employees to relocate and take advantage of the favorable taxation situation. To service this booming population, young professionals such as doctors, dentists, lawyers, accountants and teachers are moving to Las Vegas to make the most of these increased employment opportunities. New residents come from all over America, the next largest group being British expats.
A Great Investment
Development land restrictions, a rapidly growing population, the climate, the favorable tax regime, the demand for a luxury life-style, the booming economy, the attraction of gaming and the generous pound to dollar exchange rate. Las Vegas surely offers the most exciting potential to the discerning investor.