"Las Vegas is a unique market in the US and the continued expansion of the gaming sector is spearheading growth across the board," says Rebecca Jaques, Managing Director of Future Properties. "By 2010 five new major casinos are to be delivered, each bringing 15,000 more jobs and more significantly, previous trends indicate that each delivery of a new casino has led to a spike in Las Vegas property prices; an attractive trend for would be investors."

Many indicators also point to Las Vegas being able to avoid the full effects of the 'credit crunch'. While spending in many areas of the US decreased last year Las Vegas resorts enjoyed a 93 per cent hotel bed capacity rate; saw annual visitor numbers increase from 35 million the previous year to 40 million; and the Nevada city witnessed spending on gaming that reached $39.4 billion – a ten year high.

Over the 12-month period ending July 2006, Las Vegas also gained nearly 50,000 jobs (a year-on-year growth rate of 5.6 per cent) - the best among the largest metro areas in the US - and this wasn't just in the gaming industry as professional/business service employment increased by 9.9 per cent. Between July 2006 and July 2007 the population of Nevada - which is concentrated in Las Vegas - also grew a massive 2.84 per cent, the largest increase of any state.

Another factor affecting the property investment climate of Las Vegas is the defined limit up to which the city can expand. Much of the land surrounding Las Vegas is federally owned national parkland and as a result market analysts have predicted that there are only six more years of developable land available.

All this contributing factors suggest that demand for Las Vegas property will continue into the future.

"The capped supply of developable land, combined with a flourishing rental market will put further upward pressure on real estate values," Jaques comments.

Future Properties recently launched the Sullivan Square property development in south west Las Vegas. It is a 1,300 unit development set across nine separate buildings in 16.5 acres. Property options include high-rise condominium towers with unit sizes from 590 square feet to more than 2,212 square feet and three-storey townhouses.

Sullivan Square will also include a 1.5 acre park, a fitness centre, swimming pool, dry cleaner, billiards and card facilities, movie rooms and separate dog park.

Prices for the studio, one-, two- and three-bedroom apartments in the first phase range from £138,000 to £731,000. 

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For more information visit:
www.futureproperties.com

Article first published 8 April 2008